格隆汇10月21日｜烟草公司菲利普莫里斯第三季度调整后每股收益2.24美元，预估2.11美元；第三季度 净营收108.5亿美元，预估106.6亿美元。菲利普莫里斯盘前涨超2%。 ...

（文章来源：每日经济新闻） 每经AI快讯，10月21日，烟草公司菲利普莫里斯第三季度调整后每股收益2.24美元，预估2.11美元；第 三季度净营收108.5亿美元，预估106.6亿美元。 ...

Core Viewpoint - British American Tobacco (BAT) has launched a new high-end heated product line, glo Hilo, in Japan, with strong sales momentum observed since its pilot launch in June 2025, indicating potential for accelerated revenue growth in heated tobacco products [1][2] Group 1: Product Launch and Market Strategy - The glo Hilo product line, including glo Hilo, glo Hilo Plus, and compatible consumables, was initially tested in Miyagi Prefecture and has been successfully rolled out nationwide in Japan as of September 1, 2025 [1] - The company aims to position glo Hilo as a "top-tier platform for heated tobacco," targeting to replace some IQOS users and expand its market share in Europe, particularly in Poland, Italy, and Eastern Europe [1][3] - A flagship store for glo products will open in Ginza, Tokyo, on October 18, 2025, further promoting the product line across Japan [2] Group 2: Market Expansion and Financial Projections - Japan is identified as the largest single market for heated non-combustible (HNB) products, and the positive sales outlook for glo Hilo is expected to influence global market dynamics [2] - BAT has set a long-term goal to reach 50 million adult consumers of smoke-free products by 2030 and to transition to a smoke-free business model by 2035, with Poland being a critical market for this expansion [2] - The company anticipates that the global promotion of Hilo will contribute to a 3%-5% increase in group revenue by 2026 [3]

Core Insights - The company emphasizes a customer-centric approach to enhance service efficiency and address public concerns, aiming to invigorate the local market [1] - The introduction of the cloud POS system has significantly improved retail operations, providing detailed insights into sales and inventory, thus enhancing profitability for clients [4] - The company actively engages in personalized marketing strategies based on in-depth analysis of client data, which helps in optimizing product recommendations and inventory management [4] - A warm and attentive service approach has been adopted, focusing on improving customer satisfaction through direct engagement and support [7] - The company has implemented educational initiatives to raise awareness about fraud prevention and compliance with regulations, fostering a trustworthy business environment [8] - Future plans include continuous exploration and optimization of marketing services to enhance customer service quality and contribute to the high-quality development of the tobacco industry [8] Group 1 - The company adopts a customer-centric philosophy to ensure smooth service delivery and tackle public issues [1] - The cloud POS system has transformed retail management, providing clarity on financial metrics [4] - Personalized marketing strategies are developed based on client-specific data analysis [4] Group 2 - A focus on warm service has led to increased customer satisfaction and trust [7] - Educational efforts on fraud prevention and compliance have strengthened client awareness [8] - Plans for future service enhancements aim to support the tobacco industry's quality development [8]

Core Viewpoint - Zhejiang Securities maintains a "Buy" rating for Smoore International, projecting significant revenue and profit growth from 2025 to 2027 [1] Financial Projections - Expected revenue for Smoore International: CNY 14.175 billion in 2025, CNY 16.689 billion in 2026, and CNY 19.495 billion in 2027, representing year-on-year growth of +20.14%, +17.73%, and +16.81% respectively [1] - Projected net profit attributable to shareholders: CNY 1.08 billion in 2025, CNY 1.934 billion in 2026, and CNY 2.652 billion in 2027, with year-on-year growth of +17.15%, +79.13%, and +37.10% respectively [1] Market Dynamics - British American Tobacco is increasing resources and marketing efforts for Glo Hilo, with positive sales feedback in Japan and early deployment in several European countries, indicating potential for future growth [1] - The vaping market is expected to recover due to regulatory pressures on illicit tobacco, which bodes well for core supplier Smoore International [1]

Core Insights - The report by Zhiyan Consulting forecasts the development prospects and market demand of the Chinese cigarette industry from 2025 to 2031 [1] Export Data Summary - In April 2025, China's cigarette export volume was 8.84 million cartons, representing a year-on-year decline of 14% [1] - The export value for the same period was $0.17 million, which reflects a significant year-on-year decrease of 46.6% [1]

报告提到，虽然思摩尔国际第三季收入较市场预期高至少10%，但盈利胜市场预期的幅度则较小。关键 正面因素在于加热烟业务开始好转，且增长动能不仅来自单一客户英美烟草(British American Tobacco)。尽管盈利能见度仍然有限，集团核心业务改善的趋势，应有助其股价回稳。 大和发布研报称，思摩尔国际(06969)第三季总收入同比增长27%至42亿元人民币，创历史新高，并是自 2021年以来最大升幅。该行将思摩尔国际2025至27年每股盈利预测下调6%至20%，预期利润率恢复步 伐会较缓慢;重申"跑赢大市"评级，目标价由16港元微升至17港元。管理层首次作出指引，料全年加热 烟(HNB)业务将贡献至少12亿元人民币收入，该行估算相当于约8%销售额。 ...

Core Viewpoint - Daiwa's report indicates that Smoore International (06969) achieved a record high total revenue of 4.2 billion RMB in Q3, representing a year-on-year growth of 27%, the largest increase since 2021 [1] Financial Performance - Q3 revenue exceeded market expectations by at least 10%, although the profit beat was modest [1] - The company's management provided guidance indicating that the heated tobacco (HNB) business is expected to contribute at least 1.2 billion RMB in revenue for the year, which is approximately 8% of total sales [1] Market Outlook - Daiwa has lowered its earnings per share forecast for Smoore International for 2025 to 2027 by 6% to 20%, anticipating a slower recovery in profit margins [1] - Despite limited visibility on profitability, the trend of improvement in the core business is expected to support a stabilization in the company's stock price [1] Investment Rating - Daiwa maintains an "Outperform" rating on Smoore International, with a slight increase in the target price from 16 HKD to 17 HKD [1]

Core Viewpoint - Daiwa's research report indicates that Smoore International's total revenue for Q3 increased by 27% year-on-year to HKD 4.2 billion, marking a historical high and the largest increase since 2021 [1] Group 1: Financial Performance - The management provided guidance for the first time, expecting the heated tobacco (HNB) business to contribute at least HKD 1.2 billion in revenue for the full year, which is approximately 8% of total sales [1] - The key positive factor is the improvement in the HNB business, with growth momentum not solely reliant on a single client, British American Tobacco [1] Group 2: Market Outlook - Despite limited visibility on profitability, the trend of improvement in the core business is expected to help stabilize the company's stock price [1] - Daiwa has revised its earnings per share forecast for Smoore International for 2025 to 2027 down by 6% to 20%, anticipating a slower recovery in profit margins [1] Group 3: Investment Rating - Daiwa maintains a "Outperform" rating for Smoore International, with a slight increase in the target price from HKD 16 to HKD 17 [1]

Core Viewpoint - The article discusses the implementation of the "Central Budget Investment Management Measures for Energy Conservation and Carbon Reduction," which aims to support key industries in energy conservation and carbon reduction projects, focusing on sectors such as electricity, steel, non-ferrous metals, building materials, petrochemicals, chemicals, and machinery [1][3][4]. Group 1: Investment Focus Areas - The measures support energy conservation and carbon reduction projects in key industries, including electricity, steel, non-ferrous metals, building materials, petrochemicals, chemicals, and machinery [10][11]. - Projects for clean replacement of coal consumption are supported, including low-carbon transformation of coal power units and coal chemical projects, as well as clean energy alternatives for coal-fired boilers in various industries [10][11]. - The initiative promotes circular economy projects, including the construction and transformation of resource recycling bases and the utilization of agricultural and forestry waste [11][12]. Group 2: Support Standards and Funding - The support ratio for energy conservation and carbon reduction projects in key industries, clean coal consumption replacement projects, and circular economy projects is set at 20% of the approved total investment [12]. - For local government investment projects focused on carbon peak and carbon neutrality capacity building, the support ratios vary by region, with eastern, central, western, and northeastern regions receiving 60%, 70%, 80%, and 80% respectively [12]. Group 3: Project Application and Management - Provincial development and reform departments are responsible for project application and must establish a dynamic project reserve mechanism to ensure quality and compliance with national standards [14][15]. - The application for investment funds must include detailed project information, including basic conditions, construction scale, total investment, and expected economic and social benefits [16][17]. - Projects must adhere to strict management and reporting requirements, including performance evaluation and compliance with national laws and regulations [18][19].