新兴产业行业研究周报：美国加强非法电子烟产品打击力度，年龄验证技术成为申请PMTA标配

Investment Rating - The industry investment rating is "Outperform the Market" (maintained rating) [1] Core Viewpoints - The report highlights increased enforcement by U.S. Customs against illegal e-cigarette products targeting minors, with age verification technology becoming a standard requirement for PMTA applications [1] - Over the past 12 months, U.S. Customs and Border Protection (CBP) seized illegal e-cigarette products worth over $81.5 million, with 3.2 million units involved in 121 cases [1] - Major e-cigarette brands are implementing Bluetooth app locks to prevent underage usage, with British American Tobacco aiming for 50 million new tobacco product users by 2030 [1] Summary by Sections Industry Overview - U.S. Customs has intensified efforts against illegal e-cigarettes, particularly those aimed at youth [1] - Age verification technology is becoming essential for PMTA applications [1] Market Data - The report notes a 14.1% year-on-year revenue increase for a leading e-cigarette manufacturer in Q3 2024, with total revenue reaching 32.86 billion yuan [1] - The company is recognized as a global leader in providing vapor technology solutions, with increasing barriers to entry in a tightening regulatory environment [1] Recommendations - Key companies to watch include Smoore International, which is expected to benefit from the ongoing growth in the e-vapor device market [1] - Other companies of interest in the vapor supply chain include Winbond Technology, Jinlong Machinery, and others [1]