新型烟草跟踪：英美烟草GLOHILO系列新品上市，期待头部代工厂HNB业务弹性

Investment Rating - The report maintains a "Positive" investment rating for the industry [8] Core Views - British American Tobacco (BAT) has launched two new high-end heated tobacco products, GLO HILO and GLO HILO PLUS, in Serbia, featuring advanced heating technology and improved user experience [5] - The GLO HILO series offers enhanced flavor, faster heating times, and innovative features like the EasySwitch Pen and EasyView LED screen, with improved battery life and charging efficiency [5] - The global heated tobacco market is expected to grow at a CAGR of 24.4% from 2024 to 2032, with BAT's GLO HILO series anticipated to boost its market share and benefit core OEM partners [6][7] Industry Overview - The global heated tobacco product market reached $32.3 billion in 2023, a 12% year-on-year increase [6] - Philip Morris International's IQOS dominates the HNB market with significant market shares in the EU (84%) and Japan (70%) [6] - BAT's GLO shipments in 2023 were 23.7 billion units, a 1% year-on-year decline, with a core market share of 16.8% in H1 2024 [6] Company Focus - Simer International, the world's largest e-vapor device manufacturer, is recommended for its strong partnership with BAT's VUSE brand and potential growth in HNB and other emerging sectors [7] - Simer's closed-system e-vapor devices are deeply integrated with VUSE, which holds a 51.2% market share in the US for closed-system and disposable products in H1 2024 [7] - Simer is increasing investments in HNB, medical vaporization, self-branded products, and beauty-related businesses, which are expected to contribute to long-term revenue and profit growth [7]