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中烟香港(06055):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

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main business performance is robust and exceeds expectations, with operational efficiency supporting a relatively stable net profit margin [8] - The company is positioned as the only listed entity under China Tobacco International, focusing on the import and export of tobacco leaf products, which are showing steady growth [8] - Despite short-term pressures on Brazilian operations and new tobacco products, there is potential for further integration of overseas industry chain resources [8] - The company has adjusted its profit forecasts upwards, expecting attributable net profits of HKD 9.4 billion, 10.4 billion, and 12.1 billion for 2025-2027, respectively [8] Financial Performance Summary - Total revenue for 2023 is projected at HKD 11,836 million, with a year-on-year growth of 42.19% [1] - The attributable net profit for 2023 is expected to be HKD 598.77 million, reflecting a year-on-year increase of 59.71% [1] - The earnings per share (EPS) for 2023 is estimated at HKD 0.87, with a price-to-earnings (P/E) ratio of 43.83 [1] - The company anticipates a total revenue of HKD 14,856 million for 2025, representing a year-on-year growth of 13.63% [1] - The attributable net profit for 2025 is projected at HKD 938.26 million, with a year-on-year growth of 9.90% [1] - The EPS for 2025 is expected to be HKD 1.36, with a P/E ratio of 27.97 [1]