TF Securities(SH:601162) 智通财经网·2025-04-28 08:28Group 1 - The core viewpoint of the article highlights that Reynolds Tobacco's acquisition of 12 PMTA-reviewed e-cigarettes for $5 million represents a strategic move to gain legal market access in a tightening regulatory environment for new tobacco products in the U.S. [1][5] - The report from Tianfeng Securities indicates that companies holding PMTA assets that progress to substantive review stages are likely to become acquisition hotspots, leading to increased transaction valuations in the industry [1][5] - The new tobacco market in the U.S. is seeing intensified competition for PMTA assets, which are becoming critical compliance resources for global tobacco companies [1][5] Group 2 - Philip Morris International (PMI) reported a significant growth in its new tobacco business, with IQOS HTU shipments reaching 37.1 billion units in Q1 2025, a year-on-year increase of 11.9%, capturing 20.40% of total shipments [1][2] - In the EU, IQOS HTU's market share grew by 1.2 percentage points to a record 11.4%, with shipments reaching 5.2 billion units, a 10.64% increase year-on-year [3] - PMI's smokeless products continue to show strong growth, with a 14.4% increase in shipments, contributing to an overall 3.9% growth in total shipments as of March 31, 2025 [2][3] Group 3 - The acquisition by Reynolds Tobacco includes a fixed cash payment of $5 million and a potential earn-out payment of up to $4.2 million based on the sales performance of the products within a year of commercialization [4][5] - The CEO of PMI noted that the company's first-quarter performance was exceptionally strong, driven by increasing sales volumes, with an organic net revenue growth forecast of approximately 6%-8% for the full year 2025 [3] - The report suggests monitoring companies within the vaping supply chain and tobacco supply chain for potential investment opportunities, including Smoore International and China Tobacco Hong Kong [6]