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Table_MainInfo Table_Title / Table_Summary HNB92%HNBHNB2019 HNBHNBHNBHNBHNB35 AB HNB CHNB DD C HNBAB HNB Table_Summary iPhone X Galaxy S82018 9.161%2018Table_CompanyFinance EPS PE 2017A 2018E 2019E 2017A 2018E 2019E 45.70 2.59 2.12 2.56 17.64 21.56 17.85 17.67 0.47 0.60 0.72 37.60 29.45 24.54 8.36 0.38 0.46 0.59 22.00 18.17 14.17 126.72 3.47 2.75 3.92 36.52 46.08 32.33 Table_CompanyFinance EPS PE 2016A 2017E 2018E 2016A 2017E 2018E Table_Invest Table_PicQuote -40%-30%-20%-10%0%2018/12018/22018/32018/42018/52018/62018/72018/82018/92018/102018/112018/12Table_Trend % 1M 3M 12M 5.47% 3.22% -37.25% -0.28% 2.90% -9.92% Table_IndustryMarket 273 26045 17532 20.12 2.10 17729 871 % 53.79 Table_Report 2018-12-03 2018-08-03 1420% 2018-07-09 2018-06-20 Table_Author S0550515110003 0755-33975863 wangjwnesc S0550118040029 17820390636 wang_snnesc / 2019-01-29 2 / 42Table_PageTop 1. . 6 1.1 .6 1.2 .7 1.2.1 . 7 1.2.2 . 7 1.3 .9 1.4 .10 1.5 . 11 1.5.1 . 11 1.5.2 . 15 1.6 .17 2. . 18 2.1 .18 2.2 .19 2.3 .22 2.3.1 PMAT . 22 2.3.2 . 22 2.4 .23 3. HNB . 23 3.1 HNB .23 3.2 HNB .24 3.3 2019 HNB .25 4. . 26 4.1 HNB .26 4.2 HNB .28 4.2.1 . 28 4.2.2 . 30 4.3 .33 4.4 .33 4.4.1 . 33 4.4.2 . 36 4.5 .37 5. . 38 5.1 002191.SZ .38 5.2 002925.SZ .38 5.3 834742.OC .39 3 / 42Table_PageTop 5.4 300014.SZ .39 5.5 mysmok .39 5.6 .40 4 / 42Table_PageTop 1 . 6 2 . 7 3 . 7 4 . 8 5 . 8 6 2017 . 8 7 2017 . 9 8 . 10 9 .11 10 . 12 11 . 12 12 . 13 13 2014 . 13 14 2014 . 13 15 2016 . 14 16 2016 . 14 17 . 15 18 2000-2017 . 16 19 . 17 20 . 18 21 . 19 22 JUUL . 20 23 JUUL . 20 24 YOY . 20 25 Vaporesso . 20 26 SMOK . 21 27 . 21 28 . 21 29 2018 . 22 30 2013-2017 . 23 31 IQOS . 24 32 IQOS . 24 33 IQOS . 25 34 . 26 35 . 26 36 2017 . 26 37 2016 . 26 38 IQOS . 27 39 . 27 40 . 27 41 IQOS . 27 42 IQOS . 28 43 IQOS . 28 5 / 42Table_PageTop 44 . 33 45 . 33 46 . 34 47 . 34 48 . 34 49 . 34 50 . 35 51 . 35 52 . 35 53 . 35 54 iSMOD I . 36 55 iSMOD II . 36 56 - . 37 57 . 37 1 2017 . 10 2 . 16 3 . 30 4 . 30 5 . 31 6 . 32 6 / 42Table_PageTop 1. 1.1 1492149615351556 1558 15591565 15711716171606-161015751590 17181 1817991800 1801-18141918671887 2501920 7 / 42Table_PageTop 1.2 1.2.1 2005-2013 2013750 2016 650 2 - 8 %- 6 %- 4 %- 2 %0%2%4%6%8%01 0 02 0 03 0 04 0 05 0 06 0 07 0 08 0 02 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6FAOSTAT 2014-20172017239.14 7.1%3 0501 0 01 5 02 0 02 53 0 02 0 1 4 2 0 1 5 2 0 1 6 2 0 1 71.2.2 52013-2017 ( )2017 ( ) 6200 1.96% 51%2% 3.1 3%8 / 42Table_PageTop ( ) 4700 2% 52017 4738 39 5 20132014 2014 5099 2015 52015 2016 2017 “ ”4 5 72466901651563246200- 4 . 7 6 %- 5 . 5 9 %- 2 . 9 3 %- 1 . 9 6 %- 7 %- 6 %- 5 %- 4 %- 3 %- 2 %- 1 %0%1%2%5 6 0 05 8 0 06 0 0 06 2 0 06 4 0 06 6 0 06 8 0 07 0 0 07 2 0 07 4 0 02 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 4 9 9 3 . 9 75 0 9 9 . 1 44 9 7 9 . 0 44 6 9 9 . 24 7 3 7 . 7 71 . 1 9 %2 . 1 1 %- 2 . 3 6 %- 5 . 6 2 %0 . 8 2 %- 1 1 %- 9 %- 7 %- 5 %- 3 %- 1 %1%3%5%4 4 0 04 5 0 04 6 0 04 7 0 04 8 0 04 9 0 05 0 0 05 1 0 05 2 0 02 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 72017984 1.9% 615 2.6%5207.2% 5200 9.1%20162%6 2017 4738984615 520510343212 188 178 164 160 154 150 141 140 13490 98 91 90 89 83 72- 1 0 %- 8 %- 6 %- 4 %- 2 %0%2%4%6%8%1 0 %05 0 01 0 0 01 5 0 02 0 0 02 5 0 03 0 0 03 5 0 04 0 0 04 5 0 05 0 0 0HNB 20209 / 42Table_PageTop HNB 2017 43%PMI BATJT IT9% 5% 7 2017 43%15%12%9%5%2%1% 13%1.3 1615731620171982 1 1198319841991 19971998 1998 94200320042008 410 / 42Table_PageTop 8 1.4 2017201811556.2 3.69% 10000.8 3.37%7877 4.88% 5505.4 4.1 1 2017 1123 1012 570 500 414 350 275 2014 254 250 2015 228 183 175 2016 144 133 127 2014 124 2016 124
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