JONHON(002179) 国泰君安·2025-03-31 11:21Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 52.29 CNY, up from the previous forecast of 47.17 CNY [2][11]. Core Insights - The company achieved revenue growth in 2024, with a notable improvement in Q4 performance. The ability to control costs has been consistently enhanced. The company is expanding into new business areas such as civil aviation, satellite internet, data centers, smart connected vehicles, and low-altitude economy, which is expected to lead to high-quality development [3][11]. Financial Summary - For 2024, the company is projected to achieve a revenue of 20,686 million CNY, representing a year-on-year growth of 3.04%. The net profit attributable to the parent company is expected to be 3,354 million CNY, a slight increase of 0.45% [5][11]. - The Q4 2024 results show significant improvement, with revenue reaching 6,690 million CNY, a year-on-year increase of 41.89% and a quarter-on-quarter increase of 36.59%. The net profit for Q4 is projected at 848 million CNY, reflecting a year-on-year growth of 90.13% [11]. - The company has successfully reduced its selling expense ratio to 2.36% and management expense ratio to 5.97%, indicating effective cost management strategies [11]. Business Expansion and Strategy - The company is focusing on its "14th Five-Year Plan" to enhance its strategic management system and is targeting emerging and future industries. Key areas of expansion include civil high-end manufacturing, communication and industrial businesses, and the new energy sector [11]. - The company aims to strengthen its position in the new energy vehicle sector by enhancing its supply chain with major domestic and international clients, while also expanding its capabilities in low-altitude economy industries [11]. Market Performance - The stock has shown a 52-week price range of 31.39 CNY to 47.56 CNY, with a current market capitalization of 88,861 million CNY [6][11]. - The company’s price-to-earnings ratio is currently at 26.61, with projections indicating a decrease to 19.11 by 2027 [5][14]. Future Projections - Revenue is expected to grow to 22,256 million CNY in 2025, 24,553 million CNY in 2026, and 27,106 million CNY in 2027, with corresponding net profits of 3,723 million CNY, 4,155 million CNY, and 4,651 million CNY respectively [5][13]. - The report anticipates a continued upward trend in profitability and operational efficiency, supported by strategic cost management and market demand recovery [11].