Joyson Electronics Reports Impressive 28% Year-on-Year Growth in Adjusted Net Profit for 2024
Joyson Electronics, a leading automotive parts supplier based in Beijing, recently announced its financial performance for the year 2024. The company reported a total revenue of approximately 55.9 billion yuan and a net profit of 1.28 billion yuan, excluding certain non-recurring gains and losses. This represents a significant 28% increase in net profit compared to the previous year.
One of the key highlights of Joyson Electronics’ financial report was the improvement in the gross profit margin of its main businesses, which saw a 1.8 percentage point increase to 16.3%. The company also experienced a surge in operating cash flow, reaching around 4.6 billion yuan. Throughout 2024, Joyson Electronics secured new global orders totaling approximately 83.9 billion yuan, demonstrating the strength of its core business profitability.
In terms of revenue breakdown, the automotive safety segment was a standout performer, generating around 38.7 billion yuan in revenue. This growth was attributed to a diverse customer base and an optimized client structure in the domestic market. The automotive electronics business also performed well, recording revenue of approximately 17 billion yuan.
To navigate the challenges posed by the volatile external environment, Joyson Electronics implemented strategic measures such as optimizing its global supply chain, increasing in-house production of core components, localizing raw materials, and relocating production capacity to low-cost regions. The company also established a global talent pool to enhance collaboration among regional workforces.
Thanks to these initiatives, Joyson Electronics saw a steady improvement in its gross profit margin. The automotive safety segment’s margin increased by 2.27 percentage points to 14.81% in 2024, with notable profitability improvements in Europe and the Americas. The automotive electronics segment also saw a margin increase to 19.7%, up 0.63 percentage points from the previous year. Regionally, the company achieved a gross margin of 19.69% in China, marking a 2.36-percentage-point increase year-on-year, while the overseas segment improved by 1.53 percentage points to 15.18%.
In 2024, Joyson Electronics continued its commitment to innovation by investing approximately 3.7 billion yuan in research and development. This brought the total investment in R&D since 2018 to over 24 billion yuan, solidifying the company’s position as one of China’s leading automotive parts suppliers.
Overall, Joyson Electronics’ strong financial performance in 2024 reflects its resilience and strategic focus on profitability and innovation in the face of challenging market conditions.
