Sunner(002299) 中邮证券·2024-05-06 09:30Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [4][5]. Core Views - The company reported a decline in Q1 2024 performance due to low chicken prices, with a revenue of 4.215 billion yuan, down 7.10% year-on-year, and a net loss attributable to shareholders of 61.93 million yuan, a decrease of 169.23% [2][3]. - Despite the challenges, the company is advancing its self-research breeding and food processing strategies, with significant growth potential in its self-developed chicken breeds and food segment [4][5]. Financial Summary - The company achieved a revenue of 18.487 billion yuan in 2023, with projected revenues of 20.425 billion yuan in 2024, 22.962 billion yuan in 2025, and 24.410 billion yuan in 2026, reflecting growth rates of 9.93%, 10.48%, 12.42%, and 6.31% respectively [5][6]. - The net profit attributable to shareholders is expected to grow from 664.27 million yuan in 2023 to 843.82 million yuan in 2024, 1.16693 billion yuan in 2025, and 1.20795 billion yuan in 2026, with growth rates of 61.66%, 27.03%, 38.29%, and 3.51% respectively [5][6]. - The earnings per share (EPS) are projected to be 0.53 yuan in 2023, increasing to 0.68 yuan in 2024, 0.94 yuan in 2025, and 0.97 yuan in 2026 [5][6].