Ge Long Hui·2025-10-30 02:44Core Viewpoint - Citigroup's research report indicates that WH Group's operating profit for Q3 increased by 2% year-on-year, aligning with expectations, while EBITDA and net profit grew by 13% and 15% respectively, surpassing forecasts due to one-off items such as insurance compensation and litigation cost reversals [1] Financial Performance - Q3 operating profit increased by 2% year-on-year, meeting Citigroup's expectations [1] - EBITDA grew by 13% year-on-year, exceeding expectations [1] - Net profit rose by 15% year-on-year, also above forecasts [1] Market Outlook - The outlook for pork prices in the U.S. and China remains favorable for Q4 this year and next year [1] Profit Forecast Adjustments - Citigroup raised the net profit forecast for 2025 by 4% to reflect non-operating income [1] - The net profit forecasts for 2026 and 2027 were slightly increased by 0% to 1% [1] Investment Rating - Citigroup maintains a "Buy" rating for WH Group, with a target price raised from HKD 8.6 to HKD 8.7 [1] - The valuation is based on a projected P/E ratio of 7.6 times and a dividend yield of 6.6%, indicating continued attractiveness [1]