JONHON(002179) 中原证券·2025-04-03 10:15Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [30]. Core Views - The company, AVIC Optoelectronics (002179), reported a total revenue of 20.686 billion yuan for 2024, reflecting 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 quarterly revenue reaching 6.591 billion yuan, up 39.77% year-on-year, and net profit increasing by 88.79% [8][12]. - The company is focusing on expanding its civil products and maintaining a strong position in the defense sector, with a strategic emphasis on high-end manufacturing and emerging industries [12]. Financial Performance - The gross profit margin for 2024 was reported at 36.61%, a slight decrease of 1.34 percentage points year-on-year, while the net profit margin was 17.15%, down 0.36 percentage points [9]. - The revenue from the electrical connector segment was 16.21 billion yuan, growing by 4.58% and accounting for 78.36% of total revenue. The optical connector segment saw a decline of 9.7%, generating 2.842 billion yuan [11]. - The company has effectively managed its expenses, with total expense ratios decreasing by 0.74 percentage points to 18.76% [9]. Business Outlook - The company is expected to see continued growth in defense and civil sectors, with projected revenues of 24.389 billion yuan, 28.083 billion yuan, and 31.069 billion yuan for 2025, 2026, and 2027 respectively [13][14]. - The report highlights a positive outlook for the defense sector, anticipating a recovery in demand and an upward trend in the company's performance as it approaches the end of the 14th Five-Year Plan [12][13].