Sunner(SZ:002299) Tai Ping Yang·2025-04-14 12:46Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Insights - The company achieved a revenue of 18.585 billion yuan in 2024, a year-on-year increase of 0.53%, and a net profit attributable to shareholders of 724 million yuan, up 9.03% year-on-year [4][8] - The poultry farming and slaughtering business saw a revenue of 10.356 billion yuan, a decrease of 1.53% year-on-year, primarily due to falling chicken prices, with an average selling price of 8,800 yuan per ton, down 15% year-on-year [4][5] - The company plans to invest 1.126 billion yuan to acquire a 54% stake in Anhui Taiyanggu Food Technology Co., which is expected to significantly increase its breeding and slaughtering capacity [4][5] - The company has developed a new breeding stock combination, "Shenze 901plus," which has improved performance metrics and aims to capture 40% of the domestic market share while expanding internationally [5][6] - The meat product business has seen a sales volume of 316,900 tons, a growth of 6.32% year-on-year, with revenue reaching 7.009 billion yuan, up 9.63% year-on-year [6][7] Financial Projections - The company forecasts net profits of 1.411 billion yuan, 1.768 billion yuan, and 2.038 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.14 yuan, 1.42 yuan, and 1.64 yuan [7][8] - The projected PE ratios for the next three years are 14.78, 11.80, and 10.24 [7][8] - The company is expected to maintain a steady growth trajectory with a revenue growth rate of 11.82% in 2025 and 15.53% in 2026 [8][11]