JONHON(SZ:002179) Changjiang Securities·2024-03-18 16:00Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company relies on continuous vertical integration in the defense sector and horizontal expansion in civilian products to ensure steady revenue growth. The ongoing "cost efficiency project" drives stable profit growth [7]. - In 2023, the company achieved a revenue of 20.074 billion yuan, a year-on-year increase of 26.75%, and a net profit attributable to shareholders of 3.339 billion yuan, with a growth rate of 22.86% [6][7]. - The company has made breakthroughs in the defense market and solidified its position as a preferred supplier for interconnection solutions. In the civilian sector, it has seen significant growth in data centers, oil equipment, photovoltaic energy storage, and the new energy vehicle business [7]. Financial Summary - The company reported a revenue of 20.074 billion yuan in 2023, with a gross profit of 7.619 billion yuan, resulting in a gross margin of 38% [12]. - The projected net profits for 2024, 2025, and 2026 are 4.163 billion yuan, 5.245 billion yuan, and 6.630 billion yuan, respectively, with year-on-year growth rates of 25%, 26%, and 26% [7][12]. - The company's overall gross margin has reached a historical high, driven by the implementation of the "cost efficiency project" and strategic cost control [7].