JONHON(SZ:002179) Minsheng Securities·2024-03-15 16:00Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 35.31 CNY [1] Core Views - The company achieved a net profit of 3.34 billion CNY in 2023, representing a year-on-year growth of 23.7%, which aligns with market expectations [1] - The company is focusing on developing strategic emerging industries to create a "second growth curve" [1] - The company has invested heavily in automation production capabilities, with nearly 100 automated production lines implemented throughout the year [1] Financial Performance Summary - Total revenue for 2023 was 20.07 billion CNY, a year-on-year increase of 26.7% [2] - The gross profit margin for 2023 was 37.95%, with a net profit margin of 17.61% [2] - The company expects net profits to reach 3.93 billion CNY in 2024, reflecting a growth rate of 17.6% [2] Business Segment Growth - All three major business segments experienced growth, with the electrical connectors and integrated interconnection components segment generating revenue of 3.15 billion CNY, up 27.3% year-on-year [1] - The company has solidified its position as a preferred supplier of interconnection solutions in the defense sector and achieved rapid growth in data centers, oil equipment, and photovoltaic energy storage [1] Investment Recommendations - The company is positioned as a leading domestic special connector manufacturer, aiming to become a "world-class" interconnection solution provider [1] - Future strategies include expanding into strategic emerging industries and enhancing innovation-driven initiatives [1]