JONHON(002179) 天风证券·2024-06-20 13:03Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [6]. Core Views - The company achieved a revenue of 20.07 billion yuan in 2023, a year-on-year increase of 26.75%, and a net profit attributable to shareholders of 3.34 billion yuan, up 22.86% year-on-year. However, in Q1 2024, revenue decreased by 24.87% year-on-year due to a slowdown in defense sector orders [1][4]. - The company is focusing on international expansion and has made significant progress in becoming a preferred supplier in the defense sector while also growing its civil high-end manufacturing business [3][4]. - The company maintains a high level of R&D investment, with a gross margin of 37.95% in 2023, reflecting a steady improvement across various business segments [2][4]. Financial Performance - In 2023, the company reported a gross margin of 37.95%, an increase of 1.41 percentage points year-on-year. The gross margin for electrical connectors and integrated interconnection components was 40.92%, while optical devices and optoelectronic equipment had a gross margin of 26.4% [2]. - The company’s revenue from electrical connectors and integrated interconnection components reached 15.5 billion yuan, a year-on-year increase of 27.17%, while revenue from optical devices was 3.15 billion yuan, also up 27.26% [3]. - The company’s net profit forecast for 2024-2025 has been adjusted downwards to 3.80 billion yuan and 4.56 billion yuan, respectively, due to a decline in Q1 2024 profits and complex international conditions [4][5]. Business Growth and Strategy - The company is actively pursuing international expansion, with its Vietnam subsidiary entering the global supply chain of key international clients and its German subsidiary achieving full localization [3]. - The company aims to solidify its position as a global leader in interconnection solutions, focusing on sectors such as commercial aerospace, low-altitude economy, and satellite internet [3][4]. - The company is accelerating its modernization efforts, with several key projects completed, including the construction of a high-end manufacturing base and various industrial parks [4].