Inner Mongolia Yili Industrial Group (600887 CH) - 3Q26: Revenue Misses But Operating Margin Expansion Continues; Reiterates MSD Revenue Growth Target For 2026

报告摘要

• CTGDF’s 3Q26 results missed. Revenue declined 5% yoy, but net profit rose 25% yoy, driven by gross margin expansion, lower minority interests and non-operating items. Hainan’s offline duty-free sales growth slowed to 2% yoy (vs +4% in 2Q26), with per capita spending flat yoy (+1% yoy in 2Q26). CTGDF’s international business continued to expand, with revenue growing 71% yoy in 9M26, following the acquisition of DFS’ Greater China retail business. Maintain BUY; cut target price by 11% to Rmb68.70.