Sunner(SZ:002299) GOLDEN SUN SECURITIES·2025-10-28 07:06Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong outlook for its stock performance relative to the market [3][6]. Core Insights - The company demonstrated resilience with a total revenue of 14.706 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 6.86%. The net profit attributable to shareholders reached 1.159 billion yuan, a significant increase of 202.82% [1]. - The company continues to benefit from a premium pricing strategy, with an average selling price of chicken at 9,578 yuan per ton, despite a 3.1% decline year-on-year. The premium over industry prices was 778 yuan per ton in Q3 2025, maintaining a solid price advantage [2]. - The company is expanding its market share through a comprehensive channel strategy, with processed food revenue growing by 17.1% year-on-year to 6.911 billion yuan in the first three quarters of 2025 [3]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 1.409 billion yuan, reflecting a year-on-year growth of 94.5%. The expected P/E ratio for 2025 is 15.3x [3][5]. - The company sold 1.099 million tons of chicken in the first three quarters of 2025, a 7.4% increase year-on-year, while the sales volume in Q3 alone reached 435,000 tons, up 16.3% [2]. - The processed food business saw a significant increase in revenue, with Q3 2025 revenue reaching 2.885 billion yuan, a 36.7% increase year-on-year [3].