中炬高新(600872.SS) 3Q26业绩回顾：聚焦渠道与产品优化、自有销售基数正常化；成本通胀风险下评估选择性提价可能；卖出

Jonjee reported 3Q26 results on Oct 27, and we attended the company's online briefing on Oct 28. In 3Q, revenue grew 14.8% yoy while Meiweixian sales were broadly stable QoQ and up 7% yoy, lapping a still easy comp, with continued inorganic contribution from Weizimei. Soy sauce momentum was driven by stepped-up efforts to recover distribution coverage and improve SKU assortment; channel inventory remained healthy at 2.3x (vs 2.2x in 2Q), below the 2.6x threshold. Into 4Q26, the company will focus on integrating distribution networks for basic and compound condiments and improving online/offline channel coordination, and management noted 9M26 revenue reached 97.3% of the full-year budget with profit slightly ahead. On costs, management is assessing the 2027 cost budget, acknowledging potential inflation from rising soybean costs, new national quality standards and higher commodity/energy costs, with supply chain integration expected to save c.Rmb50mn in 2027, and is evaluating selective