Joyson Electronics’ H1 2024 revenue edges up 0.24% YoY, net profit leaps

Shanghai (Gasgoo)- On the evening of August 21, Ningbo Joyson Electronic Corp. ("Joyson Electronics") released its semi-annual financial report for 2024, showcasing solid financial performance despite ongoing changes in the global automotive market.

The company reported a revenue of 27.079 billion yuan for the first half of this year, marking a modest year-on-year growth of 0.24%. Notably, the net profit attributable to shareholders jumped by 33.91% from a year earlier to 637 million yuan, with the net profit after excluding non-recurring items leaping by 61.2% to 639 million yuan.

Photo credit: Joyson Electronics

In response to the evolving competitive landscape of the global automotive industry, Joyson Electronics has focused on optimizing its global production capacity, leveraging the operational strengths and supply chain advantages of its Asia-Pacific region to enhance performance in other areas. The company also implemented platform-based design and lean manufacturing practices to drive quality and efficiency improvements. As a result, the company's operational quality and resilience have steadily increased, with core businesses continuing to grow robustly and profitability significantly enhanced. Notably, the gross profit margin for the company's main business improved by 2.14 percentage points year-on-year, reaching 15.58% in the first half of 2024.

Breaking down the performance by business segment, Joyson Electronics' automotive safety division generated approximately 18.8 billion yuan in revenue, with steady growth in revenue scale. This division has seen sequential quarterly revenue increases and achieved profitability across all four of its major global regions. The gross profit margin for the automotive safety business improved by 3.3 percentage points year-on-year, reaching 13.94%. Meanwhile, the automotive electronics division, aligned with the industry's trends toward electrification and intelligence, reported revenue of around 8.3 billion yuan, maintaining a stable gross profit margin of about 19.37%.

Geographically, Joyson Electronics maintained its leadership in global manufacturing and research and development. In the first half of 2024, 78% of the company's revenue came from overseas markets. Through supply chain and production optimization, the company saw gross profit margin improvements both domestically and internationally. The domestic gross profit margin in China rose by about 2.28 percentage points to 18.33%, while the gross profit margin in overseas market business increased by 2.05 percentage points to 14.78%.

Joyson Electronics also capitalized on opportunities in the automotive market, securing new orders from key clients and sustaining strong momentum. In the first half of 2024, the company secured new global full-lifecycle orders totaling 50.4 billion yuan, a year-on-year increase of about 20%. The structure of these new orders is also continuously improving, with 30 billion yuan (approximately 60%) of the orders related to new energy vehicles, and 23 billion yuan (over 45%) secured by domestic teams.

As of the end of July, Joyson Electronics had accumulated global full-lifecycle orders worth over 63 billion yuan this year.

Amid the ongoing transformation of the global automotive industry towards smart and electric vehicles, Joyson Electronics has maintained high-intensity R&D investment, focusing on areas such as vehicle-road-cloud coordination, body domain intelligence, smart cockpits, intelligent driving, intelligent connectivity, and high-voltage fast charging for new energy vehicles. In the first half of 2024, the company invested around 1.7 billion yuan in R&D, achieving multiple innovations and applications in automotive intelligence and safety.