《大行報告》中金:美國首次批電子煙PMTA 門檻提高利好思摩爾(06969.HK)
中金髮表報告指,10月13日美國FDA宣佈已授權英美菸草旗下雷諾菸草的「Vuse Solo」系列三款封閉式電子煙產品,其中包含一款煙桿產品與兩款尼古丁含量爲4.8%的傳統菸草口味的煙彈產品,可在美國市場合法銷售。此舉意味FDA對霧化電子煙產品首次批準了PMTA(Premarket Tobacco Product Applications),對電子煙行業具有裏程碑意義。
該行表示,此次意味着FDA對霧化電子煙產品的官方認可,對全球電子煙的發展及監管態度,有望起到積極的風向標作用。 FDA此次批準「Vuse Solo」的三款電子煙產品可在美國市場合法銷售,是FDA對電子煙產品首次給予的PMTA批準,一定程度上代表了 FDA對霧化電子煙的官方認可,認爲這對其他國家的電子煙監管態度,以及消費者對電子煙產品的信心,有望起到積極參考作用。
中金認爲,FDA的PMTA審批帶來電子煙行業門檻提高,而思摩爾(06969.HK)作爲核心供應商有望明顯受益。集團作爲全球最大的陶瓷霧化芯製造商,藉完善的專利體系、強大的生產能力、卓越的產品品質深度綁定以Vuse、 Njoy、悅刻等爲代表的海內外電子菸頭部品牌,隨市場門檻提升、行業規範發展,該行認爲集團核心客戶有望持續成長,並有望受益於新型菸草持續滲透與市場份額向其頭部客戶集中的雙重紅利,重申看好公司的強者愈強趨勢。
中金予思摩爾股份「跑贏行業」評級,目標價74元。
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