圣农发展（002299）：本固枝荣，攻守兼备

Investment Rating - The investment rating for the company is "Buy" and it is maintained [13] Core Views - The company is a rare fully integrated player in the white feather broiler industry, with a closed-loop breeding system that enhances cost competitiveness and ensures strong relative profitability in chicken products [4][21] - The company is expected to achieve over 20% revenue growth in both its deep processing and parent breeding businesses in 2024, contributing to profit growth [4][21] - The company has a clear long-term development outlook, with a focus on enhancing the value per bird through upstream and downstream integration [4][21] Summary by Sections Company Overview - The company has developed into Asia's largest fully integrated white feather chicken enterprise, covering feed processing, breeding, broiler farming, slaughtering, and processing [22] - By the end of 2024, the company will have a breeding capacity exceeding 700 million birds, with a market share of approximately 8% in the national broiler breeding and slaughtering sector [22][24] Breeding Segment - The company has a significant advantage in the integrated breeding system, achieving a stable premium for chicken products due to traceability and controlled supply [10][65] - The average premium of the company's chicken products over the industry is expected to be 470 RMB/ton from 2021 to 2024, with a projected premium of 489 RMB/ton in 2024 [10][65] - The company has self-researched breeding sources that mitigate risks from overseas price fluctuations, enhancing long-term profitability [10][65] Deep Processing Segment - The deep processing business has shown robust growth, with external sales revenue increasing from 1.5 billion RMB in 2016 to 8.2 billion RMB in 2024, achieving a CAGR of 24% [11] - The company has established strong relationships with key clients like KFC and McDonald's, which are expected to grow by about 15% in store numbers in 2024 [11][11] - The C-end revenue is also expected to exceed 2 billion RMB in 2024, with a CAGR of 20% over the past three years [11] Financial Performance - The company has maintained a stable growth trajectory in both gross and net profits since 2021, despite intense competition in the white feather chicken industry [55] - The food processing segment's external sales revenue is projected to grow from 5.6 billion RMB in 2021 to 8.3 billion RMB in 2024, with a steady increase in the proportion of food processing revenue [54][55]