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].
中烟香港：盈利表现优异，跨越式发展值期待-20250307