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]
中烟香港：24年利润高增长，内生外延协同并进-20250307