JONHON(002179) 民生证券·2025-03-29 08:05Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in the defense sector and proactive layout in emerging industries such as civil aviation and low-altitude economy [3][6]. Core Insights - In 2024, the company achieved a revenue of 20.69 billion yuan, a year-over-year (YOY) increase of 3.0%, and a net profit attributable to shareholders of 3.35 billion yuan, with a YOY increase of 0.4% [1]. - The fourth quarter of 2024 saw a significant increase in net profit, which grew by 89% YOY, with a revenue of 6.59 billion yuan, reflecting a YOY increase of 39.8% [1][2]. - The company is focusing on new industries and future sectors, including civil aviation, satellite internet, data centers, and smart connected vehicles, to create new growth points [2]. Summary by Sections Financial Performance - The company reported a stable profit margin in 2024, with a gross margin of 36.6% and a net margin of 17.2%, despite a slight decline from the previous year [1][3]. - The revenue breakdown shows that electrical connectors and integrated interconnect components accounted for 78% of total revenue, with a revenue of 16.21 billion yuan, up 4.6% YOY [2]. Cost Management - The company improved its cost efficiency, with a decrease in the expense ratio by 0.7 percentage points to 18.7% in 2024, driven by reductions in sales and management expenses [3]. - Accounts receivable increased by 27.0% to 16.73 billion yuan by the end of 2024, while contract liabilities decreased by 37.5% to 0.28 billion yuan [3]. Future Outlook - The company is projected to achieve net profits of 3.76 billion yuan, 4.15 billion yuan, and 4.49 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 24x, 21x, and 20x [3][5].