There are a number of companies that are well positioned to deliver solid revenue and earnings growth over the next several years. Here are five monster stocks to buy right now and hold for the next five years or more. 1. Amazon While Amazon (AMZN -0.13%) is a leader in e-commerce and cloud computing, what it is doing behind the scenes is the best reason to own the stock. At its cloud computing division, the company is helping customers customize, build, and deploy their own artificial intelligence (AI) mod ...

国泰海通晨报 2025 年 07 月 11 日 [汤蔚翔 Table_Authors] 电话：021-38676666 登记编号：S0880511010007 3、产品迭代下全球 HNB 市场进入全新竞争周期，行业格局有望迎来重塑。 国泰海通证券股份有限公司 研究所 2025 年成品油运景气回升，公司单季业绩同比将逐季改善。2022-2024 上半年，受益于全球 炼厂东移，成品油运需求大增而景气持续上升并创历史新高，公司盈利中枢亦显著上升。2024 下半年 由于地缘油价抑制炼厂开工，且部分原油轮转运成品油，致成品油运景气显著回落。2025 年以来，随 着油价中枢回落及原油轮景气回升，成品油运景气亦逐步回升。2024-2025Q2 单季业绩对应新澳线 MR TCE 为 3.7/3.7/2.4/1.5/1.7/2.0 万美元，2024Q1 公司业绩创单季新高，2025Q1 同比下降近六成，预 计 2025 年单季业绩同比将逐季改善。 [Table_ImportantInfo] 今日重点推荐 公司跟踪报告：招商南油（601975）《业绩同比逐季改善，股 东回报改善加速》2025-07-03 岳鑫（分析师）021-3 ...

每周一景： 云南兰坪澜沧江山谷河流村庄风光 点击右上角菜单，收听朗读版 【轻工】 菲莫国际海外IQOS爆款大单品复盘 投资建议： 复盘IQOS成功路径，核心逻辑在于品牌以产品力为基，营销与渠道合力营造"体验生活方式"的品牌价值主张，确立用户心智护城河。当前全球HNB产 业进入新一轮的产品生命周期，随各大品牌积极下场进行市场培育，产业规模亦有望加速扩张。推荐具备产品技术及供应链竞争力的相关标的。 日本市场：高渗透率，竞争饱和。 日本政府自八十年代末以来通过上调卷烟价格及烟草税率，以加强控烟、稳定卷烟利润水平、增加烟草税收。另一方面，监管对 HNB产品相对友好，纳入烟草体系监管，综合税率更低，同时不受2019年发布的"最强禁烟令"影响。而雾化产品计入药物监管，不批准销售。得益税收优势，HNB 产品定价灵活性更强，IQOS烟弹定价对标中端卷烟，一方面体现更低的消费税率，另一面为未来税收潜在调整以及重新定价提供空间。随卷烟市场规模收缩，HNB 市场快速扩张，2024年日本地区HNB产品渗透率已超过40%，同时在东京等多个核心城市的渗透率超过50%。 战略复盘：多位一体，确定明显领先优势。 1）产品：多技术平台布局，最 ...

Core Insights - Philip Morris International Inc. (PM) demonstrates strong pricing power as a key driver of profitability, reporting 10.2% organic net revenue growth and 16% organic operating income growth in Q1 2025, with a gross margin expansion of 340 basis points [1][7] - The smoke-free segment, including products like IQOS and ZYN, achieved 670 basis points of organic gross margin expansion, exceeding 70%, which is over 5 percentage points higher than combustibles, indicating a favorable product mix and premium positioning [2][3] Revenue and Pricing Dynamics - Pricing contributed 6 points to net revenue growth, with an 8% increase in combustible pricing and around 3% in smoke-free products excluding devices [1][7] - The company's ability to implement effective pricing strategies across both combustible and smoke-free categories highlights strong brand equity and consumer loyalty [3] Competitive Landscape - Altria Group, Inc. (MO) also exercises pricing power, achieving a 10.8% net price realization in the smokeable segment, but faces challenges with growing price sensitivity among lower-income consumers [4] - Turning Point Brands, Inc. (TPB) focuses on brand strength and market positioning rather than aggressive pricing, showing volume resilience amid consumer trade-down trends [5] Market Performance and Valuation - Philip Morris shares have gained 18.4% in the past three months, slightly outperforming the industry growth of 18.2% [6] - The company trades at a forward price-to-earnings ratio of 22.43X, higher than the industry's average of 15.36X [9] Earnings Estimates - The Zacks Consensus Estimate for PM's earnings implies year-over-year growth of 13.7% for 2025 and 11.7% for 2026, with current estimates of $7.47 for 2025 and $8.34 for 2026 [11][12]

Key Takeaways PM surged 20.8% in 3 months, outperforming both its sector and the broader tobacco industry. Smoke-free products drove 44% of gross profit, with strong growth in ZYN, IQOS, and VEEV brands. Regulatory hurdles, FX headwinds, and a premium valuation may limit PM's near-term stock upside.Shares of Philip Morris International Inc. (PM) have rallied 20.8% over the past three months, outperforming the Zacks Tobacco industry’s rise of 18.8% and the broader Zacks Consumer Staples sector’s growth of ...

Key Takeaways PM's smoke-free portfolio made up 44% of gross profit in Q1, hitting a key transition milestone. PM's smoke-free gross margin surpassed 70%, over 5 percentage points above combustible products. Smoke-free gross profit rose 33% YoY, outpacing volume gains and boosting operating income margin.Philip Morris International (PM) is redefining its profit engine through the accelerated growth of the smoke-free portfolio. In the first quarter of 2025, smoke-free products contributed 44% of the compan ...

1）根据我们6 月19 日发布的新型烟草深度报告，伴随HNB 产品推新（6 月9日Glo Hilo 上市日本、日本 烟草5 月底推出Ploom Aura）、用户体验提升，其对传统卷烟消费群体的转化率和粘性会变得更强， HNB 产业渗透率有望加速提升（目前全球不到6%）；而HNB 对青少年吸引力较弱，同时具备不容易 拉新、税收体系完善、减害性容易论证等特点，其渗透率提升天花板较高。 2）复盘IQOS 历史产品沿革，10 余年时间进行了大小7 次迭代，最新的Iluma i系列在24 年3 月发布（电 磁感应加热技术在21 年8 月发布），根据过往迭代周期推算，我们认为26 年的新品或有较大技术迭代 与改进，看好其销售表现。 PMI 欧洲投资者发布会再次强化HNB 长足发展信心 6 月24 日，菲莫国际（PMI）在欧洲举行投资者交流活动，以欧洲为样本分享了一些重要的数据： 1）IQOS 在欧洲的获客渠道中，雾化电子烟的比重上升、达到了20%。（完整结构：60%来自可燃卷 烟、20%来自雾化烟、15%来自其他HNB 用户、5%来自口含烟），表明HNB 对欧洲的雾化烟消费群体 吸引力正在提升。 2）在欧洲，Poly-U ...

Tobacco companies are creating quite a steer, splitting investors into groups on Seeking Alpha. First group argues, the decline in smoking and younger, more health-conscious generations are clearly a warning sign to stay away from big tobacco as failure to hook-up youngstersI’m a Financial Analyst at a Fortune 500 company, investing with a long runway—30 years to retirement and plenty of compounding ahead. I write about building a thoughtful portfolio that balances strong growth potential with solid fundame ...

证券研究报告·行业跟踪周报·商贸零售 商贸零售行业跟踪周报 Hilo 将于 9 月在日本全国发售，关注 HNB 行 业成长性机会 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2025 年 06 月 30 日 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 证券分析师 张家璇 执业证书：S0600520120002 zhangjx@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 研究助理 王琳婧 执业证书：S0600123070017 wanglj@dwzq.com.cn 行业走势 -9% -1% 7% 15% 23% 31% 39% 47% 55% 63% 2024/7/1 2024/10/29 2025/2/26 2025/6/26 商贸零售 沪深300 相关研究 《6 ...

Jami Dimon is one of the most respected minds on Wall Street.The JPMorgan Chase (JPM -0.48%) CEO not only leads the biggest bank in the country by assets but also famously led his bank though the 2008 financial crisis and did not need to be rescued by the government, though it did participate in the Troubled Asset Relief Program (TARP).Given his experience and his position, investors tend to pay attention to what Dimon has to say, so it was notable when he warned of the bond market "cracking."At the Reagan ...