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21、%80%70%60%50%40%30%20%10%0%2014P&SMarket20142018-2020 22.3/29/36.235%/30%/25% 454540120%35100%3080%252060%1540%1020%500%2010 2011 2012 2013 2014 2015 2016 2017 2018E 2019E 2020E4.4 4.4.1 HNB HNBA A 20122017 21.5229.46.48%2018 23.7713.21%5.4625.28%80% 40%20%201843.88%25.7%19464746473030%50%2520%2010%150%40%30%10-10%5-20%0-30%20%10%201320142015201620172018Q3201320142015201620172018 WindWindWindWind48494849B B 20092015(E-cigarette)Advanced Personal15.6676%201821.415.11223%70%6201725%25%5051505125250%2

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