Investment Rating - Industry rating: Outperform the market (maintained) [8] Core Insights - Japan Tobacco's PloomX revenue increased by 44% year-on-year, continuing to expand in global markets [1] - Japan Tobacco's total revenue reached 3.15 trillion yen, a 10.9% increase year-on-year, while operating profit grew by 3.7% to 697.2 billion yen [1] - Altria's NJOY brand saw significant growth, with consumable shipments increasing by 102.61% and device shipments by 284.62% in 2024 [5] - Altria's overall net revenue for 2024 was $24.018 billion, a decrease of 1.9% compared to 2023, but diluted EPS rose by 3.4% to $5.12 [4] Summary by Sections Japan Tobacco - The harm reduction product segment achieved revenue of 98.9 billion yen, a 21.1% increase year-on-year, with sales volume rising by 24.2% [2] - The traditional tobacco segment saw sales of 541.9 billion sticks, a 2% increase, although traditional tobacco sales in Japan declined by 5.3% [3] Altria - NJOY's consumable shipments reached 46.6 million units, with device shipments at 5 million units, both showing substantial year-on-year growth [5] - Altria expects EPS for 2025 to be between $5.22 and $5.37, indicating a year-on-year growth of 2% to 5% [6] - The company plans to repurchase an additional $1 billion in shares in 2025, building on a previously completed $3.4 billion buyback program [6] Investment Recommendations - Key recommendations include focusing on Smoore International and monitoring companies in the vaping supply chain and tobacco supply chain [6]