Joyson Electronics Reports 61.47% Increase in Net Profit in H1 2024
Joyson Electronics, a leading automotive electronics company, recently released its financial report for the first half of 2024 (H1 2024), showing a significant improvement in profitability. The company achieved a net profit of 640 million yuan, a remarkable 61.47% increase compared to the previous year. Operating profit also surged by 60.94% to 1.139 billion yuan.
Despite the challenging global automotive market conditions, Joyson Electronics reported a revenue of around 27.1 billion yuan in H1 2024. The company’s profit improvement plan, which focuses on enhancing product processes, capacity transfer, and cost reduction measures, has played a key role in strengthening its core business profitability.
One of the highlights of the financial report is the increase in the overall gross profit margin, which rose by 2.4 percentage points year on year to 15.8%. In the second quarter alone, the gross profit margin saw a 2.3 percentage point increase from the previous year to approximately 16.1%, indicating a sequential improvement of around 0.6 percentage points from the first quarter.
Regionally, Joyson Electronics saw improvements in both domestic and overseas gross profit margins. The domestic gross profit margin increased by 2.74 percentage points year over year to around 18.79%, while the overseas gross profit margin rose by 2.24 percentage points to about 14.97%.
In terms of business segments, the automotive safety segment experienced a significant growth in gross profit margin, which increased by 3.6 percentage points to 14.3%. This segment showed consistent improvement across all major global regions. On the other hand, the automotive electronics segment maintained a relatively stable gross profit margin of around 19.3%.
Joyson Electronics also successfully seized market opportunities, expanded its customer base, and optimized its new business order structure. The company reported a strong momentum in new business orders, with total new orders amounting to approximately 50.4 billion yuan for the first half of the year.
Overall, Joyson Electronics’ financial report for H1 2024 reflects a strong performance and strategic growth initiatives that have contributed to the company’s impressive profitability. With a focus on innovation, operational efficiency, and market expansion, Joyson Electronics is well-positioned for continued success in the competitive automotive electronics industry.
