Joyson Electronics posts 28% YoY growth in 2024 adjusted net profit

Beijing (Gasgoo)- On March 27, Joyson Electronics released its 2024 annual financial report, posting revenue of approximately 55.9 billion yuan and a net profit of 1.28 billion yuan excluding the impact of certain non-recurring gains and losses, which jumped 28% year on year.

Photo credit: Joyson Electronics

The company's gross profit margin of main businesses rose by 1.8 percentage points from the year-ago period to 16.3%, while operating cash flow surged to around 4.6 billion yuan. Joyson Electronics strengthened its core business profitability, securing approximately 83.9 billion yuan in new global orders throughout 2024.  

In the past year, the company's automotive safety segment saw strong growth, generating around 38.7 billion yuan in revenue, supported by a broad customer base and optimized domestic client structure. Meanwhile, its automotive electronics business recorded revenue of approximately 17 billion yuan.  

In response to a volatile external environment, Joyson Electronics implemented several strategic measures, including optimizing its global supply chain, increasing in-house production of core components, localizing certain raw materials, and relocating production capacity from high-cost to low-cost regions. Additionally, it established a global talent pool to enhance regional workforce collaboration.  

Thanks to cost-reduction and efficiency-enhancing initiatives, the company's gross profit margin steadily improved. The automotive safety segment's margin rose by 2.27 percentage points year-on-year to 14.81% in 2024, with profitability in Europe and the Americas showing notable improvement. The automotive electronics segment's margin climbed to 19.7%, up 0.63 percentage points from a year ago. Regionally, in China, the company achieved a 2.36-percentage-point year-on-year increase in gross margin to 19.69%, while the overseas segment improved by 1.53 percentage points to 15.18%.  

In 2024, Joyson Electronics invested approximately 3.7 billion yuan in R&D, bringing its total investment since 2018 to over 24 billion yuan, maintaining its position among China's leading automotive parts suppliers.