Sunner(SZ:002299) ZHONGTAI SECURITIES·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company's performance is supported by capacity expansion and refined management, leading to high-quality development [2]. - The company achieved a revenue of 18.487 billion yuan in 2023, representing a year-on-year increase of 9.93% [2]. - The net profit for 2023 was 664 million yuan, a significant increase of 61.66% compared to the previous year [2]. Financial Performance Summary - Revenue Forecasts: - 2022A: 16,817 million yuan - 2023A: 18,487 million yuan (10% growth) - 2024E: 21,571 million yuan (17% growth) - 2025E: 24,314 million yuan (13% growth) - 2026E: 27,504 million yuan (13% growth) [2][4]. - Net Profit Forecasts: - 2022A: 411 million yuan - 2023A: 664 million yuan (62% growth) - 2024E: 1,390 million yuan (109% growth) - 2025E: 2,015 million yuan (45% growth) - 2026E: 2,597 million yuan (29% growth) [2][4]. - Earnings Per Share (EPS): - 2023E: 0.53 yuan - 2024E: 1.12 yuan - 2025E: 1.62 yuan - 2026E: 2.09 yuan [2][4]. - Return on Equity (ROE): - 2023E: 6% - 2024E: 12% - 2025E: 15% - 2026E: 16% [2][4]. Market Position and Strategy - The company is actively expanding its production capacity and enhancing its management efficiency to maintain a leading position in the white-feather broiler industry [2]. - The company has made strategic acquisitions to bolster its production capabilities, with a focus on maximizing product value and cost leadership [2].