Sunner(SZ:002299) Guohai Securities·2025-08-22 09:03Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main business is steadily growing, with an increase in both production and sales volume. Chicken meat sales reached 660,900 tons, and processed meat product sales reached 174,500 tons, representing year-on-year growth of 2.50% and 13.21% respectively [4] - The company has completed the acquisition of Sun Valley Holdings, enhancing its supply chain and operational efficiency, which is expected to contribute significantly to future earnings growth [4] - Revenue for H1 2025 was reported at 8.856 billion yuan, a year-on-year increase of 0.22%, while net profit attributable to shareholders was 910 million yuan, a remarkable increase of 791.93% [4] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 4.742 billion yuan, up 2.59% year-on-year, with net profit attributable to shareholders reaching 763 million yuan, an increase of 365.12% [4] - The company forecasts revenues of 20.028 billion yuan, 23.106 billion yuan, and 25.706 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.397 billion yuan, 1.583 billion yuan, and 1.934 billion yuan for the same years [6][7] Market Position - The company has successfully expanded its market share through a robust multi-channel strategy, with retail sales growing over 30% year-on-year [4] - The overall revenue structure is improving as the proportion of high-value channels increases, providing stronger support for overall profit growth [4] Cost Management - The comprehensive cost of meat production decreased by over 10% compared to the same period last year, attributed to improved performance of the company's proprietary breed "901+" and enhanced production efficiency through meticulous management [4]