Zhitong Financial APP learned that Tianfeng Securities released a research report saying that the release of the official version of the national standard defines a unified production standard for atomized e-cigarettes, and the landing of supervision will effectively push up the industry threshold and increase the degree of concentration.Benefit the upstream and downstream leading enterprises in the industry in terms of China Tobacco supply chainKey recommendation-Jinjia shares (002191.SZ, domestic tobacco label leader, active card layout new tobacco); it is recommended to pay attention to China Tobacco Hong Kong (06055), Huabao International (00336), China Bolton (03318), Jiyou shares (603429.SH), Shunhao shares (002565.SZ), Dongfeng shares (601515.SH).Atomization industry chainKey recommendation$Smoore International Holdings Limited (06969.HK) $The leading manufacturer of atomization equipment in the world.
Events:On the afternoon of April 12, the State Administration of Market Supervision and Administration approved the mandatory national standard for e-cigarettes, which will come into force on October 1, 2022. The core contents include that the atomizer should contain nicotine and the nicotine extracted from tobacco should be used; electronic cigarette sets and cartridges should have a closed structure to prevent artificial filling; and the atomization temperature should not exceed 350 °C; the concentration of nicotine in the atomizer should not be higher than 20mg/g (2%), and the total amount of nicotine should not be higher than 200mg; the temporary permission for the use of atomization additives is 101kinds of substances, and the maximum addition amount is limited. Coolants and sweeteners can be added; it should not be induced to minors, and the characteristic flavor of the product should not show other flavors except tobacco.
The main points of Tianfeng Securities are as follows:
E-cigarette supervision boots are gradually falling to the ground.
The implementation date of the national standard will begin on October 1, 2022, when the domestic e-cigarette production and sales system will officially enter the era of compliance.
Nicotine concentration of tobacco oil refers to EU standard
The new EU TPD directive, which came into force in 2014, requires e-cigarettes to limit the nicotine concentration of tobacco oil to 20 mg / ml (2%), which the bank believes can meet users' smoking experience and nicotine demand.
It is expected that the mixed tobacco flavor products will be dominated by tobacco in the future.
This official draft is consistent with the permitted list and dosage of additives in the GB (second draft for soliciting opinions) of March 12, and still contains flavor ingredients such as cocoa extract, vanilla bean tincture, peppermint oil, lemon oil and so on. The bank believes that tobacco-based mixed tobacco flavor products may be sold in the later stage.
After the atomization e-cigarette is regulated, the layout of China Tobacco suppliers may be accelerated.
Previously, due to concerns about compliance, the supplier leader of the China Tobacco Department was only a tentative layout. The bank believes that the follow-up tobacco suppliers may give full play to their channel advantages and enter the related industry chain of atomized e-cigarettes, such as tobacco oil, atomization OEM and so on.
Risk Tips:The risk of new tobacco policy change, the lower-than-expected development of sales / enterprises, and the risk of intensified market competition