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].
中烟香港：国际市场拓展加速，25年聚焦内生+外延协同并进！-20250308