Sunner(SZ:002299) China Post Securities·2025-04-17 09:16Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [8][15]. 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 attributable to shareholders of 724 million yuan, reflecting a growth of 9.03% [4]. - Despite a decline in chicken and meat product prices in 2024, the company successfully implemented sales transformation and cost reduction strategies, leading to a sequential increase in performance [4]. - The poultry farming and processing sector saw a revenue of 10.356 billion yuan, down 1.53% year-on-year, primarily due to price declines. However, sales volume of chicken products increased by 14.72% to 1.4027 million tons [5]. - The company launched a new breeding combination, "Shengze 901plus," which significantly improved performance metrics and achieved over 30% growth in sales compared to the previous year [5]. - The meat products segment generated revenue of 701 million yuan, a year-on-year increase of 9.63%, with a gross margin improvement of 0.94 percentage points to 19.61% [6]. - For Q1 2025, the company expects a net profit of 130 to 160 million yuan, marking a substantial increase of 309.94% to 358.38% year-on-year, driven by further cost reductions [7]. Financial Projections - The company is projected to have earnings per share (EPS) of 0.92 yuan, 1.07 yuan, and 1.17 yuan for the years 2025, 2026, and 2027 respectively [8]. - Revenue forecasts for 2025, 2026, and 2027 are 19.214 billion yuan, 20.794 billion yuan, and 22.199 billion yuan, reflecting growth rates of 3.38%, 8.23%, and 6.76% respectively [11]. - The net profit attributable to shareholders is expected to reach 1.145 billion yuan, 1.329 billion yuan, and 1.451 billion yuan for the same years, with growth rates of 58.07%, 16.05%, and 9.24% respectively [11].