中烟香港(6055.HK):成长三部曲 基本盘+弹性点+并购整合共振

中信建投证券
18 Dec 2024

核心观点中烟香港是中烟系唯一以烟草主业上市实体,亦是中烟国际集团负责国际业务拓展和境外资本市场运作的上市平台。我们认为公司兼具稳健的烟叶基本盘、卷烟出口业绩向上的弹性点以及极具想象的并购整合空间,1)基本盘:公司根据国家烟草专卖局下发的60 号文在特定区域内独家经营烟叶进口等业务,具备强稳健性;2)业绩弹性:卷烟出口通过新渠道、新产品提高自营占比以提升利润率(23 年自营占比约为低双位数),公司亦...

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