Sunner(002299) Guohai Securities·2025-04-15 05:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated a robust performance with a revenue of 18.586 billion yuan in 2024, reflecting a year-on-year increase of 0.53%, and a net profit attributable to shareholders of 0.724 billion yuan, up 9.03% year-on-year [1][2] - The company has shown a strong competitive advantage in the industry, with significant growth in both production and sales volumes, particularly in chicken meat sales and processed meat products [4][6] - The company has successfully enhanced its breeding stock performance and market share through the development of its proprietary breeding source, "Shenze 901plus," which has seen over 30% growth in sales compared to the previous year [4][6] Financial Performance - The company achieved a quarterly growth in performance throughout 2024, indicating a consistent improvement in its operational efficiency [4] - The forecast for total revenue from 2024 to 2026 is adjusted to 20.889 billion yuan, 23.106 billion yuan, and 25.706 billion yuan respectively, with net profits projected at 1.076 billion yuan, 1.583 billion yuan, and 1.946 billion yuan [4][6] - The company's earnings per share (EPS) is expected to grow from 0.58 yuan in 2024 to 1.56 yuan in 2027, reflecting a strong growth trajectory [6][7] Market Performance - The company's stock has outperformed the CSI 300 index, with a 1-month performance of +20.0%, 3-month performance of +21.5%, and a 12-month performance of +16.1% [3] - The current stock price is 17.12 yuan, with a 52-week price range of 10.49 to 17.98 yuan [3] Business Strategy - The company has established a comprehensive multi-channel business system covering B-end, C-end, and F-end markets, leading to a 23.40% year-on-year increase in C-end business revenue [4] - The company has focused on enhancing its export business, achieving a 17.29% year-on-year growth in exports [4]