Core Viewpoint - Jianyin International has slightly raised the target price for WH Group (00288) by 2.2% from HKD 9 to HKD 9.2, maintaining an "outperform" rating due to optimistic revenue prospects from effective expansion of sales channels in the Chinese market [1] Group 1: Financial Performance - WH Group reported a strong performance in Q3 2025, with revenue increasing by 7.9% year-on-year and operating profit growing by 1.8% [1] - The growth in sales was primarily driven by a 10.2% increase in pork sales, attributed to effective expansion of sales channels in the Chinese market [1] - Packaged meat revenue saw a stable growth of 5.1%, benefiting from price increases in the US and European markets [1] Group 2: Margin and Cost Analysis - The overall operating gross margin compressed by 0.6 percentage points, mainly due to rising raw material costs in the US and a shift in Chinese packaged meat products towards higher cost-performance products [1] - The decline in European pig prices negatively impacted the profitability of upstream operations [1] Group 3: Future Outlook - The company expects a 5.8% revenue growth in Q4, with a slight decrease in operating profit margin by 0.2 percentage points to 8.4%, influenced by accelerated marketing in China and increased costs in the US [2] - There is an expectation for gradual improvement in operating profit margins in FY 2026, primarily due to sales leverage [2]

智通财经APP获悉，建银国际发布研报称，略上调万洲国际(00288)目标价2.2%，从9港元升至9.2港元， 维持"跑赢大市"评级。该行基于中国市场销售通路有效拓展，收入前景更加乐观，将2025及2026财年的 核心盈利预期均上调2.4%。同时，由于原料成本波动，对该公司经营利润率的假设也比较保守。该行 重申该公司的综合业务模式强劲的执行能力将支撑长期增长，约7%的诱人股息率也支撑其估值。 该行表示，中国销售渠道的扩张是一个关键。预计第四季收入增长5.8%以及经营利润率缩0.2个百分点 至8.4%，原因包括:1)中国市场营销加速以及推出更多高性价比产品加大规模;2)美国市场成本升高。不 过，相信经营利润率会在2026财年逐渐改善，主要原因是销售杠杆(sales leverage)。 万洲国际2025年第三季度业绩强势，收入同比增7.9%，经营利润增长1.8%，销售强势势头主要受惠 于:1)猪肉销量增长10.2%，归因于中国市场销售渠道的有效拓展;2)包装肉品收入稳定增长5.1%，受惠于 美国和欧洲市场的价格上涨。综合经营毛利率压缩0.6个百分点，主要原因是:1)美国原材料成本上涨 等;2)中国包装肉类产品转向 ...