Joyson Electronics reports 2-digit YoY growth in Q3 revenue, net profit

Shanghai (Gasgoo)- On October 23, Chinese automotive supplier Ningbo Joyson Electronic Corp. ("Joyson Electronics") released its performance report for the third quarter (Q3) of 2023. During this period, it achieved a quarterly revenue of approximately 14.3 billion yuan, marking an 11.48% year-on-year increase. Meanwhile, the net profit attributable to the parent company's shareholders jumped by 28.22% to 303 million yuan.

Photo credit: Joyson Electronics

In the first three quarters of the year (Q1-Q3), the company's total operating income reached around 41.3 billion yuan, showing a 15.57% year-on-year growth. The Jan.-Sept. net profit attributable to shareholders amounted to 779 million yuan, skyrocketing 494.54% over the previous year.

Joyson Electronics attributes its sustained robust growth to the recovery of sales in major global automotive markets and the continuous surge in customer orders. The improvement in gross profit margin is primarily due to the steady growth in the company's operating income and the effective implementation of various cost-reduction and efficiency enhancement measures.

Strong expansion in new businesses has significantly contributed to its success, with new energy vehicle (NEV)-related orders totaling around 35 billion yuan in the Q1-Q3 period, said Joyson Electronics.

Throughout this year, China’s central and local governments have introduced a plethora of policies and measures to stimulate car consumption, combined with various automakers launching new vehicle models in the fall, thus extending the vitality of the domestic auto market, notably reviving the "Golden September and Silver October" phenomenon. Moreover, according to third-party data, major automotive markets in Europe, North America, Japan, India, and more have been consistently rebounding.

In this favorable market climate, Joyson Electronics has sustained steady growth in all its business segments. Notably, its automotive electronics business achieved an operating income of approximately 12.6 billion yuan in the first nine months of this year, an increase of about 17% year-on-year. The automotive safety business also picked up pace, generating an operating income of around 28.7 billion yuan, marking a 15% year-on-year increase.

Behind the robust growth in its business segments is the substantial investment in R&D and continuous technology innovation, said Joyson Electronics. Data indicates that in the first three quarters of 2023, Joyson Electronics allocated a total of 1.744 billion yuan for R&D business.