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 Performance 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 company forecasts net profits of 939 million HKD, 1,044 million HKD, and 1,171 million HKD for 2025, 2026, and 2027 respectively, with growth rates of 10%, 11%, and 12% [5][7] - The earnings per share (EPS) are projected to be 1.36 HKD, 1.51 HKD, and 1.69 HKD for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 20.14, 18.12, and 16.15 [5][7] Business Segment Performance - The tobacco leaf import business reported an import volume of 111,980 tons, a decrease of 4.5%, with revenue of 8,254.2 million HKD, up 2.2%. The gross profit was 825.6 million HKD, an increase of 12.7% [4] - The tobacco leaf export business saw an export volume of 83,487 tons, a year-on-year increase of 18.4%, with revenue of 2,061.5 million HKD, up 24.8%, and gross profit of 83.9 million HKD, up 85.8% [4] - The cigarette export business achieved an export volume of 3,339,700 thousand sticks, a growth of 19.1%, with revenue of 1,573.6 million HKD, up 30.2%, and gross profit of 277.4 million HKD, up 69.1% [4]
中烟香港：24年利润高增长，内生外延协同并进-20250308