Open Source Securities: Maintains "Buy" rating on Sunner, with steady sales growth focusing on the C-end

The research report from Kaiyuan Securities indicates that Sunner's net profit attributable to the parent company for Q1-Q3 2025 is 1.159 billion yuan, a year-on-year increase of 202.82%; the net profit attributable to the parent company for Q3 alone is 249 million yuan, a year-on-year decrease of 11.40%. The company's operations are stable, and performance is improving. Chicken sales are steadily increasing while costs continue to decline. The company's retail C-end and export channels maintain rapid growth, driving the optimization of the sales structure and making product prices more resilient. The company's debt-to-asset ratio has decreased, and cash on hand has increased year-on-year, with continuous financial improvement. High dividends highlight the company's investment value. The company's steady increase in chicken sales and cost improvements, along with a focus on the C-end and high dividends, underscore its investment value, maintaining a "Buy" rating