Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is steadily advancing its various businesses and continuously expanding its cigarette export operations [4] - The company has signed a framework agreement with a subsequent contracting party, Mongkun Company, under the same terms as the original agreement [4] - The company has applied for and received approval from the Stock Exchange to amend existing exemptions to cover the framework agreement with subsequent contracting parties [4] Business Performance - The cigarette export business is one of the company's main operations, achieving a volume of 3,339.7 million cigarettes in 2024, a year-on-year increase of 19.1% [5] - The revenue from cigarette exports reached 1,573.6 million HKD in 2024, up 30.2% year-on-year, accounting for 12% of total revenue [5] - The gross profit from cigarette exports was 277.4 million HKD, reflecting a 69.1% year-on-year increase and representing 20% of total gross profit [5] - The growth in the company's cigarette business is attributed to expanding operational areas, introducing new products, and optimizing the product mix [5] Financial Projections - The company is expected to generate total revenue of 143.96 billion HKD, 156.48 billion HKD, and 169.00 billion HKD for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 10%, 9%, and 8% [6] - The projected net profit attributable to the parent company for the same years is 9.39 billion HKD, 10.44 billion HKD, and 11.71 billion HKD, with growth rates of 10%, 11%, and 12% [6] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.36 HKD, 1.51 HKD, and 1.69 HKD, respectively, with corresponding price-to-earnings (P/E) ratios of 14.74, 13.26, and 11.82 [6] Key Financial Metrics - The company reported total revenue of 13,074 million HKD in 2024, with a year-on-year growth of 10% [9] - The return on equity (ROE) is projected to decrease from 28.41% in 2024 to 19.01% in 2027 [11] - The company’s total assets are expected to grow from 9,817 million HKD in 2024 to 13,524 million HKD in 2027 [11]
中烟香港（06055）：各业务稳步推进，持续拓展卷烟出口业务