Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The expansion pace of the HNB (Heated Not Burned) market in the US and UK is becoming clearer, with the company positioned as a core supplier benefiting from high growth rates [4] - The HNB industry has a long supply chain with few companies capable of integrated design and R&D, leading to high Know-How barriers and increasing patent restrictions [1][2] - The report anticipates significant growth in HNB product sales, particularly in the US market, with projections indicating a potential increase in HNB penetration to 20% by 2028 [3] Summary by Sections Company Overview - The company is recognized for its strong strategic positioning and substantial profitability in its other business segments, leading in R&D investment [2] Market Expansion - The report highlights the urgency for British American Tobacco to enhance its HNB product offerings, particularly with the anticipated launch of GLO HILO in 2024 [3][4] - The US market is crucial for British American Tobacco, contributing 44% of revenue and 54% of adjusted operating profit [3] Financial Projections - Revenue projections for 2024 to 2027 are as follows: 11,799 million, 12,011 million, 13,922 million, and 17,063 million respectively, with year-on-year growth rates of 6%, 2%, 16%, and 23% [7] - Adjusted net profit estimates for the same period are 1,303 million, 1,411 million, 2,337 million, and 3,032 million, with corresponding growth rates of -21%, 8%, 66%, and 30% [7][10] - The report projects EPS (Earnings Per Share) to increase from 0.21 in 2024 to 0.49 in 2027 [7][10]
思摩尔国际（06969）：英美扩张节奏清晰，核心供应商地位牢固