The shock of the electronic cigarette industry is still continuing. Recently, the latest information of the National Unified Electronic Cigarette Trading Management Platform shows that a variety of national standard electronic smoke ammunitions such as Magic Flute and Yuexin (RLX.NYSE) are planned to reduce prices on April 17, with a decrease of more than 10%. On the other hand, recently, the e -smoke giant Simo International (06969.HK) 2022 performance forecast shows that the company's income was expected to decline by about 50%last year.

Behind the giants' "benefits", many people in the reporter consulted by the reporters believe that the benefits of domestic head companies are related to the maturity of the industry. "As far as the Chinese market is concerned, the profit of each (electronic cigarette production) link in the early days of the development of the industry is very high. As the competition is intensified and the market is more mature, it is normal for companies to choose to make profits." The reporter said. Throughout the global market, electronic cigarette demand is still high. Many analysts believe that "going to sea" has become the primary direction of the development of major electronic cigarette industry chain companies. A person from the Securities Department of Yingqu Technology (002925.SZ) also told reporters that the electronic cigarette products produced by it are mainly sold abroad, so they are not affected by changes in the domestic environment.

Electronic tobacco factory performance is cut

"Domestic electronic cigarette companies have received a big challenge last year." Zhang Yi, chief analyst of Ai Media Consultation, told reporters that the cold domestic sales in the country of electronic cigarettes are mainly related to two reasons. The first is a series of standardized documents for electronic cigarettes issued by the country last year. It has made certain requirements for the chaos of the electronic cigarette industry, as well as access channels and related standards. The market has made a series of adjustments.

Second, electronic cigarettes are no longer allowed to be purchased online, and the most important thing is to rely on offline channels. Under the influence of last year's epidemic, the difficulty of buying electronic cigarettes increased, and sales decreased.

In 2022, it can be called the year of reshuffle in the domestic electronic cigarette market. After the introduction of fruit smells, courier discontinuation, and increased taxes, the industry has developed fiercely.

Recently released by Simo International show that it is estimated that the total revenue in 2022 is 23.05-2.817 billion yuan, a year-on-year decrease of 46.7%-56.4%; the adjustment of the adjustment is 23.85-2.897 billion yuan, a year-on-year decrease of 46.8-56.2%.

It is worth mentioning that, in addition to the revenue of China's and US markets in the expectations of China and the United States, the increase in investment in new business, the company also said that the price of individual customers has reduced product prices. one of the reasons.

In addition to Simo, another brand pleasure of another e-cigarette listed company Wuxin Technology also has a variety of smoke bombs such as phantom and Qingyu, and the price reduction is about to reduce the price in April, ranging from 12%-15%. In November of the previous year just launched in the e -cigarette consumption tax, the prices of up to 66%and 75%of the prices of the cigarettes and Qingyu cigarette bullets were respectively increased.

The electronic cigarette industry was famous for its "huge profits". According to the financial report of Simo International and Wuscin Technology in 2021, the gross profit margin of the two companies reached 53.6%and 43.1%, respectively, far exceeding most of the electronic manufacturing industry.

Behind the giants began to make benefits, many industry persons believe that it is mainly the intensification of competition and the maturity of the industry. Guo Xiaoyu said that the current electronic cigarette industry has gradually moved towards mature markets, and competition in mature markets is increasing. After a round of education, consumers have begun to have brand, price, and channel competition. Although the entire industry is still growing, it is no longer in the early days of the industry, and all links remain in a state of high gross profit.

Where is the industry going?

The domestic market has experienced shocks, but the electronic cigarette industry is still growing rapidly as an emerging industry. Zhang Yi said: "From a global perspective, the alternative of electronic cigarettes on traditional tobacco is very important for smokers, so the development trend of electronic cigarettes is actually relatively clear."

According to P & S Intelligence survey data, the total global electronic cigarette market in 2022 will be US $ 17.901 billion, and will reach US $ 38.6311 billion by 2030. In the next few years, it will increase at a rate of 10.1%.

For the development of domestic enterprises, in the case of rigorous domestic supervision and the increasingly fierce market competition, "going to sea" has become an important direction for domestic electronic cigarette companies.

"Our products are mainly sold abroad, and they are less affected by policies." People from Yingqu Technology Securities said to reporters that the core components of the e -cigarettes just launched are currently in small batches, and they are expected to continue to increase. This product is suitable for fourth -generation electronic cigarette products, and the industry has high expectations.

Zhang Yi told reporters that the exports of electronic tobacco raw materials and semi -finished products are the current directions for industrial chain companies. They are currently relatively certain and have less influence due to policies and environmental influence.

According to the "2022 Electronic Tobacco Industry Export Blue Book" released by the Electronic Cigarette Professional Committee of the China Electronic Chamber of Commerce, in 2021, the export scale of my country's electronic cigarettes reached 138.3 billion yuan, an increase of 180%year -on -year. Export revenue is expected to be 186.7 billion yuan in 2022, a year -on -year increase of 35%, and the export market is still broad.

From the perspective of industrial development, Guo Xiaoyu believes that the domestic electronic cigarette industry still faces two challenges.

The first is the change of industrial policy. Guo Xiaoyu said that the electronic cigarette policy in many regions is still unclear, and it is still changing. The industrial chain enterprises are sometimes encouraged and sometimes restricted, which has a great impact.

Followed by product category innovation. "At present, electronic cigarette products are not stable, and there are no transgender products such as Apple mobile phones. Once iterative technology brings iterative products, head players will reshuffle.