Sunner(SZ:002299) KAIYUAN SECURITIES·2025-10-23 06:13Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown steady growth in sales, particularly in the consumer segment, and high dividends reflect its investment value. The Q1-Q3 2025 revenue reached 14.706 billion yuan, a year-on-year increase of 6.86%, while the net profit attributable to shareholders was 1.159 billion yuan, up 202.82% year-on-year. In Q3 alone, revenue was 5.849 billion yuan, a year-on-year increase of 18.77%, but net profit decreased by 11.40% [4][5] - The company is expected to maintain its profit forecast, with projected net profits for 2025-2027 at 1.335 billion, 1.564 billion, and 1.740 billion yuan, respectively, corresponding to EPS of 1.07, 1.26, and 1.40 yuan. The current stock price corresponds to P/E ratios of 15.1, 12.8, and 11.5 times for the respective years [4][5] Sales and Revenue Growth - In the poultry farming and processing business, the company sold 1.0986 million tons of chicken in Q1-Q3 2025, a year-on-year increase of 7.4%, with sales revenue of 10.522 billion yuan, up 4.1%. The average selling price was approximately 9,577.64 yuan per ton, down 3.1% year-on-year. The company has seen steady growth in chicken sales and a decrease in breeding costs [5] - In the food processing segment, the company sold 357,600 tons of meat products, a year-on-year increase of 33.8%, with sales revenue of 6.911 billion yuan, up 17.1%. The average selling price was about 19,326.06 yuan per ton, down 12.5% year-on-year. The growth in sales volume has driven revenue expansion, with retail consumer and export channels maintaining rapid growth [5] Financial Performance and Dividend Policy - As of the end of September 2025, the company's debt-to-asset ratio was 51.58%, a decrease of 1.21 percentage points year-on-year, and cash and cash equivalents amounted to 1.845 billion yuan, an increase of 73.20% year-on-year. The company announced a profit distribution plan for the first three quarters of 2025, expecting to distribute cash dividends of 371 million yuan (including tax), accounting for 32% of the profit for the period [6] - The financial situation of the company has improved, and the high dividends reflect its investment value [6] Financial Summary and Valuation Metrics - The company's projected revenue and net profit for 2025 are 20.138 billion yuan and 1.335 billion yuan, respectively, with a year-on-year growth of 8.4% and 84.3%. The gross margin is expected to be 12.0%, and the net margin is projected at 6.6% [7] - Key financial ratios include a P/E ratio of 15.1 for 2025, decreasing to 11.5 by 2027, and a P/B ratio of 1.7 for 2025, decreasing to 1.4 by 2027 [7]