金吾财讯 | 华安证券发研指，中烟香港(06055)业绩持续稳定增长，2016-2023年，公司营业收入由63.10亿港元增长至118.36亿港元，CAGR为9.40%；归母净利润由3.35亿港元增长至5.99亿港元，CAGR为8.67%。根据公司2024年12月公告，预计2024年公司归母净利润同比增幅不低于30%。该行指，公司为中烟国际负责资本市场运作和国际业务拓展的指定境外平台，承载中烟全球化使命。从安全边际来看，公司烟叶进出口业务为特许经营权下的基本盘，商业模式决定盈利能力稳定，现金流优秀，卷烟及新型烟草出口提供新增长点，伴随全球烟草市场持续稳定增长和公司份额提升，公司业绩有望持续稳定增长。从远期空间看，中烟香港承载中烟海外业务的战略重任，公司将逐步集中和整合中烟的各类海外资源，成为全球烟草行业更具竞争力的市场参与者。该行表示，预计公司2024-2026年营业总收入为133.06/147.13/160.55亿港元，同比增长12%/11%/9%，归母净利润为8.04/9.34/10.62亿港元，同比增长34%/16%/14%，截至2025年2月6日，对应EPS为1.16/1.35/1.54港元，对应PE为23.04/19.85/17.45倍。首次覆盖，给予“买入”评级。
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