Sunner(SZ:002299) Western Securities·2025-10-23 09:03Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 20% in the next 6-12 months [6][10]. Core Insights - The company reported a revenue of 14.706 billion yuan and a net profit attributable to shareholders of 1.159 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 6.86% and 202.82% respectively [1][6]. - In Q3 2025, the company achieved a revenue of 5.849 billion yuan and a net profit of 249 million yuan, with revenue increasing by 18.77% but net profit decreasing by 11.40% year-on-year [1][6]. - The poultry farming and processing segment saw revenue growth, with Q1-Q3 revenue reaching 10.522 billion yuan, up 4.09% year-on-year, and Q3 revenue at 4.090 billion yuan, up 12.64% year-on-year [1][2]. - The deep processing meat products segment also experienced significant growth, with Q1-Q3 revenue of 6.911 billion yuan, up 17.14% year-on-year, and Q3 revenue of 2.885 billion yuan, up 36.73% year-on-year [2]. Financial Performance Summary - The company's gross margin improved year-on-year, with Q1-Q3 gross margin at 12.17%, an increase of 1.86 percentage points, attributed to cost reductions and improved operational efficiency [3]. - The company’s operating expenses ratio increased slightly, with a Q1-Q3 ratio of 7.03%, up 0.05 percentage points year-on-year, driven by higher sales and management expenses [3]. - The forecast for net profit attributable to shareholders for 2025-2027 is 1.477 billion, 1.440 billion, and 1.756 billion yuan respectively, with corresponding PE ratios of 13.6, 14.0, and 11.4 times [3][5].