金吾财讯 | 浙商证券研报指，中烟香港(06055)24年收入130.74亿港元，同比增长10.5%，归母净利润8.54亿港元，同比增长42.6%，此前公司盈利预告中为利润增幅不低于30%，表现超预期。该行指，公司继续坚持资本市场运作和国际业务拓展平台的战略定位，主动寻找、筛选及跟踪优质标的，适时开展投资并购，内生增长方面聚焦盈利能力提升（通过供应链协同、产品组合优化等）、扩大卷烟/CBT/新烟的经营区域。该行续指，烟草出海进行时，中烟香港作为稀缺平台、产业整合者充分受益，关注公司内外驱动业绩增长，持续推荐。该行预计公司2025-2027年收入分别为144亿、158 亿、172亿港元，同比增速分别为10%、9%、9%，归母净利润9.58亿、10.95 亿、12.36亿港元，同比增速分别为12%、14%、13%，对应PE分别为17.95X、15.69X、13.91X，考虑公司稀缺性凸显，且各业务的成长曲线向好，维持“买入”评级。
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