Country Daily

报告摘要

• YUMC’s 3Q26 SSSG missed expectations but operating profit beat. For 4Q26, management targets a sequential SSS improvement and roughly flat OP margin (before considering a 0.5-0.6ppt benefit from the PH acquisition). In addition, the 2026 net new store opening target has been raised from 1,900 to over 2,400. For 2027, it reiterates SSSG of 0-2% and diluted EPS growth in the double digits (including the mid-single-digit accretion from the PH acquisition). Maintain BUY and keep target price unchanged at HK$513.70.