JONHON(SZ:002179) Changjiang Securities·2025-09-05 02:13Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The defense demand has significantly recovered, and the booming civilian business is driving rapid revenue growth for the company. However, the company's performance has declined year-on-year due to rising raw material prices, changes in business structure, and price reductions for some products [2][4]. - The company achieved a revenue of 11.183 billion yuan in the first half of 2025, representing a year-on-year increase of 21.60%, while the net profit attributable to the parent company was 1.437 billion yuan, a decrease of 13.87% year-on-year. In Q2 2025, the revenue was 6.345 billion yuan, with a year-on-year growth of 22.40% and a quarter-on-quarter growth of 31% [4]. Summary by Sections Business Performance - The company has seen a notable recovery in defense orders since the beginning of 2025, with high growth in the new energy vehicle, data center, and industrial equipment sectors driving overall revenue growth [10]. - The liquid cooling solutions and other products have outpaced the growth of optical/electrical products, with overseas business expansion progressing smoothly. The liquid cooling business grew by 27.08% year-on-year, significantly higher than the overall revenue growth [10]. Financial Forecast - The company is expected to achieve net profits attributable to the parent company of 3.73 billion yuan, 4.18 billion yuan, and 4.67 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11%, 12%, and 12%. The corresponding price-to-earnings ratios are projected to be 24, 21, and 19 times [10].