Sunner(SZ:002299) Guoxin Securities·2025-04-16 09:00Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a 9% year-on-year increase in net profit attributable to the parent company in 2024, driven by cost reduction, efficiency improvements, and increased investment income [1][8] - The total revenue for 2024 was 18.586 billion yuan, a slight increase of 0.53% year-on-year, while the net profit reached 724 million yuan, up 9.03% year-on-year [1][8] - The company expects a significant increase in net profit for Q1 2025, projected to be between 130 to 160 million yuan, representing a year-on-year increase of 310% to 358% [1][8] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 185.86 billion yuan and a net profit of 7.24 billion yuan, with a gross profit margin that increased despite a decline in chicken prices [1][8] - The company’s investment income rose significantly by 121% year-on-year, contributing to the overall profit growth [1][8] - The Q4 2024 results showed a revenue of 48.23 billion yuan, a year-on-year increase of 5.78%, and a net profit of 3.42 billion yuan, reflecting a substantial year-on-year increase of 553.70% [1][8] Business Segments - Chicken meat sales volume increased by 14.72% to 1.4027 million tons in 2024, although total revenue from chicken meat decreased by 1.53% due to falling prices [2] - Processed meat products saw a sales volume increase of 6.32% to 316,900 tons, with total revenue rising by 9.63% to 7.01 billion yuan, driven by strong growth in the C-end market [2] Market Outlook - The supply of white chickens is expected to improve in 2025, with a projected increase in profitability for leading companies in the sector [3] - The company has adjusted its 2025 net profit forecast to 940 million yuan, down from 1.05 billion yuan, while maintaining projections for 2026 and 2027 at 1.21 billion yuan and 1.48 billion yuan, respectively [3][23]