金吾财讯 | 中烟香港(06055)震荡上行，截止发稿，涨3.89%，报34.7港元，成交额3778.28万港元。国海证券指出，收并购是国际烟草公司打开市场以及拓张业务的主要手段。菲莫国际、英美烟草等通过并购快速扩张市场并布局新型烟草，如菲莫国际通过收购瑞典火柴公司布局口含烟业务。中烟香港作为中烟体系海外资产整合平台，未来有望通过收并购进一步拓展产业链以及销售渠道，复制国际巨头的成长路径。当前集团境外资产丰富，注入预期较高，为公司打开长期外延空间。该行预计公司2025E-2027E年收入144/155/166亿港元，同比+10%/+8%/+7%；归母净利润9.8/10.8/11.6亿港元，同比+15%/+10%/+8%。看好公司“内生+外延”战略，随着后续集团海外资产注入有望持续扩大公司业务体量，维持“买入”评级。
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