JONHON(SZ:002179) China Post Securities·2024-03-20 16:00Investment Rating - The report gives a "Buy" rating for the company, indicating an expected return exceeding 20% relative to the benchmark index over the next six months [8]. Core Insights - In 2023, the company achieved a revenue of 20.074 billion, representing a year-on-year growth of 26.75%, and a net profit attributable to shareholders of 3.339 billion, up 22.86% year-on-year [5][6]. - The overall gross margin improved to 37.95%, an increase of 1.41 percentage points compared to the previous year, indicating enhanced profitability [6]. - The company is focusing on its core business of connectivity and accelerating market expansion, particularly benefiting from the growth in the electric vehicle and data center sectors [7]. - The company has adjusted its development goals for the 14th Five-Year Plan, emphasizing a strategy of professional development, group operations, capital operations, international expansion, and precise management [7]. - For 2024, the company plans to achieve a revenue of 22.1 billion, a growth of 10.09%, and a total profit of 4.11 billion, also reflecting a growth of 10.08% [7]. Financial Summary - The company reported a total revenue of 20.074 billion in 2023, with projected revenues of 24.212 billion, 28.718 billion, and 33.486 billion for 2024, 2025, and 2026 respectively, showing growth rates of 20.61%, 18.61%, and 16.61% [9]. - The net profit attributable to shareholders is projected to be 4.117 billion in 2024, 4.990 billion in 2025, and 5.846 billion in 2026, with growth rates of 23.28%, 21.22%, and 17.15% respectively [9]. - The company's earnings per share (EPS) is expected to increase from 1.58 in 2023 to 1.94 in 2024, 2.35 in 2025, and 2.76 in 2026 [9].