JONHON(002179) 新浪财经·2025-05-08 10:35Core Viewpoint - The company reported a revenue of 4.839 billion yuan in Q1 2025, representing a year-on-year growth of 20.56%, while the net profit attributable to shareholders decreased by 14.78% to 640 million yuan [1] Group 1: Financial Performance - The company's revenue growth was driven by a rapid increase in civilian products, while the defense product segment saw a decline in proportion, contributing to the overall year-on-year profit drop [2] - The gross margin for the quarter decreased by 8.16 percentage points to 28.44% quarter-on-quarter and by 7.12 percentage points year-on-year, influenced by the production and delivery confirmation cycle [2] - The net profit margin decreased by 5.88 percentage points year-on-year to 13.91% [2] Group 2: Industry Outlook - The defense sector demand showed significant recovery in Q1 2025, with expectations for stable growth in the defense field throughout the year [3] - The company is actively expanding production capacity to ensure delivery confirmations and meet short-term demand, with high inventory levels supporting this strategy [3] - Capital expenditures during the 14th Five-Year Plan period included 3.4 billion yuan for a South China industrial base and 2.7 billion yuan for a high-end interconnection project, positioning the company for rapid growth in the upcoming 15th Five-Year Plan [3] Group 3: Profit Forecast and Valuation - The projected net profit attributable to shareholders for 2025-2027 is 3.73 billion, 4.11 billion, and 4.52 billion yuan, reflecting year-on-year growth rates of 11%, 10%, and 10% respectively [3] - Corresponding price-to-earnings ratios are expected to be 23, 21, and 19 times for the years 2025, 2026, and 2027 [3]