Workflow
圣农发展(002299):成本持续改善,Q2盈利高增

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 8.856 billion yuan in the first half of 2025, with a year-on-year growth of 0.22%, and a net profit attributable to shareholders of 910 million yuan, reflecting a significant year-on-year increase of 791.93% [7] - The company has a strong cost advantage and is enhancing its brand through a comprehensive channel strategy, which has led to a market share increase despite challenging market conditions [7] - The forecast for the company's revenue and net profit for 2025-2027 is 19.994 billion yuan, 12.22 billion yuan; 21.296 billion yuan, 16.27 billion yuan; and 22.568 billion yuan, 19.56 billion yuan respectively, with corresponding PE ratios of 17.6, 13.2, and 11.0 [7] Financial Performance Summary - The company's revenue for 2023A is 18,487 million yuan, with a projected growth rate of 9.9% [6] - The net profit for 2023A is 664 million yuan, with a net profit growth rate of 61.7% [6] - The EPS for 2025E is projected to be 0.98 yuan, with a PE ratio of 17.6 [6] - The company's gross margin for the first half of 2025 is 11.97%, an increase of 2.7 percentage points year-on-year [7] - The company completed the merger with Sun Valley Holdings, adding a capacity of 65 million birds, contributing an additional 85 million yuan to the performance in the first half of 2025 [7]