Shanghai (ZXZC)- In 2023, Ningbo Joyson Electronic Corp. ("Joyson Electronics") continued its robust growth across various business sectors, achieving annual revenues of roughly 55.7 billion yuan, marking a year-on-year (YoY) growth of around 12%, according to the annual results it issued this week.

To be specific, its automotive electronics division contributed to an operating income of about 17.2 billion yuan, reflecting a YoY growth of roughly 12%, while the automotive safety division reported an operating income of around 38.6 billion yuan, also showing a YoY growth of about 12%.

Photo credit:  Joyson Electronics

While maintaining steady revenue growth, the company said it implemented a series of measures to enhance efficiency, control costs, and reduce expenses to improve profitability, with positive results yielded. Key indicators such as gross profit margin and net profit margin continued to optimize, with economies of scale gradually manifesting.

The company's total profit in 2023 reached around 1.76 billion yuan, marking a substantial surge of approximately 267% compared to the previous year.

In the same time span, the company’s main businesses achieved a gross profit margin of around 15.2%, a YoY increase of 3.16 percentage points, steadily improving quarter by quarter. Its annual net profit attributable to the parent company reached about 1.083 billion yuan, zooming up 175% from the previous year. Excluding the impact of certain non-recurring gains and losses, its net profit reached about 1.003 billion yuan, indicating a significant YoY surge of 219%.

The automotive safety division recorded a main business gross profit margin of about 12.8% last year, up 3.6 percentage points over a year earlier. All four major business regions globally have become profitable, with the Asian region demonstrating outstanding profitability. In addition, the automotive electronics division achieved a main business gross profit margin of approximately 20.7%, a YoY increase of 2.1 percentage points, primarily benefiting from the continuous optimization of its product portfolio and the control of material costs and global shipment costs.

Mainly thanks to a well-balanced global client portfolio and a sustainable business development philosophy, the company's operating net cash flow reached 3.93 billion yuan in 2023, zooming up 82% YoY, with accounts receivable periods consistently maintained at a leading global level.

Joyson Electronics also reported an annual R&D expenditure of around 2.541 billion yuan for the year of 2023, which rose 18.83% from the year-ago period mainly due to the increased R&D investment in such fields as intelligent cockpit, intelligent connectivity, intelligent driving, and high-voltage fast charging.