JONHON(002179)2025-05-08 09:47Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's revenue growth is driven by rapid expansion in its civilian product business, which has led to a year-on-year revenue increase of 20.56% to 4.839 billion yuan, while the net profit attributable to shareholders decreased by 14.78% [2][6]. Summary by Sections Revenue and Profitability - In Q1 2025, the company achieved an operating revenue of 4.839 billion yuan, representing a year-on-year growth of 20.56%. However, the net profit attributable to shareholders was 640 million yuan, a decrease of 14.78% year-on-year [6][12]. Business Segments - The growth in civilian products has significantly contributed to the overall revenue increase, but the decline in the proportion of high-margin products has negatively impacted the overall net profit margin [2][12]. Market Outlook - The demand in the defense sector has shown significant recovery in Q1 2025, but due to production and delivery confirmation cycles, only a small portion was recognized in the first quarter. This has led to a decrease in the gross profit margin by 8.16 percentage points to 28.44% [12]. Future Projections - The company is expected to maintain a relatively high and stable growth rate during the 14th Five-Year Plan period, with projected net profits for 2025-2027 being 3.73 billion, 4.11 billion, and 4.52 billion yuan, respectively, reflecting year-on-year growth rates of 11%, 10%, and 10% [12].