思摩尔国际(6969.HK):英美扩张节奏清晰 核心供应商地位牢固

信达证券
31 Mar

近期走访大量HNB 企业,从业者对思摩尔HNB 创新表现振奋。尽管市场对英美推广节奏及思摩尔供应地位尚有疑虑,但根据我们跟踪,HNB 产业链条长、从业企业主要聚焦细分领域,能一体化设计研发的企业少之又少,加热技术、烟支结构、烟芯发烟、设备设计等多个要素共同决定产品体验感,具有较高Know-How 壁垒,且专利封锁愈发明显,短期新技术&新供应商替代难度较高。从烟草公司角度:1)菲莫国际:1990 年...

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