Joyson Electronics’ net profit surges 61.47% YoY in H1 2024

Beijing (Gasgoo)- On July 29, Joyson Electronics released its financial report for the first half of 2024 (H1 2024), showcasing significant improvement in profitability. The company achieved a net profit of 640 million yuan, which leapt 61.47% year on year, while operating profit surged 60.94% from the previous year to 1.139 billion yuan.

Photo credit: Joyson Electronics

Despite the complex and volatile global automotive market, Joyson Electronics reported revenue of approximately 27.1 billion yuan in H1 2024. The company's profit improvement plan, which includes enhancing existing product processes, capacity transfer, and cost reduction measures, has contributed to the continued strengthening of its core business profitability.

During the reporting period, its overall gross profit margin increased by 2.4 percentage points year on year to 15.8%. In the second quarter alone, the gross profit margin rose 2.3 percentage points from a year ago to approximately 16.1%, reflecting a sequential improvement of around 0.6 percentage points from the first quarter.

Regionally, Joyson Electronics' domestic gross profit margin improved by 2.74 percentage points year over year to around 18.79%, while the overseas gross profit margin increased 2.24 percentage points year on year to about 14.97%.

By business segments, the automotive safety segment saw its gross profit margin grow 3.6 percentage points from the previous year to 14.3%, with performance improving consecutively over several quarters across all major global regions. The automotive electronics segment maintained a relatively stable gross profit margin of around 19.3%.

Additionally, Joyson Electronics actively seized market opportunities, expanded key customer bases, and optimized its new business order structure. The company reported strong momentum in new business orders, with total new orders amounting to approximately 50.4 billion yuan for the first half of the year.