JONHON(002179) 光大证券·2024-03-17 16:00Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 20.074 billion yuan in 2023, representing a year-on-year growth of 26.75% [2] - The net profit attributable to the parent company was 3.339 billion yuan, with a year-on-year increase of 22.86%, aligning closely with the forecast of 3.4 billion yuan [2] - The company has made significant breakthroughs in market expansion, particularly in the defense sector, and has strengthened its position as a preferred interconnection solution provider [3] - The company is focusing on strategic emerging industries in its civil high-end manufacturing business, achieving notable growth in data centers, oil equipment, and photovoltaic energy storage [3] - The internationalization strategy is accelerating, with a successful implementation of a "major clients + regional" market development model [3] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 4.715 billion yuan, a year-on-year increase of 39.34%, and a net profit of 446 million yuan, up 2.92% year-on-year [2] - Total operating income for 2023 was 20.074 billion yuan, with a growth rate of 26.75% [4] - The net profit for 2023 was 3.339 billion yuan, with a growth rate of 22.86% [4] Cost and Expenses - Management expenses increased significantly to 1.333 billion yuan, a rise of 46.52%, primarily due to the implementation of a restricted stock incentive plan [3] - R&D expenses totaled 2.197 billion yuan, reflecting a 37.55% increase as the company continues to enhance innovation and technology empowerment [3] Cash Flow - The net cash flow from operating activities grew by 45.79% year-on-year, driven by improved customer credit management and innovative accounts receivable management [3] Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2024 and 2025 downwards by 8.44% and 13.96% to 3.891 billion yuan and 4.517 billion yuan, respectively [3] - The projected EPS for 2024, 2025, and 2026 are 1.84 yuan, 2.13 yuan, and 2.50 yuan, with corresponding PE ratios of 19X, 17X, and 14X [3]