Beijing (ZXZC)- China’s major automotive electronics supplier, Joyson Electronics, announced on October 10 it is expecting a substantial year-on-year growth in its net profit and revenue in the first three quarters of 2022. 

Photo credit: Joyson Electronics

In the third quarter of the year, Joyson Electronics’ revenue is estimated to be around 12.8 billion yuan ($1.8 billion), jumping 22% from a year ago. Its net profit attributable to shareholders should come in at around 220 million-235 million yuan ($30.6 million-32.7 million). 

In the Jan.-Sept. period, the company’s total revenue is estimated to be around 35.7 billion yuan ($5 billion), resulting in a net profit attributable to shareholders of roughly 115 million-130 million yuan ($16 million-18.1 million), which indicated a 534%-617% soar from a year ago. 

The positive performance projections resulted from the company’s fast-growing business. Specifically, Joyson Electronics’ automotive electronics business continues to maintain a high growth rate and is expected to bring in about 4.1 billion yuan ($570.8 million) in revenue in the third quarter this, representing a 31% jump year-over-year. The company’s auto safety business expected a turnaround with its quarterly revenue estimated to be about 8.7 billion yuan ($1.2 billion) in the Jul.-Sept. period, up about 18% year on year.

Notably, according to Joyson Electronics’ announcement, it is expected that the company’s future business revenue generated in the field of new energy vehicle would exceed 50%.