JONHON(002179) 东吴证券·2024-03-17 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 20.074 billion yuan in 2023, representing a year-on-year growth of 26.75%, and a net profit attributable to shareholders of 3.339 billion yuan, up 22.86% year-on-year. This growth is attributed to the continuous expansion in the defense sector, rapid growth in emerging fields such as data centers, oil equipment, and photovoltaic energy storage, as well as increased coverage among mainstream customers in the new energy vehicle sector and accelerated international market layout [2][3] - The company’s connector production reached 81.72 million units in 2023, a year-on-year increase of 17.89%, driven by expansion projects. Key projects include the operation of the first phase of the South China industrial base, which enhances high-end manufacturing capabilities, and the near completion of the Luoyang basic components industrial park, which is expected to gradually open up growth space for the company’s performance [3] - The company is expected to benefit from macroeconomic policies and its "going out" strategy, with stable expectations for its new energy vehicle business. The company focuses on strategic emerging industries, with connector products that have high added value in both military and civilian applications, supported by a comprehensive marketing network in domestic and international markets [3] - The company’s performance is in line with expectations, and based on the high prosperity of the military industry during the 14th Five-Year Plan period, the company’s leading position in the military connector market, and the rapid development of downstream businesses, net profits for 2024-2026 are projected to be 3.997 billion yuan, 5.019 billion yuan, and 6.083 billion yuan respectively, corresponding to P/E ratios of 19, 15, and 12 times [3] Financial Summary - In 2023, the company reported total revenue of 20.074 billion yuan, with a year-on-year growth rate of 26.75%. The gross profit margin remained stable at over 40% for the main connector business, which generated revenue of 15.5 billion yuan, reflecting the company's strong position as a preferred interconnection solution provider [2][3] - The company’s total assets are projected to grow from 35.57 billion yuan in 2023 to 63.94 billion yuan by 2026, with total liabilities increasing from 13.56 billion yuan to 25.89 billion yuan over the same period [7] - The company’s earnings per share (EPS) for 2023 was 1.58 yuan, with projections of 1.89 yuan for 2024, 2.37 yuan for 2025, and 2.87 yuan for 2026, indicating a positive growth trajectory [2][8]