[Huachuang Securities: at present, the marginal structure of supply and demand in the e-cigarette industry is worth looking forward to]. According to a research report released by Huachuang Securities, the comparative price advantage of domestic e-cigarette consumption is not prominent. the core reason lies in the low retail average price of cigarettes, the clear trend of high-end tobacco, the unit price is expected to move up gradually, the consumer price ratio of e-cigarettes is gradually highlighted, and the advantage of superimposed harm reduction From the current point of view, the long-term permeability can be expected. From a quantitative point of view, assuming that the conversion rate of e-cigarette users in the United States is 7%, even if the calibration scale is at its peak in the domestic market in 2021 (the penetration rate is about 3%), the penetration rate at the user level has more than doubled. It is estimated that the current terminal scale in China may have fallen to less than 20% in 2021, which releases enough space for the industry's long-term growth curve.