Joyson Electronics boasts 12.7% YoY increase in Q1 2023 revenue

Beijing (Gasgoo)- Joyson Electronics, Chinese supplier of automotive electronics and safety solutions, saw its first-quarter revenues reach 13.22 billion yuan in 2023, representing a year-on-year increase of around 12.7%. 

Photo credit: Joyson Electronics

In the first three months of the year, the company recorded a net profit of approximately 200 million yuan, which grew 360 million yuan from a year ago.

During the report period, Joyson Electronics implemented a series of measures to improve its business operation, resulting in a continuous improvement in the gross profit margin, which reached around 13%, up by 2 percentage points year on year. 

Its automotive electronics business segment achieved a quarterly revenue of about 4.06 billion yuan, indicating a year-on-year increase of 18.5%. Meanwhile, the automotive safety business segment reported a first-quarter revenue of approximately 9.17 billion yuan, which hiked 10.3% from the prior-year period, while its gross profit margin recovered to around 10%.

Joyson Electronics’ net operating cash flow was improved to around 630 million yuan in the first three months of 2023, soaring 316.63% from a year ago. 

In addition, Joyson Electronics has been actively focusing on the development of the intelligent electric vehicle industry and expand its customer base, and accumulated new orders valuing around 17.4 billion yuan (throughout the product lifecycle).