Sunner(SZ:002299) Guohai Securities·2024-03-27 16:00Investment Rating - The report maintains a "Buy" rating for the company [1][3][4] Core Insights - The company achieved a revenue of 18.487 billion yuan in 2023, representing a year-on-year growth of 9.93%, and a net profit attributable to shareholders of 664 million yuan, which is a significant increase of 61.66% compared to the previous year [3][4] - The company continues to expand its production capacity across the entire white feather chicken industry chain, with a capital expenditure of 1.765 billion yuan in 2023, and has plans for new breeding farms and food processing facilities [3][4] - The proprietary breeding source "Shenze 901" has been successfully iterated to "Shenze 901plus," which shows significant improvements in feed-to-meat ratio, egg production rate, growth speed, and disease resistance, maintaining a leading market share in domestic breeding sources [3][4] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 18.487 billion yuan and a net profit of 664 million yuan, with respective growth rates of 9.93% and 61.66% [3][4] - The sales volume of raw chicken reached 1.2228 million tons, with growth rates of 7.16% for raw chicken, 23.64% for basic processed products, and 27.96% for deep-processed products compared to 2022 [3][4] Production Capacity Expansion - The company has invested in the construction of multiple breeding farms and food processing plants, with a total capital expenditure of 1.765 billion yuan in 2023 [3][4] - The company currently has a breeding capacity of over 700 million white feather chickens and a total processing capacity exceeding 500,000 tons, ranking first in the country [3][4] Breeding Source Development - The proprietary breeding source "Shenze 901" was approved in December 2021 and has seen significant sales growth, with 9.01 million sets of parent stock sold in 2023 [3][4] - The new "Shenze 901plus" has shown substantial performance improvements, achieving international leading levels in various metrics [3][4]