Sunner(SZ:002299) Shanxi Securities·2025-04-16 05:23Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook for the stock's performance in the near term [4][8]. Core Insights - The company achieved a revenue of 18.586 billion yuan in 2024, a year-on-year increase of 0.53%, and a net profit of 724 million yuan, reflecting a growth of 9.03% compared to the previous year [5]. - The earnings per share (EPS) for 2024 is reported at 0.59 yuan, with a return on equity (ROE) of 6.96%, which is an increase of 0.38 percentage points year-on-year [5]. - The poultry farming and processing segment saw a revenue decline of 1.53% to 10.356 billion yuan, while the food processing segment grew by 9.63% to 7.010 billion yuan [6]. - The company is focusing on cost management and efficiency improvements across its operations to counteract pricing pressures [5]. Financial Performance Summary - The company’s projected net profits for 2025, 2026, and 2027 are 996 million yuan, 1.285 billion yuan, and 1.635 billion yuan, respectively, with corresponding EPS of 0.80 yuan, 1.03 yuan, and 1.31 yuan [8]. - The projected revenue growth rates for the next few years are 17.5% in 2025, 11.7% in 2026, and 9.6% in 2027 [11]. - The gross margin is expected to improve from 11.1% in 2024 to 13.2% by 2027 [11]. - The company’s total assets are projected to increase from 20.891 billion yuan in 2024 to 27.741 billion yuan in 2027 [12]. Segment Performance - The poultry segment's sales volume increased by 14.72% to 1.4027 million tons, despite revenue decline due to pricing pressures [5]. - The food processing segment's sales volume grew by 6.32%, with a focus on expanding market share through enhanced service models [6]. - The breeding segment reported over 30% growth in the sales volume of its "Shengze 901plus" breed [6].