JONHON(002179) 长江证券·2025-04-02 08:13Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Viewpoints - The company is expected to achieve double-digit revenue growth in 2024 through vertical integration in military products and horizontal expansion in emerging industries, with a notable comparative advantage amidst fluctuations in defense demand [2][6] - The company reported a revenue of 20.686 billion yuan in 2024, a year-on-year increase of 3.04%, and a net profit attributable to shareholders of 3.354 billion yuan, up 0.45% year-on-year [6] - In Q4 2024, the company achieved a revenue of 6.591 billion yuan, representing a year-on-year growth of 39.77% and a quarter-on-quarter increase of 34.56%, with a net profit of 841 million yuan, up 88.79% year-on-year [6] Summary by Sections Business Performance - The company actively stocked up in Q4 2024 to meet surging short-term demand, resulting in accounts payable reaching a historical high of 6.574 billion yuan [8] - Fixed asset balance at the end of 2024 reached 6.493 billion yuan, a 45% increase from the beginning of the year, driven by the completion of several key projects [8] Financial Forecast and Valuation - The forecasted net profit for 2025-2027 is 3.731 billion, 4.114 billion, and 4.524 billion yuan respectively, with year-on-year growth rates of 11%, 10%, and 10% [8] - Corresponding price-to-earnings (PE) ratios are projected to be 24, 21, and 20 times for the years 2025, 2026, and 2027 [8] Cost Management - The company has implemented a comprehensive cost management mechanism, resulting in a slight decrease in gross margin to 36.54% due to changes in revenue structure [12] - Research and development expenses increased by 2.48% to 2.252 billion yuan, reflecting a commitment to innovation and growth in emerging sectors [12]