Ningbo Joyson Electronic (600699) H2 2024 earnings summary

Executive summary

• Revenue reached RMB 55.9 billion in 2024, stable year-over-year, with gross margin up 1.8 percentage points to 16.2%.

• Net profit attributable to shareholders was RMB 960 million, impacted by one-off restructuring costs; adjusted net profit excluding non-recurring items was RMB 1.28 billion, up 28% year-over-year.

• Record new project orders of RMB 83.9 billion, with RMB 57.4 billion from Automotive Safety and RMB 26.5 billion from Automotive Electronics.

• Completed acquisition of Guangdong Senssun Weighing Apparatus Group Ltd., expanding presence in new energy and intelligent cockpit sectors.

• Launched Hong Kong IPO process to support international expansion.

Financial highlights

• Revenue: RMB 55.86 billion, up 0.24% year-over-year.

• Net profit attributable to shareholders: RMB 960.47 million, down 11.33% year-over-year due to restructuring costs.

• Adjusted net profit (excluding extraordinary items): RMB 1.28 billion, up 27.74% year-over-year.

• Net cash flow from operating activities: RMB 4.6 billion, up 17.12% year-over-year.

• Gross margin: 16.3%, up 1.8 percentage points year-over-year.

• Automotive Safety revenue: RMB 38.7 billion; Automotive Electronics revenue: RMB 17.0 billion.

Outlook and guidance

• Anticipates continued growth in new energy and intelligent vehicle markets, with China leading global expansion.

• Expects further improvement in profitability as high-quality orders enter mass production and cost initiatives take effect.

• Strategic focus on intelligent driving, cockpit, connectivity, and robotics, leveraging AI and global R&D.

• Plans to accelerate embodied robotics business and international expansion.