Joyson Electronics turns loss into profit in H1 2023

Beijing (Gasgoo)- Major Chinese automotive component supplier Ningbo Joyson Electronic Corp. ("Joyson Electronics") on Monday unveiled its H1 2023 financial report with a notable operating revenue of around 2.7 billion yuan, marking a year-on-year jump of approximately 18%. 

Photo credit: Joyson Electronics

Joyson Electronics achieved a significant turnaround during the first half of this year, with a net profit attributable to its parent company of about 476 million yuan, indicating a substantial positive shift from the previous losses.

Breaking down the performance of each division, Joyson Electronics' automotive electronics sector reported an operating revenue of roughly 8.3 billion yuan in H1, which zoomed up 24% from a year ago. Meanwhile, the automotive safety segment attained an operating revenue of about 18.7 billion yuan, reflecting a steady year-on-year increase of approximately 15%. 

Joyson Electronics emphasized its commitment to optimizing global production capacity, aligning with industry trends and new business orders. This strategy encompasses the transfer of capacity to low-cost countries/regions, as well as China, while enhancing the production capacity utilization rates in Europe and the Americas, specifically for global platform projects. Leveraging operational excellence, supply chain advantages, and platform-oriented design, the company aims to reduce costs and enhance product profitability through a comprehensive global layout and lean production methodologies.

During the first half of 2023, Joyson Electronics experienced rapid growth in new business orders. The financial report unveiled a total order value of approximately 42.2 billion yuan in the first six months of this year. Notably, new orders within the automotive electronics segment reached around 21.6 billion yuan, while the automotive safety division secured approximately 20.6 billion yuan. Moreover, new energy vehicle-related orders exceeded an impressive 30 billion yuan, constituting over 70% of the total. Strengthened partnerships, particularly with Chinese auto brands and startups, contributed to a domestic new order value of around 16.7 billion yuan.