Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company is expected to exceed its previous profit forecasts for 2024, with projected revenue of HK$13.074 billion (up 10.5% year-on-year) and a net profit of HK$854 million (up 42.6%) [1] - The report highlights strong performance in both domestic and international markets, particularly in the tobacco export sector, which is anticipated to drive future growth [6] Revenue and Profit Performance - For 2024, the company forecasts revenue of HK$13.074 billion and a net profit of HK$854 million, with a gross margin of 10.54% [1] - The second half of 2024 is expected to see revenue growth of 6.8% and profit growth of 48% [1] Tobacco Leaf Import and Export - Tobacco leaf import revenue is projected at HK$8.254 billion (up 2.2%), with a decrease in quantity to 112,000 tons (down 4.5%), but an increase in average selling price (ASP) leading to a gross margin of 10% [2] - Tobacco leaf export revenue is expected to reach HK$2.062 billion (up 24.8%), with an increase in quantity to 83,500 tons (up 18.4%) and a gross margin of 4.07% [2] Cigarette Export Performance - Cigarette export revenue is projected at HK$1.574 billion (up 30.2%), with a quantity of 3.34 billion sticks (up 19.1%) and a gross margin of 17.63% [3] - The growth is attributed to expanded operational regions and an increase in self-operated business [3] Brazil Operations and New Tobacco Products - Revenue from CBT (Cigarette Blending Technology) leaf exports is expected to be HK$1.05 billion (up 37%), despite a decrease in quantity to 31,600 tons (down 2.4%), with a gross margin of 17.51% [4] - Revenue from new tobacco products is projected at HK$135 million (up 4.0%), with a quantity of 762 million sticks (up 12.5%) and a gross margin of 5.2% [4] Future Outlook - The company aims to continue its strategy of capital market operations and international business expansion, focusing on enhancing profitability and expanding operational regions for cigarettes, CBT, and new tobacco products [5] Earnings Forecast and Valuation - The company is expected to generate revenues of HK$14.416 billion, HK$15.753 billion, and HK$17.238 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of HK$958 million, HK$1.095 billion, and HK$1.236 billion [6] - The projected P/E ratios for 2025, 2026, and 2027 are 17.95X, 15.69X, and 13.91X respectively, indicating a favorable valuation given the company's growth potential [6]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company reported a solid performance with a total revenue of 13.074 billion yuan in 2024, representing a year-on-year increase of 10.5%, and a net profit attributable to the parent company of 854 million yuan, up 42.6% year-on-year [1] - The revenue for the second half of 2024 was 4.370 billion yuan, showing a year-on-year growth of 6.8%, with a net profit of 210 million yuan, which is a 48.4% increase year-on-year [1] - The company improved its profitability significantly through product and channel optimization and pricing strategy adjustments, achieving an annual gross margin of 10.5%, up 1.3 percentage points year-on-year [1] Revenue Breakdown - **Tobacco Leaf Imports**: Total revenue was 8.254 billion yuan, with a year-on-year increase of 2.2%. The volume and average price changed by -4.5% and +7.0% respectively [2] - **Tobacco Leaf Exports**: Revenue reached 2.062 billion yuan, up 24.8% year-on-year, with volume and average price changes of +18.4% and +5.4% respectively [2] - **Cigarette Exports**: Revenue was 1.574 billion yuan, a 30.2% increase year-on-year, with volume and average price changes of +19.1% and +9.3% respectively [2] - **New Tobacco Products Exports**: Revenue was 135 million yuan, up 4.0% year-on-year, with volume and average price changes of +12.5% and -7.6% respectively [3] - **Brazil Operations**: Revenue was 1.050 billion yuan, a 37.0% increase year-on-year, with volume and average price changes of -2.4% and +40.3% respectively [3] 2025 Outlook - The company expects to continue improving profitability and maintain a stable increase in per-share dividends [4] - It aims to focus on both organic and external growth, enhancing its capital operation platform [4] - The company plans to dynamically assess international conditions to ensure a stable supply of high-quality tobacco leaves and cultivate growth in emerging markets [4] - Continued focus on cigarette brand development and optimization of product and brand matrix is anticipated, along with an expansion of the cigar business and tax markets [4] - The company is positioned as the exclusive operational entity for international business expansion and related trade, which is expected to drive future growth [5] Financial Projections - The company forecasts net profits of 970 million yuan, 1.122 billion yuan, and 1.222 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 19.5X, 16.9X, and 15.5X [5] - Key financial indicators for 2024A include total revenue of 13.074 billion yuan, net profit of 854 million yuan, and an EPS of 1.23 yuan [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a high growth in profits for 2024, driven by its cigarette export business, tobacco leaf import business, and operations in Brazil. The total revenue for 2024 reached 13.074 billion HKD, a year-on-year increase of 10.5%, while the net profit attributable to shareholders was 854 million HKD, up 42.6% [4][5] - The company is positioned as the designated overseas platform for China National Tobacco Corporation, focusing on capital market operations and international business expansion. The business model ensures stable profitability and excellent cash flow, with new growth points from cigarette and new tobacco product exports [4] - The company is expected to achieve total revenues of 14.396 billion HKD, 15.648 billion HKD, and 16.900 billion HKD for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10%, 9%, and 8% [4][5] Financial Performance Summary - For 2024, the company achieved a revenue of 13,074 million HKD, with a year-on-year growth of 10%. The net profit attributable to shareholders was 854 million HKD, reflecting a 43% increase [7] - The company forecasts net profits of 939 million HKD, 1,044 million HKD, and 1,171 million HKD for 2025, 2026, and 2027 respectively, with growth rates of 10%, 11%, and 12% [5][7] - The earnings per share (EPS) are projected to be 1.36 HKD, 1.51 HKD, and 1.69 HKD for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 20.14, 18.12, and 16.15 [5][7] Business Segment Performance - The tobacco leaf import business reported an import volume of 111,980 tons, a decrease of 4.5%, with revenue of 8,254.2 million HKD, up 2.2%. The gross profit was 825.6 million HKD, an increase of 12.7% [4] - The tobacco leaf export business saw an export volume of 83,487 tons, a year-on-year increase of 18.4%, with revenue of 2,061.5 million HKD, up 24.8%, and gross profit of 83.9 million HKD, up 85.8% [4] - The cigarette export business achieved an export volume of 3,339,700 thousand sticks, a growth of 19.1%, with revenue of 1,573.6 million HKD, up 30.2%, and gross profit of 277.4 million HKD, up 69.1% [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company reported a revenue of HKD 13.07 billion for 2024, representing a year-on-year increase of 10.5%. The gross profit reached HKD 1.38 billion, up 26.6%, and the net profit attributable to shareholders was HKD 854 million, reflecting a 42.6% increase, exceeding previous profit forecasts [1][3]. - The company plans to focus on both organic growth and strategic acquisitions to enhance its business scale, operational quality, and profitability by 2025 [3]. - The company holds a unique position as the exclusive operator for international tobacco business under the China National Tobacco Corporation, which is expected to benefit from overseas expansion and mergers [4]. Revenue Breakdown - The revenue from tobacco leaf exports was HKD 2.06 billion, up 24.8%, accounting for 15.8% of total revenue, with a gross margin of 4.1% [9]. - The revenue from tobacco leaf imports was HKD 8.25 billion, a 2.2% increase, making up 63.1% of total revenue, with a gross margin of 10.0% [9]. - The revenue from cigarette exports was HKD 1.57 billion, increasing by 30.2%, representing 12.0% of total revenue, with a gross margin of 17.6% [9]. - The revenue from new tobacco products exports was HKD 140 million, up 4.0%, accounting for 1.0% of total revenue, with a gross margin of 5.2% [9]. - The revenue from operations in Brazil was HKD 1.05 billion, a 37.0% increase, representing 8.0% of total revenue, with a gross margin of 17.5% [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a high growth in profits for 2024, driven by its cigarette export business, tobacco leaf import business, and operations in Brazil. The total revenue for 2024 reached 13.074 billion HKD, a year-on-year increase of 10.5%, while the net profit attributable to shareholders was 854 million HKD, up 42.6% [4][5] - The company is positioned as the designated overseas platform for China National Tobacco Corporation, focusing on capital market operations and international business expansion. The business model ensures stable profitability and excellent cash flow, with new growth points from cigarette and new tobacco product exports [4] - The company is expected to achieve total revenues of 14.396 billion HKD, 15.648 billion HKD, and 16.900 billion HKD for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10%, 9%, and 8% [4][5] Financial Summary - For 2024, the company achieved a revenue of 13,074 million HKD, with a year-on-year growth of 10%. The net profit attributable to shareholders was 854 million HKD, reflecting a 43% increase [7] - The projected financials for 2025 to 2027 indicate a steady increase in revenue and net profit, with net profit expected to reach 939 million HKD in 2025, 1,044 million HKD in 2026, and 1,171 million HKD in 2027 [7][9] - The company’s earnings per share (EPS) is projected to grow from 1.23 HKD in 2024 to 1.69 HKD in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 19.31 to 16.15 over the same period [7][9]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company reported a revenue of HKD 13.07 billion for 2024, representing a year-on-year increase of 10.5%. The gross profit reached HKD 1.38 billion, up 26.6%, and the net profit attributable to shareholders was HKD 854 million, reflecting a 42.6% increase, exceeding previous profit forecasts [1]. - The company plans to focus on both organic growth and strategic acquisitions to enhance its business scale, operational quality, and profitability by 2025. It aims to ensure a steady increase in dividend per share while actively seeking high-quality targets that align with its development strategy [3]. - The company holds a unique position as the exclusive operator for international tobacco business under the China National Tobacco Corporation, which is expected to benefit from overseas expansion and mergers and acquisitions [4]. Revenue Breakdown - The revenue from tobacco leaf exports was HKD 2.06 billion, a year-on-year increase of 24.8%, accounting for 15.8% of total revenue, with a gross margin of 4.1% [9]. - The revenue from tobacco leaf imports was HKD 8.25 billion, up 2.2%, making up 63.1% of total revenue, with a gross margin of 10.0% [9]. - The revenue from cigarette exports was HKD 1.57 billion, a 30.2% increase, representing 12.0% of total revenue, with a gross margin of 17.6% [9]. - The revenue from new tobacco products exports was HKD 140 million, a 4.0% increase, accounting for 1.0% of total revenue, with a gross margin of 5.2% [9]. - The revenue from operations in Brazil was HKD 1.05 billion, a 37.0% increase, representing 8.0% of total revenue, with a gross margin of 17.5% [9].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a revenue of HKD 13.07 billion and a net profit attributable to shareholders of HKD 854 million for 2024, representing year-on-year growth of 10.5% and 42.6% respectively [1]. - The company achieved strong performance in its tobacco leaf and cigarette export businesses, with significant revenue increases across various segments [2]. - The gross margin and net margin for 2024 were 10.5% and 6.9%, showing improvements from the previous year, driven by better cost management and product mix optimization [3]. - The company is expected to continue enhancing its profitability through internal growth and potential acquisitions, focusing on capital operations [4]. Financial Performance Summary - For 2024, the company reported a revenue of HKD 13.07 billion, with a growth rate of 10.5% compared to 2023 [8]. - The net profit attributable to shareholders for 2024 was HKD 854 million, reflecting a growth rate of 42.6% [8]. - The earnings per share (EPS) for 2024 was HKD 1.23, with projections for 2025-2027 being HKD 1.48, HKD 1.73, and HKD 2.01 respectively [5][8]. - The company’s return on equity (ROE) for 2024 was 28.41%, indicating strong profitability [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance slightly exceeded expectations, with 2024 revenue reaching HKD 13.07 billion, a year-on-year increase of 10% [7] - The change in product structure has driven an increase in gross margin, with a gross margin of 10.5% for 2024, up 1.3 percentage points year-on-year [7] - The company is positioned as the only publicly listed entity under China Tobacco's international operations, with stable development in its main business of tobacco leaf imports and exports [7] Financial Performance Summary - For 2024, total revenue is projected at HKD 13,074 million, with a year-on-year growth of 10.46% [1] - The net profit attributable to the parent company is expected to be HKD 853.74 million, reflecting a year-on-year increase of 42.58% [1] - Earnings per share (EPS) for 2024 is forecasted at HKD 1.23, with a price-to-earnings (P/E) ratio of 22.16 [1] Business Segment Performance - Revenue from various business segments for 2024 includes HKD 8.25 billion from tobacco leaf imports, HKD 2.06 billion from tobacco leaf exports, HKD 1.57 billion from cigarette exports, HKD 140 million from Brazilian operations, and HKD 1.05 billion from new tobacco products [7] - The gross margin for different business segments is 10% for tobacco leaf imports, 4% for tobacco leaf exports, 18% for cigarette exports, 5% for Brazilian operations, and 18% for new tobacco products [7] Future Earnings Forecast - The company has revised upward its profit expectations for 2025 and 2026, with projected net profits of HKD 962.01 million and HKD 1,060.13 million respectively [7] - The forecast for 2027 net profit is HKD 1,187.23 million, with corresponding P/E ratios of 20, 18, and 16 for the years 2025, 2026, and 2027 respectively [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 2024 performance slightly exceeded expectations, with total revenue reaching HKD 13.07 billion, a year-on-year increase of 10.46%. The net profit attributable to shareholders was HKD 853.74 million, reflecting a year-on-year growth of 42.58% [7] - Changes in product structure have led to an improvement in gross profit margins, with the overall gross margin for the company at 10.5%, up 1.3 percentage points year-on-year [7] - The company is positioned as the only publicly listed entity under China Tobacco's international operations, with stable development in its main business of tobacco leaf import and export, and potential for further integration of overseas industrial resources [7] Financial Summary - Total revenue projections for the company are as follows: HKD 13.07 billion in 2024, HKD 14.38 billion in 2025, HKD 15.48 billion in 2026, and HKD 16.58 billion in 2027, with respective year-on-year growth rates of 10.46%, 10.01%, 7.63%, and 7.13% [1] - The net profit attributable to shareholders is forecasted to be HKD 853.74 million in 2024, HKD 962.01 million in 2025, HKD 1.06 billion in 2026, and HKD 1.19 billion in 2027, with year-on-year growth rates of 42.58%, 12.68%, 10.20%, and 11.99% respectively [1] - The earnings per share (EPS) are projected to be HKD 1.23 in 2025, HKD 1.39 in 2026, HKD 1.53 in 2027, and HKD 1.72 in 2028, with a corresponding price-to-earnings (P/E) ratio decreasing from 22.16 in 2024 to 15.93 in 2027 [1][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance slightly exceeded expectations, with 2024 revenue reaching HKD 13.07 billion, a year-on-year increase of 10% [7] - The change in product structure has driven an increase in gross margin, with a gross margin of 10.5%, up 1.3 percentage points year-on-year [7] - The company is positioned as the only publicly listed entity under China Tobacco's international operations, with stable development in its main business of tobacco leaf import and export [7] Financial Performance Summary - For 2024, total revenue is projected at HKD 13,074 million, with a year-on-year growth of 10.46% [1] - The net profit attributable to the parent company is expected to be HKD 853.74 million, reflecting a year-on-year increase of 42.58% [1] - Earnings per share (EPS) for 2024 is forecasted at HKD 1.23, with a price-to-earnings (P/E) ratio of 22.16 [1] Business Segment Performance - Revenue from various business segments for 2024 includes HKD 8.25 billion from tobacco leaf imports, HKD 2.06 billion from tobacco leaf exports, HKD 1.57 billion from cigarette exports, HKD 140 million from Brazilian operations, and HKD 1.05 billion from new tobacco products [7] - The company’s gross margin for different business segments is 10% for tobacco leaf imports, 4% for tobacco leaf exports, 18% for cigarette exports, 5% for Brazilian operations, and 18% for new tobacco products [7] Future Earnings Forecast - The company has revised upward its profit expectations for 2025 and 2026, with projected net profits of HKD 9.6 billion and HKD 10.6 billion respectively, and has added a forecast for 2027 with a net profit of HKD 11.9 billion [7] - The corresponding P/E ratios for 2025, 2026, and 2027 are expected to be 20, 18, and 16 respectively [7]