Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is the exclusive exporter of cigarettes to the domestic duty-free market, and its gross profit margin is expected to improve due to regulatory changes [7] - The new regulations will enhance the supply chain for cigarette exports, leading to increased profitability [7] - The company is projected to achieve significant revenue and profit growth over the next few years, with net profits expected to reach 1,300.22 million HKD by 2027 [1][7] Financial Projections - Total revenue (in million HKD) is forecasted as follows: - 2023A: 11,836 - 2024A: 13,074 (up 10.46% YoY) - 2025E: 14,856 (up 13.63% YoY) - 2026E: 16,071 (up 8.17% YoY) - 2027E: 17,470 (up 8.71% YoY) [1] - Net profit attributable to the parent company (in million HKD) is projected as follows: - 2023A: 598.77 - 2024A: 853.74 (up 42.58% YoY) - 2025E: 938.26 (up 9.90% YoY) - 2026E: 1,057.95 (up 12.76% YoY) - 2027E: 1,300.22 (up 22.90% YoY) [1] - The latest diluted EPS (in HKD/share) is expected to be: - 2023A: 0.87 - 2024A: 1.23 - 2025E: 1.36 - 2026E: 1.53 - 2027E: 1.88 [1] - The P/E ratios are projected as follows: - 2024A: 37.04 - 2025E: 33.70 - 2026E: 29.89 - 2027E: 24.32 [1]
中烟香港（06055）：境内免税市场独家出口卷烟，毛利率有望提升