JONHON(002179) 长江证券·2024-09-04 01:39Investment Rating - The report does not explicitly state an investment rating for the company [12]. Core Insights - The demand order rhythm in the defense sector has slowed compared to the early stages of the "14th Five-Year Plan," leading to a temporary fluctuation in the company's overall operating performance. However, the current order backlog is showing a recovery trend, with significant improvement in Q2 2024 compared to Q1 2024 [5][4]. - In H1 2024, the company achieved revenue of 9.197 billion yuan, a year-on-year decrease of 14.51%, and a net profit attributable to shareholders of 1.668 billion yuan, down 14.61% year-on-year. In Q2 2024, revenue was 5.184 billion yuan, a year-on-year decrease of 4.28%, but a quarter-on-quarter increase of 29.16%, with net profit of 917 million yuan, down 4.47% year-on-year but up 22.16% quarter-on-quarter [4][5]. - The company is focusing on expanding its product categories and enhancing its product mix, particularly in the defense sector, where it aims to solidify its position as a preferred supplier. In the civil aviation sector, it is aligning with the development needs of domestic large aircraft and general aviation models, while also exploring new industries related to the low-altitude economy [5][4]. Summary by Sections Financial Performance - In H1 2024, the company's revenue decreased by 14.51% to 9.197 billion yuan, and net profit decreased by 14.61% to 1.668 billion yuan. In Q2 2024, revenue was 5.184 billion yuan, down 4.28% year-on-year but up 29.16% quarter-on-quarter, with net profit at 917 million yuan, down 4.47% year-on-year but up 22.16% quarter-on-quarter [4][5]. - The revenue from electrical connectors decreased by 15.63% to 7.119 billion yuan, while revenue from optical connectors fell by 17.41% to 1.326 billion yuan. Conversely, revenue from liquid cooling solutions and other products grew by 5.30% to 752 million yuan [5]. Business Strategy - The company is actively developing its business in new industries such as civil aviation, satellite internet, data centers, and smart connected vehicles, while accelerating its layout in the low-altitude economy. It is also enhancing its modern industrial capacity and expanding its product offerings [5][4]. - The company has seen a 23.65% increase in construction in progress, reaching a historical high of 2.515 billion yuan, indicating ongoing expansion efforts [5].