智通财经APP获悉，中烟香港(06055)涨超4%，截至发稿，涨3.91%，报33.25港元，成交额4916.75万港元。
中金发布研报称，“强势单品、试销反馈、全球铺开、盈利提升”为HNB推广路径，市场预期、营收成长、业绩兑现共同驱动资本市场表现。强技术引领下的大单品为HNB破局之道，特定市场试销反馈形成市场预期，强预期及估值抬升驱动资本市场表现。随产品打磨成熟，HNB新品普遍以试销经验复用进行全球扩张，新市场开拓节奏、用户成长斜率等阶段性成果推动资本市场预期修正，市占率提升节奏、收入增速、盈利兑现共同锚定合理估值。
国信证券指出，我国占有全球超40%的烟草生产与消费市场，但中烟国际化进度较低，全球空间广阔。在新烟出口方面，公司2024年收入1.35亿港元，2018-2024年CAGR+41.4%。公司独家经营向全球海外市场出口新型烟草制品的业务，产品为HNB加热棒，主要市场为东南亚、中东、欧洲和东欧地区。当前HNB正处于渗透率快速提升的红利期，中烟HNB产品持续迭代，有望支撑公司新烟出海。
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