Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Insights - Philip Morris International (PMI) reported Q1 2025 revenue of $9.3 billion, a year-on-year increase of 5.8% (10.2% adjusted) [3][4] - Revenue from smoke-free tobacco products reached $3.9 billion in Q1 2025, growing by 15.0% (20.4% adjusted), with its revenue share increasing to 42% from 39% in Q1 2024 [3][4] Summary by Sections Company Performance - PMI's heated tobacco unit (HTU) shipment volume reached 37.1 billion sticks in Q1 2025, an increase of 11.9%, with global market share for HNB products rising to 77% [9] - The number of IQOS users reached 32.2 million by the end of 2024, an increase of 3.6 million [9] Market Insights - In Japan, IQOS market share increased by 3.0 percentage points to 32.2% in Q1 2025 [9] - In Europe, IQOS products saw approximately 7.4% growth in Q1 2025, with market share in the EU rising by 1.2 percentage points to 11.4% [9] Product Growth - Nicotine pouch sales grew rapidly, with a shipment increase of 27.2% in Q1 2025, and the U.S. market saw a 53% increase in shipments [9] - PMI expects smoke-free product sales to grow by 12%-14% in 2025, with HTU products projected to grow by 10%-12% [9] Investment Opportunities - Recommended companies to watch include Yingqu Technology, Smoore International, and nicotine pouch-related companies due to the industry's growth potential [9]

[Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 04 月 24 日 菲莫国际：HNB 稳健增长，口含烟延续高增 证券研究报告 行业研究 [Table_ReportType] 行业事项点评 | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 菲莫国际：HNB 稳健增长，口含烟延续高增 [Table_ReportDate] 2025 年 04 月 24 日 本期内容提要: [Table_S [事件： Table_Summary 公司发布 ummary] ]2025 年一季报。2025Q1 收入为 93.01 亿美元（同比+5.8%， 经调整后同比+10.2%），其中新型烟草收入为 ...

菲莫国际：HNB 稳健增长，口含烟延续高增 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 04 月 24 日 证券研究报告 行业研究 [Table_ReportType] 行业事项点评 | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 菲莫国际：HNB 稳健增长，口含烟延续高增 [Table_ReportDate] 2025 年 04 月 24 日 本期内容提要: [Table_S [事件： Table_Summary 公司发布 ummary] ]2025 年一季报。2025Q1 收入为 93.01 亿美元（同比+5.8%， 经调整后同比+10.2%），其中新型烟草收入为 ...