Sunner(SZ:002299) Xin Lang Cai Jing·2025-08-19 02:34Core Viewpoint - The company reported a significant increase in net profit for the first half of 2025, driven by improved operational efficiency and cost management, despite a decline in chicken prices affecting revenue growth [1][2]. Financial Performance - In H1 2025, the company achieved revenue and net profit of 8.856 billion and 910 million yuan, respectively, with year-on-year growth of +0.22% and +791.93%, and basic EPS of 0.74 yuan [1]. - In Q2 2025, revenue and net profit were 4.742 billion and 763 million yuan, reflecting year-on-year increases of +2.59% and +365.12% [1]. - The chicken and meat products segment generated revenue of 4.674 billion and 3.693 billion yuan, with year-on-year changes of -8.17% and +19.10% [1]. - Chicken sales volume increased to 660,900 tons, up +2.50%, while deep-processed meat products sales volume rose to 174,500 tons, up +13.21% [1]. Cost Management and Profitability - The gross margin for meat chicken and meat products was 6.34% and 18.42%, with year-on-year changes of +2.37 percentage points and -0.88 percentage points [2]. - The company achieved a comprehensive reduction in meat production costs by over 10% due to improved performance of its proprietary breed "901+" and enhanced operational efficiency [2]. - The gross margin improved to 11.97% in H1 2025, up +2.73 percentage points, while the expense ratio slightly decreased to 7.22% [2]. Investment Outlook - Based on H1 2025 performance, the profit forecast has been slightly adjusted, with expected net profits for 2025-2027 at 1.477 billion, 1.440 billion, and 1.756 billion yuan, representing year-on-year growth of +103.9%, -2.5%, and +22.0% [3]. - The company maintains a "buy" rating, supported by dual drivers in its breeding and food business [3].