JONHON(002179) 中原证券·2025-04-03 09:51Investment Rating - The investment rating for the company is "Buy" (maintained) [2][30] Core Views - The company achieved a total revenue of 20.686 billion yuan in 2024, representing a year-on-year growth of 3.04%. The net profit attributable to shareholders was 3.354 billion yuan, with a slight increase of 0.45% year-on-year [7][8] - The fourth quarter showed significant recovery in defense orders, leading to a substantial increase in performance, with a quarterly revenue of 6.591 billion yuan, up 39.77% year-on-year, and a net profit of 841 million yuan, up 88.79% year-on-year [8][12] - The company is focusing on expanding its civil products and has made significant progress in various sectors, including defense, low-altitude economy, and new energy vehicles, which are expected to drive future growth [12][13] Financial Performance - The gross profit margin for 2024 was 36.61%, a decrease of 1.34 percentage points year-on-year, while the net profit margin was 17.15%, down 0.36 percentage points year-on-year [9] - The company maintained good cost control, with total expense ratios decreasing by 0.74 percentage points to 18.76% [9] - Revenue from the electrical connector segment was 16.21 billion yuan, up 4.58% year-on-year, while revenue from optical connectors and other optical devices was 2.842 billion yuan, down 9.7% [11] Business Segmentation - The electrical connector segment continues to dominate, accounting for 78.36% of total revenue, while the liquid cooling solutions segment saw a revenue increase of 14.44% to 1.634 billion yuan [11] - The company is enhancing its position as a preferred supplier in the defense sector and is expanding into high-end manufacturing in civil applications [12] Future Outlook - Revenue projections for 2025 to 2027 are estimated at 24.389 billion yuan, 28.083 billion yuan, and 31.069 billion yuan, respectively, with corresponding net profits of 3.931 billion yuan, 4.681 billion yuan, and 5.291 billion yuan [13][14] - The company is expected to benefit from a recovery in defense demand and a positive industry trend, indicating a potential turning point in performance [13][12]