烟草在线据《烟草世界》报道编译　　最近，我们重申我们对奥驰亚集团的中立推荐，奥驰亚集团是美国的卷烟、无烟制品、酒类产品的生产和销售商，以及金融服务的提供商。据高盛分析师的普遍估计，该公司公布2012财年第一季度的利润为每股49美分，但也比去年的业绩高出了11.4%。

　　收入增加的原因是长期开展培育优质品牌的举措，菲莫美国的业绩很好，而且该公司万宝路品牌的市场份额显著增加。在无烟制品的细分领域推出新产品也增加了该国公司的营业收入。

　　奥驰亚集团还拥有强大的烟草和酒类品牌组合。这个品牌组合有多个畅销品牌，如万宝路、细长弗吉尼亚、哥本哈根、干杯、斯特·米歇尔酒屋和哥伦比亚酒厂。万宝路继续为公司提供超越竞争对手的有利竞争优势。

　　万宝路黑色柔和，以及近期推出的黑色万宝路薄荷和不知名的薄荷烟占领了大部分的市场份额。此外，还有哥本哈根和干杯品牌的无烟产品。哥本哈根决定进入新领域，开始推出天然等级的长颈鹿蹄草规格的产品。

　　此外，该公司同windows A/S开展新合作。windows A/S公司是一家制药公司，从事开发研究和生产带有其他产品和技术新特点的尼古丁口胶剂，为成人烟草使用者开发创新的、不可燃的尼古丁产品。这表明奥驰亚能正确评估消费者的选择。

　　消费者普遍转向低风险的无烟烟草制品。与新公司的合作将使奥驰亚在这个行业获得市场份额。

　　不过，世界各国政府限制烟草公司维持吸烟者数量的做法。这反过来进一步拉低世界的卷烟消费。

　　美国食品和药物管理局(FDA)已经决定，烟草公司将利用烟包上的严厉警告标签使客户放弃吸烟。禁止烟草制品使用的政府措施，以及降低公众对吸烟的认可，将影响到许多市场上的公司数量等等。

　　另外，FDA还提议根据《烟草控制法案》禁止薄荷烟，从本质上说，薄荷卷烟危害人体健康，并消耗了有用的薄荷。

　　FDA目前正在审查建议，以及很多其他因素，包括禁止薄荷烟产生的出乎意料的结果。由于该规则，为了达到FDA的要求，该公司的成本增加了。此外，此类禁令将会导致黑市营销，这将对各方非常不利。

Altria remains neutral

　　We recently reaffirmed our neutral recommendation on Altria Group Inc, a manufacturer and marketer of cigarettes, smokeless products, wine and financial services providers in the U.S. The company reported profit of 49 cents per share in the first quarter of fiscal 2012, which according to the consensus estimate of Sachs, but also surpassed the previous year's result of 11.4%.

　　Raising revenue was the result of long-term premium brand initiatives, Philip Morris USA, as well as high performance and significant increase in market share the company's brand Marlboro. Launching new products in the segment of smokeless product also increased the top line results of the company.

　　Altria has a strong portfolio of brands of tobacco and wine. The portfolio is enriched with popular names such as Marlboro, Virginia Slims, Copenhagen, Skoal, Chateau Ste. Michelle and Columbia Crest. Marlboro continues to provide the company a favorable advantage over their competitors.

　　Marlboro black and soft and the recently established Black Marlboro menthol and menthol with no grades occupy a large portion of the market. In addition, the Copenhagen and Skoal brands of smokeless category citation. Copenhagen decided on the new segments, starting Wintergreen elongated neck, the natural grade.

　　In addition, the company's new collaboration with windows A/S, a pharmaceutical company engaged in the development of research and production of nicotine gum with additional features in other products and technologies, the development of innovative, non-combustible nicotine-containing products for adult tobacco users indicated the company’s ability to properly assess consumer choice.

　　There was a general shift of consumers with low risk and smokeless tobacco products. The new company will allow the company's market share in this industry.

　　Nonetheless, governments around the world impose restrictions on tobacco companies to keep smokers. This, in turn, further dragging the consumption of cigarettes in the world.

　　U.S. Food and Drug Administration (FDA) have decided that the tobacco companies will make use of stringent warning labels on cigarette packages to turn customers from smoking. Government measures that prohibit the use of tobacco products, along with a decrease in public recognition of smoking will affect the amount of companies in many markets, go ahead

　　In addition, FDA also proposed a ban on menthol in accordance with the Tobacco Control Act, which essentially said that menthol cigarettes have adverse effects on human health and the elimination of menthol would be.

　　FDA is currently reviewing the recommendations, among many other factors, including the unintended consequences of the ban menthol. As a result of this regulation, the company's costs increased in an effort to meet the requirements of the FDA. Moreover, such a ban would lead to black marketing, which would be extremely detrimental to all parties.