Joyson Electronics expects net profit of up to 361 million yuan in 2022

Shanghai (Gasgoo)- Chinese automotive supplier Ningbo Joyson Electronic Corp. ("Joyson Electronics") announced on Friday its profit forecast for the year of 2022, reversing its loss-making status in the previous year.

According to the company statement, Joyson Electronics anticipated an annual net profit attributable to shareholders of 321 million yuan-361 million yuan ($47.342 million-$53.242 million) in 2022, versus the net loss of 3.753 billion yuan ($553.507 million) in 2021.

Photo credit: Joyson Electronics

Excluding the impact of certain non-recurring gains and losses, the company is expected to record a full-year net profit of 353 million yuan-393 million yuan ($52.062 million-$ 57.96 million), surging from the net loss of 3.787 billion yuan ($558.522 million) for the year-ago period.

Joyson Electronics said the profit growth partly flew from its rising revenue. In 2022, the company saw its full-year revenue climb around 9% year on year to roughly 49.7 billion yuan ($7.33 billion). To be specific, 15.3 billion yuan ($2.257 billion) and 34.4 billion yuan ($5.073 billion) were earned by the automotive electronics and automotive safety business units, representing a year-on-year growth of around 15% and 6%, respectively. 

Since 2022, the company has actively taken a slew of measures to mitigate and reduce the impact of external factors, and developed multiple solutions to stabilize supply, control costs, improve operation efficiency, etc. Thanks to those efforts, the company has seen its global supply chain perfected, expense control enhanced, and production & management efficiency augmented, so as to greatly improve its business performance and turn a loss into profit.

Joyson Electronics also noted a robust performance in new order taking. In 2022, the company received new orders amounting to over 75 billion yuan ($11.061 billion) cumulatively, over 60% of which were from the new energy vehicle (NEV) field.

Joyson Electronics expects the NEV-related business to account for over 60% of its revenue in the future.