Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company achieved a robust revenue growth of HK$ 10.316 billion in 2025H1, representing an 18.5% year-on-year increase, with a net profit of HK$ 706 million, up 9.8% [1] - The company continues to focus on capital market operations and international business expansion, aiming to enhance profitability through supply chain resilience and optimized pricing strategies [5] - The company is expected to benefit from its unique position as a platform and industry integrator in the tobacco export market, with projected revenues of HK$ 14.7 billion, HK$ 15.9 billion, and HK$ 17.1 billion for 2025-2027, reflecting growth rates of 12%, 8%, and 8% respectively [6] Revenue Breakdown - The tobacco leaf import business generated HK$ 8.399 billion in revenue, a 23.5% increase, with a volume of 97,900 tons, up 2.5%. However, gross profit declined by 7.7% due to rising costs [2] - Tobacco leaf export revenue reached HK$ 1.156 billion, a 25.9% increase, with a volume of 38,500 tons, up 12.7%, and gross profit surged by 124.1% due to market expansion and pricing strategy optimization [2] - Cigarette export revenue was HK$ 552 million, a slight increase of 0.8%, with a volume of 1.019 billion sticks, down 7.9%. Gross profit increased by 16.8% due to enhanced self-operated channel development [3] Regional Performance - The company's Brazilian operations saw a significant decline, with tobacco leaf export revenue dropping to HK$ 195 million, down 50.3%, and volume decreasing by 34.8% due to adverse weather conditions affecting production [4] - New tobacco product exports also faced challenges, with revenue falling to HK$ 15 million, down 66.5%, and volume down 65.4%, primarily due to geopolitical conflicts and regulatory changes in target markets [4] Financial Forecast - The company is projected to achieve net profits of HK$ 944 million, HK$ 1.090 billion, and HK$ 1.224 billion for 2025-2027, with growth rates of 11%, 15%, and 12% respectively [6] - The expected P/E ratios for the same period are 31.11X, 26.95X, and 24.00X, reflecting the company's growth potential and market position [6]
中烟香港（06055）：25H1烟叶进口业务拉动增长，出海持续推进