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]
中烟香港（06055）：2024年业绩公告点评：业绩略超预期，结构优化抬升利润表现