JONHON(002179) 东吴证券·2025-03-30 13:34Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 20.686 billion yuan in 2024, representing a year-on-year growth of 3.04%, and a net profit attributable to shareholders of 3.354 billion yuan, with a year-on-year increase of 0.45% [1][8] - The growth in performance is attributed to the company's focus on high-end manufacturing sectors such as defense, aerospace, communication networks, and new energy vehicles, with stable market demand [8] - The company has made significant advancements in original technology research and development, particularly in high-speed and miniaturized data communication, solidifying its technological leadership [8] - The company continues to implement an innovation-driven development strategy, enhancing its independent innovation capabilities and expanding production capacity through various investment projects [8] Financial Summary - Total revenue forecast for 2024 is 20.686 billion yuan, with projected growth rates of 9.71% in 2025 and 14.41% in 2026 [9] - The net profit forecast for 2025 is 3.704 billion yuan, with further increases to 4.262 billion yuan in 2026 and 4.637 billion yuan in 2027 [9] - The company's earnings per share (EPS) is projected to be 1.75 yuan in 2025, increasing to 2.01 yuan in 2026 and 2.19 yuan in 2027 [9] - The price-to-earnings (P/E) ratio is expected to decrease from 26.49 in 2024 to 19.16 in 2027, indicating potential valuation improvement [9]