WH Group/Shuanghui

研报英文原文证据摘录

WH Group/Shuanghui

Macquarie Equity Research

03 July 2026

Consumer

Food, Beverage & Tobacco

ChinaWH Group/Shuanghui

Pressure sustains; downgrade Shuanghui to

Neutral Linda Sharon

Huang, CFA Yi

Key Points

Figure 1 - Stocks mentioned

• We expect WH Group to report a 12.6% YoY decline in 2Q26 operating Company Name Code Price Ratings TP Upside Mkt Cap

profit given a tough comp for the US business and rising China channel (lcy/sh) (lcy/sh) (%) US$m

Shuanghui 000895 CH 23.2 Neutral 23.0 (0.9) 11,856.0

WH Group 288 HK 8.3 UP 7.2 (13.1) 13,563.1 investment

Source: Prices as of 2/7/26, Bloomberg, Macquarie• We expect WH's US OP to fall 14.6% YoY after high downstream Research, July 2026 profitability last year, as well as front-loaded packaged meat ahead of

the early Easter

• We downgrade Shuanghui to Neutral due to rising margin headwinds

from higher channel investment, and project a 10% net profit decline

for 2Q26

2Q26 preview. We expect WH to report a 12.6% operating profit decline

YoY against a prior comparable period with solid US business packaged

meats profit, and as it invests in China distribution channels to boost

volume growth. Management remains committed to reward shareholders

and we expect the company can maintain the same DPS of HK$61 cents/

sh, a 75% payout and 7% cash dividend yield.

US pressure from packaged meat. We expect weak packaged meat

business volumes in 2Q26 due to the early timing of the Easter holidays

this year, leading to shipments being front-loaded into 1Q26. Management

continues to upgrade the product mix with Prime Fresh series and

streamline the low-margin products to protect margin amid high pork price.

Even though we still believe the business would be under the pressure as

the profit per ton was the elevated level last year.