烟草进出口

Search documents
中烟香港(6055.HK):稳步增长 分红提升
Ge Long Hui· 2025-08-25 03:59
Core Viewpoint - The company reported a steady growth in performance for the first half of 2025, with revenue increasing by 18.5% year-on-year and net profit rising by 9.8%, despite fluctuations in profitability due to delivery schedules affecting high-margin businesses [1][2]. Financial Performance - The company achieved a revenue of HKD 10.316 billion for 25H1, with a net profit of HKD 706 million, a gross margin of 9.2%, and a net margin of 6.8% [2]. - The proposed interim dividend is HKD 0.19 per share, with a dividend payout ratio of approximately 19%, an increase from HKD 0.15 per share and a 16% payout ratio in the same period of 2024 [2]. Business Segments - **Tobacco Leaf Imports**: Revenue of HKD 8.399 billion, up 23.5% year-on-year, with a gross margin of 8.18% [2]. - **Tobacco Leaf Exports**: Revenue of HKD 1.156 billion, up 25.9% year-on-year, with a gross margin of 5.46% [2]. - **Cigarette Exports**: Revenue of HKD 552 million, up 0.8% year-on-year, with a gross margin of 25.70% [2]. - **New Tobacco Exports**: Revenue of HKD 15 million, down 66.5% year-on-year, with a gross margin of 5.34% [2]. - **Brazilian Operations**: Revenue of HKD 195 million, down 50.3% year-on-year, with a gross margin of 27.43% [2]. Strategic Outlook - The company is positioned to maintain a stable growth trajectory, supported by strong supply chain management and its unique status as the only enterprise with state-run tobacco import and export qualifications [3].
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
Soochow Securities· 2025-08-24 13:52
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]
中烟香港(06055):业绩表现优异,期待外延、出海表现
Xinda Securities· 2025-08-24 10:34
Investment Rating - The investment rating for China Tobacco Hong Kong (6055.HK) is not explicitly stated in the provided content, but the report indicates a positive outlook on the company's performance and growth potential. Core Views - The report highlights that China Tobacco Hong Kong's revenue for the first half of 2025 reached HKD 10.316 billion, representing an 18.5% year-on-year increase, while the net profit attributable to shareholders was HKD 706 million, up 9.8% year-on-year. The gross margin was 9.2%, down 1.9 percentage points year-on-year, and the net profit margin was 6.9%, down 0.5 percentage points year-on-year [1][2]. Summary by Sections Revenue Performance - The revenue from tobacco leaf imports in H1 2025 was HKD 8.399 billion, a 23.5% increase year-on-year, with sales volume and average price increasing by 2.5% and 20.5% respectively. The gross margin for this segment was 8.2%, down 1.8 percentage points year-on-year. The overall performance remained stable despite fluctuations in tariffs between China and the US [1][2]. Export Performance - The revenue from tobacco leaf exports in H1 2025 was HKD 1.156 billion, a 25.9% increase year-on-year, with a gross margin of 5.5%, up 1.4 percentage points year-on-year. This strong performance was attributed to the company's active market expansion and customer acquisition, with sales volume increasing by 12.7% and average price rising by 11.7% [2]. Cigarette Export - The revenue from cigarette exports in H1 2025 was HKD 0.552 billion, a slight increase of 0.8% year-on-year. The sales volume decreased by 7.9%, while the average price increased by 9.4%, resulting in a gross margin of 25.7%, up 8.1 percentage points year-on-year. The report anticipates a strong recovery in H2 2025 due to increased efforts in expanding self-operated channels and new product launches [2]. New Tobacco Products - The revenue from new tobacco products in H1 2025 was HKD 0.015 billion, a significant decline of 66.5% year-on-year, primarily due to geopolitical conflicts affecting supply chains and changing overseas policies. A marginal recovery is expected in H2 2025 [3]. Brazil Operations - The revenue from operations in Brazil for H1 2025 was HKD 0.195 billion, down 50.3% year-on-year, with sales volume and average price decreasing by 34.8% and 23.8% respectively. The gross margin improved to 27.4%, up 9.9 percentage points year-on-year, due to a shift in product mix towards higher-margin products. A recovery is anticipated in H2 2025 as weather conditions normalize [3]. Profit Forecast - The report forecasts steady performance in the tobacco leaf import and export sectors, with expectations for marginal recovery in cigarette and new tobacco product exports. The company is positioned as the exclusive operational entity for international business expansion and related trade for China Tobacco, which may accelerate the acquisition of quality targets in the future. Projected net profits for 2025-2027 are HKD 1.02 billion, HKD 1.16 billion, and HKD 1.29 billion, respectively, with corresponding P/E ratios of 25.9X, 22.6X, and 20.4X [3].