Maintain the "overweight" rating. The forecast value of the homing net profit of the maintenance company from 2021 to 2023 is 538,000,71.9 billion yuan respectively, of which the overseas business homing net profit is 40.8 billion RMB RMB respectively, and the domestic business homing net profit is 20.0exp 2.37 billion RMB 2.70 billion RMB respectively, of which, the overseas business homing net profit is 40.8 billion RMB RMB, and the domestic business homing net profit is 2.37 billion RMB respectively. Under the segment PE valuation method, the overseas business will be maintained at 40 times PE in 2022. Taking into account the company's position as a technology leader in the industry and the significant decline in domestic business uncertainty, the market is expected to be optimistic, giving the domestic business 40 times PE in 2022, corresponding to a company valuation of 258 billion yuan. At the exchange rate of 0.815 Hong Kong dollars to RMB, the target price is HK $52.66.
A new generation of atomization solution has been released. On January 18, the company held a press conference in London, England to introduce the new generation of atomization solution FEELM Air. As a result, the company will create the world's lightest ceramic core e-cigarette, bringing a more extreme experience for atomized e-cigarette consumers.
Original ultra-thin bionic membrane ceramic atomization core. The core of FEELM Air is a brand-new ultra-thin bionic membrane ceramic atomizing core, which adopts nano-scale vacuum coating process, and carries seven layers of composite heating film on the ceramic core, including nano-anti-corrosion layer, microporous taste-locking layer, nano-silver electrode layer, water absorption and locking layer, alloy heating layer, temperature control layer and porous thermal insulation layer. While the new ceramic core further improves the harmfulness, atomization efficiency and taste reduction, the thickness of the heating film is reduced from 80um to the thinnest 2um, and the thickness of the ceramic core matrix is reduced from 4.5mm to 3.5mm, making the e-cigarette body 25% to 7.8mm thinner than the previous generation.
Experience comprehensive upgrading, technology leading the industry. FEELM Air upgrades the experience in seven ways. In addition to the improvement of damage reduction, atomization efficiency and taste reduction, FEELM Air has also improved in anti-leakage technology, human-computer interaction vibration, charging speed and battery life, control sensitivity and so on. FEELM Air further solves the industry pain points such as leakage, service life and mistouch, and follows the original intention of atomized e-cigarette as a harm-reducing substitute cigarette product, and moves forward in harm reduction and anti-addiction. The improvement of atomization efficiency also ensures that the company's products have sufficient anti-addiction under the nicotine concentration of 20mg/g 's national standard for e-cigarettes. The release of FEELM Air further consolidates the company's position as a technology leader in the industry, and is expected to benefit from the increase in market share brought about by the withdrawal of small manufacturers at the stage of standardized development of the industrial chain.
Risk hint: the risk of the company's ceramic atomized core products being subverted; the risk that core customers fail to obtain licenses