Joyson Electronics forecasts YoY growth in Q3 2023 revenue, net profit

Shanghai (Gasgoo)- Ningbo Joyson Electronic Corp. (“Joyson Electronics”) recently disclosed its expectations for the company's performance in the first three quarters of 2023 (Q1-Q3 2023). It anticipates achieving revenues of roughly 40.7 billion yuan in this period, marking a year-on-year growth of about 14%.

Specifically, the company is projected to yield revenues of around 13.7 billion yuan in the third quarter (Q3), with a year-on-year growth of about 7%.

This positive outlook is attributed to Joyson Electronics' sustained and robust growth, fueled by the recovery in major global automotive markets and continuous growth in customer orders, said the company.

Photo credit: Joyson Electronics

Furthermore, Joyson Electronics anticipates year-on-year growth in net profits attributable to the parent company's shareholders for both Q3 and Q1-Q3 period of this year.

The company said its profit rise primarily flowed from the steady increase in its operating revenue, and the effective implementation of various cost reduction and efficiency enhancement measures.

Joyson Electronics operates in two main business segments: automotive safety and automotive electronics, both of which have demonstrated steady growth this year.

The automotive safety, the company's primary business, includes products such as seatbelts, airbags, intelligent steering wheels, and integrated safety solutions. In 2023, the company has been consistently optimizing global production capacity and expanding its domestic customer base.

As for the automotive electronics business, Joyson Electronics focuses on three key areas: intelligent cockpits/intelligent connectivity, intelligent driving, and new energy management. In the realm of intelligent cockpits/intelligent connectivity, the company has maintained its collaboration with Huawei and has already implemented its solutions in models of such brands as SERES and AVATR. In the field of intelligent driving, it has introduced intelligent driving domain controllers based on chip platforms such as Qualcomm and Horizon Robotics. Regarding new energy management, Joyson Electronics has secured a global order worth 22 billion yuan cumulatively for 800V high-voltage fast charging solutions.