证券研究报告 | 2025年08月29日 中烟香港（06055.HK） 优于大市 2025 年中期业绩点评： 烟叶类基本盘业务稳健，上半年收入增长 19% 2025H1 收入实现高增，盈利稳健，加大派息回报股东。公司发布 2025 年中 期业绩，上半年实现营收 103.2 亿港元/+18.5%，净利润 7.06 亿港元/+9.8%， 毛利率 9.2%/-1.9pct。收入增长主要受烟叶类产品进口、烟叶类产品出口与 卷烟出口业务驱动；净利润增长主要系卷烟出口与烟叶类产品出口盈利提 升、融资成本同比-28%。公司拟派发中期股息每股 0.19 港元/+27%。 烟叶类进口：价格驱动增长，自 CBT 采购烟叶短期拖累毛利。2025H1 烟叶类 进口业务收入 84.0 亿港元/+23.5%，其中烟叶进口量 9.79 万吨/+2.5%、进 口均价单吨 8.58 万港元/+20.5%，毛利率 8.2%/-2.8pct。收入增长主要系销 售单价提高，毛利下降主要系供需关系影响，自 CBT 采购的烟叶成本增幅大 于销售价格增幅，短期影响业务毛利率。 烟叶类出口：量价齐升，定价优化提升盈利。2025H1 烟叶类出口业务收入 11 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company operates under exclusive licenses and is positioned as a resource integrator under a franchise framework, with a focus on global expansion [2][6] - The company is the only publicly listed tobacco company within the China Tobacco system, benefiting from strong exclusive operating barriers and actively pursuing both organic and external growth [4][8] Summary by Relevant Sections Business Overview - The company is designated as the overseas platform for China Tobacco International, responsible for capital market operations and international business expansion [4][8] - The business model is characterized by light assets, monopoly, and planned operations, leading to stable profitability [4][8] Revenue and Growth - Revenue from 2018 to 2024 is projected to grow from HKD 70.3 billion to HKD 130.7 billion, with a compound annual growth rate (CAGR) of 10.9% [19] - The company’s revenue is primarily driven by the import and export of tobacco leaves, with significant contributions from cigarette exports and new tobacco products [19][22] Profitability - Net profit is expected to increase from HKD 2.6 billion in 2018 to HKD 8.5 billion in 2024, with a CAGR of 21.8% [22] - The company’s profitability is enhanced by a high-margin business structure, particularly in the Brazilian operations and cigarette exports [22] Market Position - The company holds a unique position in the global tobacco market, with over 40% of the world's tobacco production and consumption occurring in China, yet the internationalization of China Tobacco remains relatively low, indicating significant growth potential [4][8] Future Outlook - The company anticipates net profits of HKD 9.0 billion, HKD 9.8 billion, and HKD 10.6 billion for the years 2025 to 2027, respectively, with corresponding earnings per share (EPS) of HKD 1.30, HKD 1.41, and HKD 1.53 [4][22] - The expected reasonable valuation range for the company is between HKD 29.83 and HKD 36.24, corresponding to a market capitalization of HKD 206 billion to HKD 251 billion [4]