Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2025 slightly exceeded previous expectations, with total revenue reaching HKD 14.58 billion, a year-on-year increase of 11.5%. The gross profit was HKD 1.47 billion, up 7% year-on-year, and the net profit attributable to shareholders was HKD 980.29 million, reflecting a year-on-year growth of 15% [7] - The company is expected to continue improving its profit margins, with a projected gross margin of 10.1% for 2025, slightly down by 0.4 percentage points year-on-year. The gross margins for various business segments are expected to improve due to better pricing strategies and increased scale [7] - The company is positioned as the only publicly listed entity under China Tobacco International, focusing on the export of tobacco products and expanding its global footprint, which is anticipated to drive further growth [7] Financial Summary - Total revenue projections for the company are as follows: HKD 13.07 billion in 2024, HKD 14.58 billion in 2025, HKD 15.77 billion in 2026, HKD 17.16 billion in 2027, and HKD 18.54 billion in 2028, with respective year-on-year growth rates of 10.46%, 11.51%, 8.19%, 8.77%, and 8.07% [1] - The net profit attributable to shareholders is projected to be HKD 853.74 million in 2024, HKD 980.29 million in 2025, HKD 1.10 billion in 2026, HKD 1.34 billion in 2027, and HKD 1.56 billion in 2028, with year-on-year growth rates of 42.58%, 14.82%, 12.08%, 22.38%, and 16.33% respectively [1] - The earnings per share (EPS) are expected to be HKD 1.23 in 2024, HKD 1.42 in 2025, HKD 1.59 in 2026, HKD 1.94 in 2027, and HKD 2.26 in 2028, with a corresponding price-to-earnings (P/E) ratio decreasing from 30.71 in 2024 to 16.76 in 2028 [1]