机构：国泰海通证券 研究员：訾猛/刘佳昆/李美仪 本报告导读： 公司25H1 收入同比+18.5%、归母净利+9.8%，盈利能力波动主因船期等因素影响高毛利业务的收入确 认。中期每股拟派息0.19 港元，分红额、分红率均同比提升。 投资建议：2 5H1公司业绩实现稳健增长，维持2025-2027年EPS预测值1.40 港元、1.58 港元、1.75 港 元，维持增持评级。 收入双位数增长，中期分红率提升。公司25H1 收入103.16 亿港元、同比+18.5%，归母净利7.06 亿港 元、同比+9.8%，毛利率9.2%、同比-1.9pct，净利率6.8%、同比-0.5pct。上半年盈利能力波动与业务结 构有关，毛利率较高的卷烟出口、巴西经营业务受交付节奏等因素影响增速较其他偏慢。中期每股拟派 0.19 港元、半年度分红率约19%，较2024 年中期每股派0.15 港元、分红率16%进一步提升。 分拆业务来看：1）烟叶进口：25H1 收入83.99 亿港元、同比+23.5%（量+2.5%、价+20.5%），毛利率 8.18%、同比-2.8pct，价格、毛利背离主要受巴西出口至中国的部分影响。2）烟叶出口：25H ...

Group 1 - The core viewpoint of the report is that China Tobacco Hong Kong achieved a revenue of 10.32 billion yuan in the first half of the year, representing an 18.5% year-on-year increase, and a net profit attributable to shareholders of 710 million yuan, up 9.8% year-on-year, with a net profit margin of 6.8% [1] - The revenue growth is primarily attributed to the strong performance of the company's tobacco leaf import and export business, which saw both volume and price increases in the first half of the year [1] - The company is expected to maintain robust growth in its core tobacco leaf import and export business due to its strong market position and pricing power, while emerging businesses such as cigarettes are anticipated to contribute to performance growth [1] Group 2 - As the designated overseas platform for China Tobacco International's capital market operations and international business expansion, the company has significant potential for further expansion [1] - The report maintains a positive outlook on the company's growth potential, upgrading the target price from 39.9 HKD to 41.4 HKD, which corresponds to a projected price-to-earnings ratio of 30 times for the current year [1]

消息面上，中烟香港发布中期业绩，收入103.16亿港元，同比增加18.52%；股东应占溢利7.06亿港元， 同比增加9.79%；拟派发中期股息每股0.19港元。国金证券指出，烟叶进出口及卷烟出口业务单价提升 明显，整体营收表现稳健，受海外主要市场监管政策变动及供应链冲击影响，公司新型烟草出口业务销 量/营收下滑明显。 该行指出，上半年公司毛利率与净利率为9.17%与7.00%，同比-1.91/-0.81pct。整体毛利率下滑主因业务 结构变动，毛利率有所下滑的烟叶进口业务营收占比同比提升3.26pct至81.41%。公司自CBT采购的烟叶 成本上升幅度大于单价的提升幅度，使烟叶进口毛利率有所下滑。公司在卷烟出口上持续拓展自营渠道 且不断引入新品以提升客单价，带来毛利率的较快上升。内生业务盈利能力提升依然具备确定性，继续 期待外延跨越式发展。 中烟香港(06055)绩后跌超7%，截至发稿，跌6.11%，报35.62港元，成交额2.08亿港元。 ...

消息面上，中烟香港发布中期业绩，收入103.16亿港元，同比增加18.52%；股东应占溢利7.06亿港元， 同比增加9.79%；拟派发中期股息每股0.19港元。国金证券指出，烟叶进出口及卷烟出口业务单价提升 明显，整体营收表现稳健，受海外主要市场监管政策变动及供应链冲击影响，公司新型烟草出口业务销 量/营收下滑明显。 该行指出，上半年公司毛利率与净利率为9.17%与7.00%，同比-1.91/-0.81pct。整体毛利率下滑主因业务 结构变动，毛利率有所下滑的烟叶进口业务营收占比同比提升3.26pct至81.41%。公司自CBT采购的烟叶 成本上升幅度大于单价的提升幅度，使烟叶进口毛利率有所下滑。公司在卷烟出口上持续拓展自营渠道 且不断引入新品以提升客单价，带来毛利率的较快上升。内生业务盈利能力提升依然具备确定性，继续 期待外延跨越式发展。 智通财经APP获悉，中烟香港(06055)绩后跌超7%，截至发稿，跌6.11%，报35.62港元，成交额2.08亿港 元。 ...

证券研究报告·海外公司点评·食物饮品(HS) 中烟香港（06055.HK） 2025 年中期业绩点评：主营稳健超预期，经 营提效支撑净利率相对稳定 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 11,836 | 13,074 | 14,856 | 15,404 | 16,633 | | 同比(%) | 42.19 | 10.46 | 13.63 | 3.69 | 7.98 | | 归母净利润（百万港元） | 598.77 | 853.74 | 938.26 | 1,039.86 | 1,210.91 | | 同比(%) | 59.71 | 42.58 | 9.90 | 10.83 | 16.45 | | EPS-最新摊薄（港元/股） | 0.87 | 1.23 | 1.36 | 1.50 | 1.75 | | P/E（现价&最新摊薄） | 43.83 | 30.74 | 27.97 | 25.24 | 21. ...

Investment Rating - The investment rating for China Tobacco Hong Kong (6055.HK) is not explicitly stated in the provided content, but the report indicates a positive outlook on the company's performance and growth potential. Core Views - The report highlights that China Tobacco Hong Kong's revenue for the first half of 2025 reached HKD 10.316 billion, representing an 18.5% year-on-year increase, while the net profit attributable to shareholders was HKD 706 million, up 9.8% year-on-year. The gross margin was 9.2%, down 1.9 percentage points year-on-year, and the net profit margin was 6.9%, down 0.5 percentage points year-on-year [1][2]. Summary by Sections Revenue Performance - The revenue from tobacco leaf imports in H1 2025 was HKD 8.399 billion, a 23.5% increase year-on-year, with sales volume and average price increasing by 2.5% and 20.5% respectively. The gross margin for this segment was 8.2%, down 1.8 percentage points year-on-year. The overall performance remained stable despite fluctuations in tariffs between China and the US [1][2]. Export Performance - The revenue from tobacco leaf exports in H1 2025 was HKD 1.156 billion, a 25.9% increase year-on-year, with a gross margin of 5.5%, up 1.4 percentage points year-on-year. This strong performance was attributed to the company's active market expansion and customer acquisition, with sales volume increasing by 12.7% and average price rising by 11.7% [2]. Cigarette Export - The revenue from cigarette exports in H1 2025 was HKD 0.552 billion, a slight increase of 0.8% year-on-year. The sales volume decreased by 7.9%, while the average price increased by 9.4%, resulting in a gross margin of 25.7%, up 8.1 percentage points year-on-year. The report anticipates a strong recovery in H2 2025 due to increased efforts in expanding self-operated channels and new product launches [2]. New Tobacco Products - The revenue from new tobacco products in H1 2025 was HKD 0.015 billion, a significant decline of 66.5% year-on-year, primarily due to geopolitical conflicts affecting supply chains and changing overseas policies. A marginal recovery is expected in H2 2025 [3]. Brazil Operations - The revenue from operations in Brazil for H1 2025 was HKD 0.195 billion, down 50.3% year-on-year, with sales volume and average price decreasing by 34.8% and 23.8% respectively. The gross margin improved to 27.4%, up 9.9 percentage points year-on-year, due to a shift in product mix towards higher-margin products. A recovery is anticipated in H2 2025 as weather conditions normalize [3]. Profit Forecast - The report forecasts steady performance in the tobacco leaf import and export sectors, with expectations for marginal recovery in cigarette and new tobacco product exports. The company is positioned as the exclusive operational entity for international business expansion and related trade for China Tobacco, which may accelerate the acquisition of quality targets in the future. Projected net profits for 2025-2027 are HKD 1.02 billion, HKD 1.16 billion, and HKD 1.29 billion, respectively, with corresponding P/E ratios of 25.9X, 22.6X, and 20.4X [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady growth in performance for the first half of 2025, with a focus on enhancing its core competitiveness [4][5] - The company aims to improve its differentiated and customized service system, optimize product pricing strategies, and enhance profitability in its tobacco leaf business [5] - The company is actively expanding its international business and capital market operations, positioning itself as a key player in the global tobacco industry [8] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of HKD 10.316 billion, representing a year-on-year growth of 18.5% [6] - The gross profit was HKD 946 million, a decrease of 1.8% year-on-year, while the net profit attributable to shareholders was HKD 706 million, up 9.8% year-on-year [6] - The company declared an interim dividend of HKD 0.19 per share, an increase of 26.7% year-on-year [6] Business Segment Analysis - Tobacco leaf import business: Import volume of 97,900 tons, up 2.5% year-on-year; revenue of HKD 8.399 billion, up 23.5% year-on-year; gross profit of HKD 687 million, down 7.7% year-on-year [6] - Tobacco leaf export business: Export volume of 38,500 tons, up 12.7% year-on-year; revenue of HKD 1.156 billion, up 25.9% year-on-year; gross profit of HKD 63 million, up 124.1% year-on-year [6] - Cigarette export business: Export volume of 1.019 billion sticks, down 7.9% year-on-year; revenue of HKD 552 million, up 0.8% year-on-year; gross profit of HKD 142 million, up 16.8% year-on-year [6] - New tobacco product export business: Export volume of 81 million sticks, down 65.4% year-on-year; revenue of HKD 15 million, down 66.5% year-on-year; gross profit of HKD 0.8 million, down 62.4% year-on-year [6] - Brazilian operations: Export volume of 7,900 tons, down 34.8% year-on-year; revenue of HKD 195 million, down 50.3% year-on-year; gross profit of HKD 54 million, down 21.0% year-on-year [6] Future Financial Projections - Projected total revenue for 2025-2027: HKD 14.911 billion (2025), HKD 16.241 billion (2026), HKD 17.518 billion (2027) with year-on-year growth rates of 14%, 9%, and 8% respectively [8] - Projected net profit attributable to shareholders for 2025-2027: HKD 940 million (2025), HKD 1.058 billion (2026), HKD 1.163 billion (2027) with year-on-year growth rates of 10%, 13%, and 10% respectively [8] - Corresponding EPS for 2025-2027: HKD 1.36 (2025), HKD 1.53 (2026), HKD 1.68 (2027) with corresponding P/E ratios of 27.92, 24.80, and 22.56 respectively [8]

事件 8 月 22 日公司发布 2025 年半年报，25H1 营收/归母净利润分别同 比+18.52%/+9.79%至 103.16/7.06 亿港元。2025 年半年度股息为 0.19 港元/股。 经营分析 烟叶进出口及卷烟出口业务单价提升明显，整体营收表现稳健。 25H1 烟叶进口业务营收同比+23.47%至 83.99 亿港元，销量/单价 同比+2.5%/+20.50%。烟叶进口业务营收增速显著大于销量增速， 主因销售单价提升明显。25H1 烟叶出口业务营收同比+25.92%至 11.56 亿港元，销量/单价同比+12.7%/+11.66%。公司积极拓展出 口新客户且优化定价，在保证销量增长的同时单价亦有相当增长。 25H1 卷烟出口业务营收同比+0.81%至 5.52 亿港元，销量/单价同 比-7.9%/+9.51%。公司持续优化卷烟产品组合及提升自营占比，即 使销量下滑但单价提升仍拉动营收微增。25H1 新型烟草出口业务 营收同比-66.45%至 0.15 亿港元，销量/单价同比-65.4%/-4.15%。 受海外主要市场监管政策变动及供应链冲击影响，公司新型烟草 出口业务销量/营收下滑明显。25H ...

格隆汇8月22日丨中烟香港(06055.HK)发布公告，2025年上半年，集团累计实现营业收入103.2亿港元， 同比增长18.5%；实现归母净利润706.4百万港元，同比增长9.8%。为更好地回馈股东、共享发展成果， 经充分考虑集团的良好盈利能力及充裕现金流，董事会欣然宣布派发中期股息每股0.19港元，同比增长 26.7%。 截至2025年6月30日止六个月，集团的烟叶类产品进口数量97,881吨，同比增长2,360吨，增幅为2.5%。 截至2025年6月30日止六个月，集团烟叶类产品出口数量38,476吨，同比增长4,347吨，增幅为12.7%。 2025年下半年，公司将立足「资本市场运作及国际业务拓展平台」的战略定位，继续凝心聚力、踔厉奋 发，以担当奋进之态、主动作为之姿、竞相发展之势，聚焦业务高质量发展，强化公司治理效能，为股 东创造长期可持续回报。 相关事件 中烟香港(06055.HK)公布中期业绩 营业收入同比增长18.5% 中期息0.19港元 中烟香港(06055.HK)拟8月 22日举行董事会会议批准中期业绩 ...

截至2025年6月30日止六个月，集团的烟叶类产品进口数量97881吨，同比增长2360吨，增幅为2.5%;营 业收入83.99亿港元，同比增长15.97亿港元，增幅为23.5%;毛利6.87亿港元，同比减少5760万港元，降 幅为7.7%。收入上升主要由于本期间烟叶类产品的整体销售单价较去年同期提高。毛利下降主要受供 需关系影响，本期间自CBT采购的烟叶成本上升幅度大于销售单价上升幅度，导致毛利率较去年同期下 降。 中烟香港(06055)发布截至2025年6月30日止六个月中期业绩，收入103.16亿港元，同比增加18.52%;股东 应占溢利7.06亿港元，同比增加9.79%;每股基本盈利1.02港元;拟派发中期股息每股0.19港元。 截至2025年6月30日止六个月，集团烟叶类产品出口数量38476吨，同比增长4347吨，增幅为12.7%;营业 收入11.56亿港元，同比增长2.38亿港元，增幅为25.9%;毛利6310万港元，同比增长3500万港元，增幅为 124.1%。业绩大幅增长主要由于：(1)加强供需两端对接，积极拓展新市场新客户，使烟叶类产品出口 数量同比取得增长;及(2)精准把握市场供需态势， ...