JONHON(002179) 新浪财经·2025-04-04 06:18Core Insights - The company reported a revenue of 20.686 billion yuan in 2024, a year-on-year increase of 3.04%, and a net profit attributable to shareholders of 3.354 billion yuan, up 0.45% year-on-year [1] - The company experienced significant growth in Q4 2024, with revenue reaching 6.591 billion yuan, an increase of 39.77%, and a net profit of 841 million yuan, up 88.79% [1] - The company maintains a strong position in the high-end interconnect solutions market, focusing on defense and civil aviation sectors, with a diverse product range [3] Financial Performance - The company's gross margin for the main products, such as electrical connectors, is 39.37%, while the overall sales gross margin is 36.61%, a decrease of 1.34 percentage points [2] - The net profit margin stands at 17.15%, down 0.46 percentage points, with a period expense ratio of 7.87%, down 0.68 percentage points [2] - Accounts receivable and notes increased by 26.98% to 16.735 billion yuan, indicating higher sales and increased acceptance bills [2] Business Segments - Revenue from electrical connectors, optoelectronic devices, motors, and switches accounted for 78.36% of total revenue, totaling 16.210 billion yuan [1] - Revenue from optical devices and optoelectronic equipment was 2.842 billion yuan, making up 13.74% of total revenue [1] - The company is expanding its presence in high-end consumer manufacturing, particularly in the electric vehicle sector, and has achieved full coverage of major clients in the civil aviation sector [3] Future Outlook - The company is projected to achieve net profits of 3.826 billion yuan, 4.405 billion yuan, and 5.067 billion yuan for the years 2025 to 2027, with corresponding EPS of 1.81, 2.08, and 2.39 yuan [3] - The company is expected to maintain a leading position in the connector industry, with a PE ratio forecasted at 23.23, 20.17, and 17.54 for the same period [3]