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]
中烟香港：2024年业绩公告点评：业绩略超预期，结构优化抬升利润表现-20250307