中国猪肉行业_业绩回顾_中国业务受益于生猪价格下跌；美国业务指引中值上调；买入万洲国际-China Consumer Staples_ Pork_ Earnings review_ China ops benefit from lowering hog prices; US mid-point guidance raised; Buy WH Group

Following the company's 3Q25 results, we fine-tune our WH Group 2025E underlying NI by +2.2% and revise down our 2026E/27E NI within 0.5%. We lower our 12m TP to HK$8.9 (from HK$9.0) with unchanged SOTP but narrowing NAV discounts from 35% to 28% as we mark to market for our Buy-rated conglomerates' average NAV discounts since 2010. Our Shuanghui 2025-27E NP is lifted by 0.7-0.9% on better packaged meat unit profit outlook, and our 12m TP is now Rmb25 (from Rmb24.8), still based on 17X 2025 PE. Reiterate Bu ...