The global e-cigarette market is defined by the industry engaged in the production, distribution, and sale of electronic cigarettes, also known as e-cigarettes or vapes. These are battery-powered devices that deliver nicotine, flavorings, and other chemicals to users through an aerosol, commonly referred to as vapor, without involving the combustion that characterizes traditional tobacco products. The market includes a variety of e-cigarette products, ranging from disposable e-cigarettes, which are single-use devices pre-filled with e-liquid, to rechargeable e-cigarettes, which are reusable devices that allow users to refill e-liquid and recharge the battery.

The World Health Organization's (WHO) Framework Convention on Tobacco Control (FCTC) advises countries to consider plain packaging. This approach mandates health warnings on tobacco packages, bans branding elements like colors and logos, standardizes font size and color (often an unappealing brown), and formats the packaging uniformly. These regulations aim to diminish product promotion, enhance warning visibility, reduce deceptive packaging, and decrease tobacco consumption

E-cigarettes are electronic devices that stimulate the experience of smoking. They operate by heating a liquid that produces an aerosol, which is inhaled by the user. The aerosol vapor contains nicotine, flavorings, and other chemicals. The liquid used in e-cigarettes to produce aerosol is known as e-liquid.

The global e-cigarette market is a part of the global tobacco market. The global tobacco market was valued at $807.86 billion in 2021 and reached $867.36 billion in 2023. The global tobacco market witnessed an incremental growth of $59.5 billion and registered a CAGR of 3.6% from 2021 to 2023.

烟蒂股是指市场估值低于实际价值的公司，巴菲特曾这样总结“烟蒂”投资 法:“在大街上捡到一只雪茄烟蒂，短得只能再抽一口，也许冒不出多少烟， 但‘买便宜货’的方式却要从那仅剩的一口中发掘出所有的利润”。A 股当前 自下而上便宜筹码足够多，被低估的烟蒂股未来 2-3 年可能获得丰厚收益，华 创策略《烟蒂股》系列报告希望从多个角度出发，挖掘真正被低估的价值。 系列首篇《守着低估值&龙头能迎来春天吗?》发现，低估值胜率下降但赔率 仍高，便宜还是硬道理，核心在于如何判断真实价值的低估。抛开传统估值方 法，本文给出三个视角判断企业是否被低估:1、清算价值;2、自由现金流; 3、企业倍数。