JONHON(002179) 新浪财经·2025-03-31 10:38Core Viewpoint - The company reported a revenue of 20.686 billion yuan in 2024, representing a growth of 3.04%, and a net profit attributable to shareholders of 3.354 billion yuan, up by 0.45% [1] Group 1: Financial Performance - In Q4 2024, the company achieved a record revenue of 6.591 billion yuan, an increase of 39.77%, and a net profit of 841 million yuan, up by 88.79% [1] - For the entire year of 2024, revenue from electrical connectors and integrated interconnect components reached 16.210 billion yuan, a year-on-year increase of 4.58% [1] - Revenue from optical connectors and other optical devices, as well as optoelectronic equipment, declined by 9.70% to 2.842 billion yuan [1] - Revenue from liquid cooling solutions and other products grew by 14.44% to 1.634 billion yuan [1] - The company plans to achieve a revenue of 20.6 billion yuan in 2025, a slight decrease of 0.41%, and a total profit of 3.8 billion yuan, an increase of 0.85% [1] Group 2: Strategic Developments - The company has significantly increased its fixed assets to 6.493 billion yuan, with multiple parks completed and operational [2] - The company is focusing on high-end interconnect technology and has completed construction on several industrial parks, including the Luoyang basic components industrial park and the South China industrial base [2] - The company aims to leverage the recovery in defense demand and emerging industries such as civil aviation and satellite internet to drive growth [2] - The company is positioned as a leader in military connectors with a high market share, expecting revenue growth to rebound with increased demand in the military sector [2] - The company is enhancing its capabilities in the new energy vehicle sector, focusing on major international and domestic clients to ensure sustainable growth [2] Group 3: Earnings Forecast - The company has adjusted its revenue growth rate and gross margin based on the 2024 annual report, lowering the EPS forecast for 2025 and 2026 to 1.77 yuan and 2.08 yuan, respectively [3] - A new EPS forecast for 2027 is set at 2.41 yuan, with a target price of 47.79 yuan based on a 27x PE ratio for comparable companies [3]