中炬高新（600872.SS）：2026年三季度业绩超预期，管理层维持全年目标

Jonjee's 3Q26 results came in above expectations on stronger-than-expected GPM. Better soy sauce sales offset weaker other condiment categories. GPM was down qoq on raw-material cost increase but up yoy, showing that cost savings and efficiency enhancing measures continue to bear fruit, in our view. Mgmt maintained its full-year target of Rmb5.0-5.1bn revenue (return to 2023 level) and Rmb650-700m NP. We believe it indicates that sales momentum should sustain into 4Q26E while SG&A may surge along with sales growth. Mgmt plans to follow suit if industry leader starts to raise prices but expects the possibility to be low given new GB standard transition at year end. We revise up forecasts 2-3% and fine-tune TP to Rmb24.30 from Rmb24.20. Maintain Buy on a recovery outlook and what we think are undemanding valuations.