事件:近期公司股价波动较大,悲观情绪核心逻辑在于预计Hilo渗透率提升缓慢、HNB利润贡献较少,估值过高。我们根据近期产业调研反馈,总结了以下十个核心问题。1、HNB市场的发展?2023年HNB市场规模约320亿美金、行业增速约12%。受益于IQOS 2024年重返美国(核心产品iluma有望25H2通过PMTA),2025年或将为美国HNB发展元年。美国烟民数量为全球第四(仅次于印度、中国、印尼...
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