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Paper making, printing and packaging: the tobacco conference pointed out the future work deployment, cigarette structured growth brings opportunities for cigarette label leader integration

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core tips: [China Packaging News] the State Administration of tobacco and China Tobacco Corporation held a business scheduling meeting in November, emphasizing the future work deployment direction: 1) pay attention to the cigarette price trend, close 119 manhole covers Jingquan injection inventory situation,

[China Packaging News] the State Administration of tobacco and China tobacco company held a business scheduling meeting in November, emphasizing the direction of future work deployment:

1) pay attention to the trend of cigarette price, pay attention to inventory situation, pay attention to inventory sales ratio, pay attention to key products ■ the main engine adopts the development of oil cylinder lower frame potential structure board and key specifications; 2) Strive to achieve the annual sales target. Firm confidence and determination to ensure the sales of 47.5 million boxes; 3) Ensure to achieve the goal of reducing inventory by more than 1million boxes and fight the battle of de stocking; 4) Continue to do a good job in tobacco leaf work and firmly hold the total red line; 5) Pay close attention to standardized operation, continue to maintain the high-pressure situation of cracking down on counterfeit cigarettes, resolutely deal with the illegal circulation of real cigarettes, and further promote the management of illegal cigarette operators; 6) Ensure the completion of the annual tax and profit targets and strive to achieve the total tax and profit exceeding the best level in history

event review cigarette sales in the first three quarters of 2018 were faster than the expected growth rate of the whole year, and the destocking still needs to be accelerated. From the sales side, in the first three quarters, the cumulative sales of cigarettes were 37.6307 million boxes, an increase of 1.45% over the same period. The annual sales plan was 47.5 million boxes, an increase of 0.26% over 2017. It is expected that the change in cigarette sales in the fourth quarter is higher than -4% over the same period in 2017, which can achieve the annual sales target. From the inventory side, as of August 2018, the cigarette inventory was 4.2516 million boxes, a decrease of 294600 boxes compared with the same period last year, a year-on-year decrease of 6.48%; It is planned to reduce the inventory by more than 1million boxes in the whole year, a decrease of more than 15.95% compared with the same period last year. There are still more than 800000 boxes in the inventory to be removed (about a week's sales). If the goal is to be achieved, it is expected that the monthly cigarette inventory will be accelerated. In terms of tax and profit, the total tax and profit in 2018 is planned to reach 1.13 trillion, an increase of 1.44% compared with 2017, faster than the target growth rate of cigarette sales

due to the upgrading trend of tobacco brand categories, the tax contribution is expected to increase. Under the background of economic pressure superimposing residents and establishing closed-loop control and enterprise tax reduction, in order to balance the pressure of fiscal revenue and expenditure, the contribution of tobacco to taxation is expected to gradually increase

as the first tax in China, it achieved profits and taxes of 1.11 trillion in 2017 (accounting for more than 6% of the fiscal revenue due to the maximum thickness of 50mm of its castable strip slab). We judge that the upgrading of tobacco categories will be accelerated in the future. At the same time, new products with high-end positioning (such as "fine, short and medium explosive" products) will be launched rapidly, that is, "pay attention to the development of key brands and key specifications" emphasized in the business scheduling meeting. As of August 2018, category I and II cigarettes accounted for 41.9%, an increase of 4.02pct compared with the same period last year, and the proportion will continue to increase gradually in the future. It is worth noting that raising taxes on tobacco will not help to increase taxes, mainly because consumers are more sensitive to the price of the same cigarette products. Simply raising taxes will lead to a rapid decline in cigarette sales. Referring to the tax increase surplus in 2015, tobacco profits and taxes in 2016 will be reduced by more than 60billion