电子烟行业分析报告Word下载.docx
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电子烟行业分析报告Word下载.docx
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2.2.2.供需格局稳定:
供给在内,需求在外.........................................................................9
2.3.行业集中度不断提升,烟草巨头依靠并购入场................................................................11
2.4.监管政策是行业发展关键..........................................................................................................13
2.5.加热不燃烧烟草远超预期..........................................................................................................16
2.5.1.口感近似真烟,对人体伤害减少90%........................................................................16
2.5.2.销售远超预期,东亚尤为火爆.....................................................................................17
2.5.3.各国监管政策不一,我国全面禁售............................................................................18
3.海外龙头公司—菲莫国际(PMI)..........................................................................................20
3.1.百年品牌历久弥新........................................................................................................................20
3.2.传统卷烟业务在控烟条令下增长乏力...................................................................................22
3.3.低风险烟草产品(RRPs)发展势头强劲..............................................................................22
4.推荐关注标的..............................................................................................................................25
4.1.麦克韦尔(834742)..................................................................................................................25
4.2.艾维普思(834285)..................................................................................................................27
4.3.思格雷(871818).......................................................................................................................29
4.4.易佳特(未公开上市)...............................................................................................................30
4.5.丰江电池(837375)..................................................................................................................31
图表目录
图1:
电子烟结构.............................................................................................................................................6图2:
雾化器结构.............................................................................................................................................6图3:
电子烟实拍.............................................................................................................................................6图4:
电子烟吸食效果图...............................................................................................................................6图5:
电子烟发展历程...................................................................................................................................8图6:
2010-2016年全球蒸汽电子烟市场规模.....................................................................................8图7:
消费者选择电子烟的7大理由.......................................................................................................9
图8:
全球蒸汽电子烟市场分布...............................................................................................................10
图9:
美国蒸汽电子烟市场规模及YOY................................................................................................10图10:
各国吸烟总人口对比......................................................................................................................10图11:
各国电子烟消费者占吸烟总人口比率.....................................................................................10图12:
我国电子烟市场规模及YOY.......................................................................................................11图13:
2011-2016年烟草行业上缴财政总额及YOY.......................................................................11图14:
各电子烟公司2016年营业收入................................................................................................12图15:
各电子烟公司2016年归母净利................................................................................................12图16:
各电子烟公司2016年毛利率水平............................................................................................12图17:
各电子烟公司2016年净利率水平............................................................................................12图18:
全球电子烟监管情况......................................................................................................................14图19:
IQOS产品结构.................................................................................................................................16图20:
IQOS正式发售以来日本市占率/%.............................................................................................18图21:
IQOS消费者各国转化率/%..........................................................................................................18图22:
IQOS专用烟弹产能扩张情况.....................................................................................................18图23:
劲嘉科技智能健康烟示意图........................................................................................................20图24:
菲莫国际旗下6大国际品牌........................................................................................................20图25:
1996-2012年菲莫国际卷烟销售表现优于全球市场(除中国外)..............................21图26:
2012-2016年公司卷烟销量逐年下降(百万支)..............................................................22图27:
2012-2016年公司营业利润止跌回升(百万美元)..........................................................22图28:
2012-2016年公司盈利能力下降...............................................................................................22图29:
菲莫国际构建无烟未来规划路径..............................................................................................23图30:
IQOS与普通卷烟燃烧有害物质成分对比..............................................................................23图31:
四大低风险烟草产品平台............................................................................................................24图32:
低风险烟草产品(RRPs)推广进程.........................................................................................24图33:
IQOS在日本市场份额快速提升(%).....................................................................................24图34:
2016年底IQOS使用者各国转化率表现................................................................................24图35:
低风险烟草收入及占比(百万美元,%)............................................................................25图36:
2012-2016年公司税前利润率(%)........................................................................................25图37:
菲莫国际为下一代烟草产品RRPs的产能构建计划...........................................................25图38:
麦克维尔2014-2017H营收及增速..........................................................................................27图39:
麦克维尔2014-2017H营收及增速..........................................................................................27图40:
麦克维尔2014-2017H期间费用率..........................................................................................27图41:
麦克维尔2014-2017H毛利率及净利率.................................................................................27图42:
艾维普思主要产品..........................................................................................................................28图43:
艾维普思2014-2016营收及增速.............................................................................................28图44:
艾维普思2014-2016净利润及增速.........................................................................................28图45:
艾维普思2013-2016国内外收入结构....................................................................................29图46:
艾维普思2014-2016毛利率及净利率....................................................................................29图47:
思格雷2015-2017H营收及增速...............................................................................................30图48:
思格雷2015-2017H净利润及增速..........................................................................................30
图49:
思格雷2015-2017H期间费用率...............................................................................................30
图50:
思格雷2015-2017H毛利率及净利率......................................................................................30图51:
Aspire电子烟展示...........................................................................................................................31图52:
Aspire鹦鹉螺雾化器......................................................................................................................31图53:
iQOS加热棒拆解图........................................................................................................................32图54:
锂电池为丰江公司电池“Fullriver”........................................................................................32图55:
2014-2017H丰江电池营收及增速...........................................................................................32图56:
2014-2017H丰江电池净利润及增速.......................................................................................32图57:
2014-2017H丰江电池期间费用率...........................................................................................32图58:
2014-2017H丰江电池毛利率及净利率..................................................................................32
表1:
烟油成分介绍........................................................................................................................................6表2:
美
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