3, the market demand environment: subject to increasingly strict smoking ban in public places, electronic cigarettes as an alternative to demand significantly;
4, the market capacity: 2012 sales of 49.5 million cartons of cigarettes, an electronic cigarette is equivalent to a pack of mouth several conventional cigarettes, electronic cigarette retail price assuming a $ 30 replacement rate of 1%, the market space is 37100000000 Yuan,Electronic cigarette future market prospects mergers and acquisitions will become the main way of leading enterprises of rapid development. Due to the stability of our customers, so although leading tobacco companies continue to become bigger and stronger, enlarging the industry growth rate is still limited. Tertiary industry development status of the tobacco industry, tobacco industry is not conducive to highlight the main industry is not conducive to enterprises bigger and stronger. Thus, by the three-business division and separation, reducing the burden on the main industry, become a major trend in the development e cigarette starter kit of the tobacco industry. This is also for the rapid development of ancillary services cigarette companies opened up vast new world. There are success stories prior to the acquisition of listed companies, after the listing has sufficient financial strength and good financing platform for the acquisition of the ability to maintain a menace highly recommended A investment rating: This shows the company acquired a grasp of industry trends foresight, while electronic cigarette starter kit We are optimistic about the industry through mergers and acquisitions actively this special opportunity to continue to expand the capacity of market share. 13-year forecast earnings per share 1.27 yuan, 1.39 yuan for 14 years, corresponding to 13 years of PE, PB, respectively 13,3.4, maintain highly recommended A investment rating; Risk Warning: Bidding lead to the decline in gross profit margin.
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