新型烟草：英美烟草发布年报，加速无烟发展，产品迭代创新

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the construction of a smoke-free society, accelerating product innovation, and promoting competitive new tobacco products. Vuse maintains its global leadership position, and the global compliance process is accelerating. The launch of the new product Glo Hilo has received positive feedback [2][6] - The new tobacco sector is increasingly squeezing traditional cigarettes, indicating that the development of new tobacco products is urgent [3][6] Summary by Sections Financial Performance - In 2024, the company reported total revenue of £25.87 billion, a year-on-year decrease of 5.2%. After adjusting for exchange rates and the impact of the suspension in Russia and Belarus, the organic year-on-year growth was 1.3%. Revenue from new tobacco products reached £3.43 billion, with a year-on-year increase of 2.5% and an adjusted organic year-on-year growth of 8.9% [3] - The number of users of new tobacco products reached 29.1 million, an increase of 3.6 million year-on-year, accounting for 13.3% of total revenue, up 1.0 percentage points year-on-year [3] - The adjusted organic gross profit margin for new tobacco products improved significantly, with a year-on-year increase of 19.8% [3] Market Segments Vapor Segment - The vapor segment generated £1.72 billion in revenue, a year-on-year decrease of 5.1%. The sales volume was 620 million units, down 5.9% year-on-year. The company maintains a market share of 40.0% in its core markets, despite a slight decline [3] - The report anticipates a recovery in the U.S. market in 2025, supported by enhanced FDA enforcement and the introduction of electronic cigarette directories in more states [3] Heated Tobacco Products (HNB) - The HNB segment reported revenue of £920 million, a year-on-year decrease of 7.6%, with sales volume of 20.9 billion sticks, down 11.6% year-on-year. However, after adjustments, the organic revenue and sales volume showed year-on-year growth of 5.8% and a slight decline of 0.3%, respectively [4] - The company launched the new Glo Hilo product, which has received positive feedback, and aims to reshape its market position in the high-end segment [4] Oral Tobacco - The modern oral tobacco segment achieved revenue of £790 million, a year-on-year increase of 46.6%, with sales volume of 8.3 billion units, up 55.0% year-on-year. The number of adult users increased by 54.2% to 7.4 million [5] - The market share for modern oral tobacco in the core market increased by 2 percentage points to 11.5% [5] Future Outlook - The company is optimistic about growth in 2025, driven by product innovation. It expects revenue growth of approximately 1% in 2025, with an adjusted organic growth rate of 1.5% to 2.5% [6] - The report highlights the potential of HNB products and the continuous push for product iteration and market expansion [6]