圣农发展(002299)：主营业务稳步发展 控股合并完善供应链条

Core Viewpoint - In the first half of 2025, the company reported stable revenue growth and significant profit increases, indicating strong operational performance and market expansion efforts [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 8.856 billion yuan, a year-on-year increase of 0.22% [1] - The net profit attributable to shareholders reached 910 million yuan, reflecting a substantial year-on-year increase of 791.93% [1] - The net profit after deducting non-recurring items was 376 million yuan, up 305.44% year-on-year [1] - In Q2 2025, revenue was 4.742 billion yuan, with a year-on-year growth of 2.59% [1] - The net profit attributable to shareholders in Q2 was 763 million yuan, showing a year-on-year increase of 365.12% [1] Group 2: Business Operations - The company experienced growth in both production and sales, with chicken meat sales volume reaching 660,900 tons, up 2.50% year-on-year, and processed meat product sales volume at 174,500 tons, up 13.21% year-on-year [2] - The company is implementing a comprehensive channel strategy, with retail channels growing over 30% year-on-year, and both export and catering channels also showing rapid growth [2] - The company has reduced its comprehensive meat production costs by over 10% compared to the same period last year, attributed to improved performance of its proprietary breed "901+" and enhanced internal usage [2] Group 3: Strategic Developments - The company completed the merger with Sun Valley Holdings, which has significantly improved operational efficiency and is expected to contribute considerable benefits [2] - The merger allows the company to leverage its self-controlled breeding and full industry chain layout, enhancing synergy and accelerating integration with Sun Valley [2] Group 4: Future Outlook - The company forecasts revenues of 20.028 billion yuan, 23.106 billion yuan, and 25.706 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.397 billion yuan, 1.583 billion yuan, and 1.934 billion yuan [3] - The company maintains a "buy" rating, anticipating improved profitability as demand recovers, positioning itself as a leader in the broiler chicken industry [3]