Joyson Electronics boasts over 40% YoY surge in Q1-Q3 2024 net profit

Beijing (Gasgoo)- On October 28, Joyson Electronics released its latest financial report, revealing cumulative revenue of 41.135 billion yuan for the first three quarters of 2024, maintaining year-over-year stability.

Photo credit: Joyson Electronics

Excluding non-recurring items, the company’s net profit attributable to shareholders reached 941 million yuan, marking a 40.25% surge compared to the same period last year.

The company's revenue breakdown includes 28.4 billion yuan from the automotive safety business and 12.7 billion yuan from the automotive electronics sector in the first three quarters of this year. The report highlighted Joyson Electronics’ successful cost-reduction initiatives, which have led to a 1.6 percentage point year-on-year increase in gross profit margin, now at 15.6%, strengthening its core profitability.

In the Jan.-Sept. period, the company’s new business orders continued robust growth, totaling around 70.4 billion yuan in lifetime value, a 19.32% year-on-year rise. Orders for new energy vehicle-related products accounted for over half of this, reaching approximately 37.6 billion yuan in value. Within its two main business segments, automotive safety unit's orders totaled 49.1 billion yuan, while automotive electronics arm achieved 21.4 billion yuan in new order value.

The company has continued its investment in R&D, increasing R&D expenditure to 1.772 billion yuan in the first nine months of 2024. Key R&D focuses include intelligent driving systems, 800V high-voltage fast charging technologies, and advanced automotive safety technology for both active and passive systems to support future autonomous driving trends.