Shanghai (ZXZC)- On January 16, Joyson Electronics, a global leading automotive electronics and automotive safety system supplier, released its annual performance forecast for 2023.

In 2023, Joyson Electronics is expected to achieve revenue of approximately 55.6 billion yuan, representing a year-on-year growth of around 12%. Its annual net profit attributable to shareholders is estimated to be around 1.089 billion yuan, with a year-on-year spike of approximately 176%, and non-recurring net profit attributable to the parent is estimated to be around 989 million yuan, with a year-on-year surge of around 215%.

Joyson Electronics' global headquarter; photo credit: Joyson Electronics

Joyson Electronics said its various businesses maintained a good momentum of steady growth in 2023 thanks to the recovery of global major automobile markets in terms of production and sales, the gradual stabilization of the supply chain, the rapid development of intelligent electric vehicles, the improvement of the global automotive industry’s operating environment, and the continuous increase in orders from domestic and foreign customers. The company expects to achieve a year-on-year revenue growth of about 12% to 55.6 billion yuan for the full year, with automotive electronics expected to achieve revenue of around 17.1 billion yuan and automotive safety likely to achieve roughly 38.5 billion yuan.

The company expects that its net profit attributable to the parent for the full year of 2023 would zoom up around 176% over a year earlier to 1.089 billion yuan, and the non-recurring net profit attributable to shareholders would soar 215% year on year to 989 million yuan. In the fourth quarter of 2023, the company's net profit attributable to the parent would increase by approximately 18% year over year to 310 million yuan, and the non-recurring net profit attributable to the parent would rocket around 420% from the previous year to 318 million yuan.

Joyson Electronics stated that the profitability of its main business continues to strengthen, mainly due to the gradual manifestation of economies of scale resulting from the steady growth in operating income. In addition, the cost reduction and efficiency improvement measures implemented by the company in recent years have also achieved continuous results.

It is worth noting that the profitability of Joyson Electronics' automotive safety business in regions such as Europe and North America has continued to improve, while the Asia-Pacific region has benefited from the growth of new customers in the Chinese market. The overall profitability of its global automotive safety business has continued to improve on a quarterly basis.

In addition to revenue growth, Joyson Electronics has also made significant progress in areas such as intelligent driving, automotive safety, and new energy vehicle in 2023. For example, the company has launched multiple innovative products, including intelligent driving domain controllers and leapfrog automotive safety airbags, and has obtained a global project for power electronics on an 800V high-voltage platform from a well-known automaker, with a total lifecycle order value of 13 billion yuan.