Sunner(002299) KAIYUAN SECURITIES·2024-08-31 03:07Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown steady growth in broiler chicken output, with a focus on improving its food segment, leading to an expected performance improvement driven by the synergy between pork and chicken [4] - The company's H1 2024 revenue was 8.837 billion yuan, a year-on-year decrease of 2.68%, while the net profit attributable to shareholders was 102 million yuan, down 76.07% year-on-year [4] - The forecast for net profit attributable to shareholders for 2024-2026 has been revised down to 682 million, 811 million, and 1.559 billion yuan respectively, with corresponding EPS of 0.55, 0.65, and 1.25 yuan [4] Financial Performance Summary - In H1 2024, the company's poultry farming and processing business generated revenue of 5.090 billion yuan, a decrease of 0.75% year-on-year, with a gross profit of 202 million yuan, down 49.65% [5] - The food processing business achieved revenue of 3.101 billion yuan in H1 2024, an increase of 2.14% year-on-year, with a gross profit of 598 million yuan, up 15.38% [6] - The company's total market capitalization is 15.132 billion yuan, with a current stock price of 12.17 yuan [3] Future Outlook - The company is expected to continue its focus on the food segment, with a total processing capacity exceeding 500,000 tons, indicating a growing growth potential [6] - The forecasted revenue growth for the company is projected at 5.2%, 10.8%, and 13.5% for 2024, 2025, and 2026 respectively [7]