思摩尔国际(6969.HK):全球合规雾化龙头 HNB打开成长空间

国信证券
24 Feb

投资摘要:全球合规雾化龙头,HNB打开成长空间全球新型烟草市场:具备减害属性的卷烟替代品,市场空间广阔新型烟草市场:以合规市场统计,2023年全球新型烟草规模约769亿美元,其中HNB与电子烟为两大核心品类,占比45%/28%。2024H1全球无烟烟草用户数1.0亿人,在烟民中的渗透率仅8.1%,烟民转化率仍有较大提升空间,基于减害性特征对传统烟草形成替代,新型烟草是渗透率快速提升且成长空间广阔的...

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