Attention this week: Recently, in cooperation with the technology center of Yunnan China Tobacco Industry Co., Ltd., the Key Laboratory of tobacco technology of Zhengzhou Tobacco Research Institute of China National Tobacco Corporation jointly proposed and constructed a new category of tobacco products - natural smoke cigarettes (NSCs) in order to adapt to the new situation of the development of tobacco products.
Natural smoke cigarette is one of the HNB categories, and its harm is reduced by deoxygenation heating technology
Natural smoke cigarette products are one of the categories of heated cigarettes. The products represented by iqos of PMI and glo heated cigarettes of bat adopt low-temperature heating technology. Natural flue gas products achieve the purpose of heating without combustion by reducing oxygen content, which requires two core elements: "creating a low oxygen environment in tobacco matrix" and "building a natural flue gas extraction method". "Creating a low oxygen environment in tobacco matrix" is to effectively seal cigarettes and / or cigarette sets so that the air does not flow through the tobacco section, and the flue gas generated by heating drives out the oxygen in the gap of the tobacco section; "constructing a natural flue gas extraction method" It means that the cigarette structure can increase the temperature difference and pressure difference between the tobacco matrix and the hollow section of the cigarette through reasonable design, and extract the flue gas to form the mainstream flue gas.
Natural smoke products are closer to traditional cigarettes, and the release stability of tobacco matrix is significantly improved
Natural flue gas product technology is a new technological innovation starting from regulating oxygen content. It is completely different from the existing HNB low-temperature heating technology and products in six support systems, such as bottom principle, temperature control strategy, cigarette structure, atomization mechanism, transmission characteristics and consumption feeling. NSCs provide a closed heating environment for anaerobic or hypoxic chemical reactions such as tobacco matrix drying, distillation and cracking, Compared with heating, it does not burn (cigarette), natural smoke cigarettes have different ways of smoke generation and delivery. During the pyrolysis of tobacco matrix, the mouth by mouth conversion and stability of basic components such as nicotine, glycerol and propylene glycol are significantly improved, and the delivery increment of nicotine can reach 40%. Therefore, it is closer to traditional cigarettes. There are differences in smoke and nicotine transmission efficiency, smoke fineness, smoke aroma richness and coordination, and smoke aldehydes and ketones It has obvious advantages in the content of harmful substances and the diversity of product development.
Natural smoke cigarettes need to be realized through the cooperation of cigarettes and appliances, which puts forward new requirements for the development of smoking appliances
Natural smoke cigarettes have good compatibility with raw materials, and different styles of products can be designed according to needs. However, there are essential differences between natural smoke cigarettes and traditional heated cigarettes in the optimization design of cigarette structure and the construction of smoke extraction channel. At present, through repeated optimization and verification, the Key Laboratory of tobacco technology of tobacco industry of Zhengzhou Institute has established the use of high-power laser drilling equipment to realize the processing and production of natural smoke cigarette products. At the same time, it has simultaneously developed natural smoke cigarettes with inner core and peripheral heating. The smoke of inner core heated cigarette products is more delicate, and the smoke explosive force of peripheral heated cigarette products is more sufficient. At present, Zhengzhou Tobacco Research Institute and Yunnan Zhongyan have arranged more than 100 patents, trademarks and domain names on the innovation chain of "principle technology product consumer experience", and mastered the core intellectual property rights within the tobacco industry. We believe that with the continuous increase of HNB product technology investment and research by China Tobacco subsidiaries, China's HNB products are expected to be gradually launched, and the heated non combustible tobacco market is expected to breed a considerable market scale due to China's large base of smokers. It is suggested to pay attention to HNB related supply chain enterprises.
Investment recommendation 1) HNB industry chain: key recommendation - Warburg international / shares (China tobacco flavor faucet, new private license of thin sheet) [joint coverage with food and beverage team], Shenzhen Jinjia Group Co.Ltd(002191) (China Tobacco standard faucet, sole strategic cooperation private enterprise with Yunnan tobacco) [joint coverage with light industry team]; suggestions: Anhui Genuine New Materials Co.Ltd(603429) , Shanghai Shunho New Materials Technology Co.Ltd(002565) , Shantou Dongfeng Printing Co.Ltd(601515) [light industry team coverage] , China Tobacco Hong Kong, Bolton, China. 2) Atomization industry chain: key recommendation - smore International (leading global atomization equipment manufacturer), followed by fog core technology (leading Chinese atomization brand) and Shenzhen Aisidi Co.Ltd(002416) (leading Chinese atomization channel). Risk tips: the risk of changes in new tobacco policies, the risk of sales / enterprise development falling short of expectations and intensified market competition.
