中烟香港(6055.HK)首次覆盖报告:盈利能力持续提升 内生与外延协同并进

海通证券
20 Mar

事件:公司发布24 年报,24 年实现收入130.74 亿港元,同比增长10.46%,实现归母净利润8.54 亿港元,同比增长42.58%,实现EPS1.23 港元。烟叶类产品进口业务收入受供给端影响,毛利表现较好:24 年公司烟叶类产品进口业务收入82.54 亿港元,同比增长2.2%,进口数量11.20 万吨,同比减少4.5%,主要受到极端天气导致的产量波动影响,未来公司将加强对原烟市场的参与度...

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