投资要点近期催化与核心观点近期Glo Hilo 在日本仙台的试销反馈较好,我们认为HNB 产品体验提升、转化烟民提速会带动行业加速增长,思摩尔国际绑定英美烟草充分受益,同时雾化&医疗业务向好。Glo Hilo 烟弹涨价彰显产品力信心,英美烟草预期投入较大此前市场担心思摩尔国际在单支HNB 烟支上获取的利润不会太高,依据是英美烟草报表呈现的HNB 烟支单价较低、毛利空间可能有限。我们认为从两个维度看...
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