Sunner(SZ:002299) EBSCN·2024-04-28 02:32Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company's Q1 2024 revenue was 4.215 billion yuan, a year-on-year decrease of 7.10% and a quarter-on-quarter decrease of 7.56%, with a net profit attributable to shareholders of -61.92 million yuan compared to 89.44 million yuan in the same period last year [2][3] - The main business showed stable growth in volume but a decrease in price, with cost control continuously optimized [3] - The company has established long-term strategic partnerships with well-known clients in both B2B and B2C channels, contributing to the growth of its food processing segment [3] - The self-researched breeding chicken variety "Shengze 901plus" has significantly improved performance, enhancing overall breeding efficiency [3] Summary by Sections Financial Performance - In Q1 2024, the breeding segment generated sales revenue of 2.983 billion yuan, down 3.87% year-on-year, while the food processing segment generated 1.918 billion yuan, down 4.43% year-on-year [3] - The overall revenue forecast for 2024-2025 has been adjusted downwards to 847 million yuan and 893 million yuan, respectively, reflecting a decrease of 70.81% and 71.77% from previous estimates [4] Business Segments - The breeding segment sold 293,500 tons of chicken, an increase of 10.84% year-on-year, while the food processing segment sold 80,600 tons, an increase of 11.02% year-on-year [3] - The company’s white feather chicken breeding capacity exceeds 700 million birds, with food processing capacity exceeding 500,000 tons, ranking first in the country [3] Market Position - The company is positioned as a leading integrated white feather chicken producer, benefiting from the recovery of the industry cycle [4] - The current stock price corresponds to a P/E ratio of 22/21/19 for the years 2024-2026 [4]