金吾财讯 | 中烟香港（06055）盘初涨逾6%，截至发稿，最新报23.20港元，涨幅6.23%，成交额2071.22万港元。消息面上，广发证券新近研究指，预计中烟香港2026-2028年EPS分别1.33/1.53/1.72港元/股。参考思摩尔国际和华宝国际等可比公司估值，考虑到上半年受国际贸易关系及境内免税市场业务流程调整影响，烟叶进口量及卷烟出口发运短期承压，但下半年起随免税运营商合作协议陆续落地及发运节奏恢复，业绩有望逐步改善，给予公司2026年20倍PE，对应合理价值26.61港元/股，给予“买入”评级。报告指，公司主营五大核心业务：烟叶类产品进口业务、烟叶类产品出口业务、卷烟出口业务、新型烟草制品出口业务及巴西经营业务。2025年公司实现营收145.79亿港元，同比+11.5%，实现归母净利润9.80亿港元，同比+14.8%，净利率同比提升0.27pp至7.18%，盈利能力持续改善。
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