Shanghai (ZXZC)- Driven by strategic optimization and the dual push of intelligentization and electrification product innovations, Ningbo Joyson Electronic Corp. ("Joyson Electronics") has achieved a breakthrough in the number of new customers and new orders, the company said on Aug. 2.

According to its statement, the company's global cumulative new customer orders (over the entire lifecycle) for the first half of 2023 are expected to exceed 42 billion yuan, with new energy vehicle-related orders accounting for over 30 billion yuan, representing more than 70% of the total.

Joyson Electronics' global headquarters; photo credit: Joyson Electronics

Notably, there has been significant progress in orders for the 800V high-voltage fast-charging power electronics products for new energy vehicles. In April of this year, Joyson Electronics announced that its subsidiary had secured a global project from a well-known automaker, providing power electronics products for the latter's new energy vehicle's 800V high-voltage platform, with the total order amount estimated at around 13 billion yuan over the entire lifecycle.

Breaking down the business segments, the automotive electronics business showed continued robust growth. It is expected to achieve approximately 8.3 billion yuan in operating revenue for the Jan.-Jun. period, with a 24% year-on-year growth, and new order amounts exceeding 21.5 billion yuan.

Meanwhile, the automotive safety business has also seen steady growth, projecting operating revenue of roughly 18.7 billion yuan for the first half of 2023, with a 15% year-on-year increase and new order amounts exceeding 20.5 billion yuan.

In terms of regional distribution, the Chinese market continues to live up to expectations. Among the above-mentioned 30 billion yuan of new energy vehicle-related orders, domestic new customer orders account for about 16.7 billion yuan, nearly 40% of the total. Notably, orders from leading domestic brands and startups have seen a continuous increase in share.

Joyson Electronics emphasized that the newly acquired orders are not expected to have a significant impact on the company's performance for this year, but they will contribute to increasing future annual business revenue and have a positive effect on the company's future business performance.

Joyson Electronics announced last month that for the first six months of this year, the company is expected to achieve approximately 27 billion yuan in operating revenue, marking an 18% year-on-year growth. Meanwhile, its net profit attributable to the parent company and the non-GAAP net profit attributable to the parent company are estimated to be 475 million yuan and 395 million yuan, respectively.