Joyson Electronics forecasts 18% YoY growth in H1 2023 revenue

Shanghai (Gasgoo)- On July 11, Joyson Electronics, a leading global automotive electronics and automotive safety system supplier, announced its performance forecast for the first half of 2023.

For the first six months of the year, the company expects to achieve revenue of approximately 27 billion yuan, representing a year-on-year growth of about 18%. The net profit attributable to shareholders is expected to reach around 475 million yuan, marking a turnaround from loss to profit.

Joyson Electronics said it is estimated to have a net profit attributable to shareholders of about 275 million yuan in the second quarter, showing a quarter-on-quarter growth of about 38%.

Joyson Electronics' global headquarters; photo credit: Joyson Electronics

Joyson Electronics anticipates a non-recurring net profit attributable to shareholders of approximately 395 million yuan for the first half of 2023, reflecting a remarkable growth of about 383% compared to the same period last year. For the second quarter, the company is expected to achieve a non-recurring net profit of about 262 million yuan, demonstrating a quarter-on-quarter growth of about 97%.

External factors contributing to Joyson Electronics’ stable growth in various businesses include the gradual recovery of global automotive markets, a stabilizing supply chain, and the rapid development of intelligent electric vehicles, the company explained.

The company's automotive electronics business, which closely aligns with the trends of intelligent electrification and the thriving Chinese market, is expected to achieve a revenue volume of about 8.3 billion yuan in the Jan.-Jun. period, marking a year-on-year increase of about 24%. Meanwhile, its automotive safety business maintains steady growth, with an expected revenue of roughly 18.7 billion yuan, reflecting a year-on-year increase of about 15%.

Furthermore, in the first half of 2023, Joyson Electronics continued its strategic expansion in high-level autonomous driving and other areas. During this period, the company unveiled its first autonomous driving domain controller, nDriveH, which is based on Qualcomm chips. Additionally, Joyson Electronics signed a strategic cooperation agreement with Horizon Robotics to jointly advance the R&D of high-level autonomous driving solutions.