Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - Japan is the largest single market for HNB globally, with expectations that Glo Hilo's performance in Japan will reflect on the global market [2][8] - The market size for HNB in Japan is projected to reach 64.5 billion units in 2024, accounting for 36% of global sales [2][23] - The penetration rate of HNB in Japan is expected to increase by 4.6 percentage points to 43% in 2024, as traditional cigarette sales decline [2][23] - The competitive landscape in Japan mirrors that of the global market, with IQOS holding over 70% market share, indicating significant growth potential for Glo Hilo [2][8] Summary by Sections Market Size - The HNB market in Japan is projected to sell 64.5 billion units in 2024, representing 36% of global sales [2][23] - The global HNB market is expected to grow at a CAGR of 19.7%, reaching 178.6 billion units by 2024 [18] Penetration Rate - HNB penetration in Japan is anticipated to rise to 43% in 2024, reflecting a shift from traditional cigarettes [2][23] - The current global HNB penetration rate is approximately 6%, indicating substantial room for growth [8][34] Competitive Landscape - The competitive dynamics in Japan are similar to the global market, with major players like PMI, British American Tobacco, and Japan Tobacco setting ambitious growth targets for HNB products [6][18] - PMI leads the market with a 72% share, followed by British American Tobacco at 12% and Japan Tobacco at 6% [18][22] Growth Potential - Glo Hilo's entry into the Japanese market is expected to enhance its market share significantly, given the anticipated positive feedback and the established competitive landscape [2][8] - The overall HNB industry is projected to experience annual growth rates of 10%-20% as penetration rates increase [34]
GloHilo登陆日本市场在即，核心供应商思摩尔国际成长空间广阔