Ningbo Joyson Electronic (600699) Q3 2024 earnings summary

Executive summary

• Revenue for the first three quarters of 2024 was RMB 41.13 billion, nearly flat year-over-year despite a 1.8% decline in global light vehicle production.

• Net profit attributable to shareholders rose 20.9% year-over-year to RMB 941.5 million, with net profit excluding extraordinary items up 40.25%.

• Gross margin improved by 1.6 percentage points to 15.6%, driven by cost reduction and efficiency measures.

• Automotive safety business saw operating income of RMB 28.4 billion and gross margin up 2.6 percentage points to 14.0%.

• New business orders for the first three quarters totaled RMB 70.4 billion, with RMB 37.6 billion from new energy vehicles.

Financial highlights

• Revenue for Q3 2024: RMB 14.06 billion, down 1.68% year-over-year.

• Net profit attributable to shareholders for Q3: RMB 304.7 million, up 0.5% year-over-year.

• Basic and diluted EPS for the first three quarters: RMB 0.67, up 18.58% year-over-year.

• Net cash flow from operating activities for the first three quarters: RMB 3.05 billion, up 10.69% year-over-year.

• Total assets at quarter-end: RMB 59.2 billion, up 4.07% from year-end 2023.

Outlook and guidance

• Focus on expanding in intelligent electric vehicles, domestic brands, and global markets.

• Continued investment in R&D to support competitiveness and future revenue streams.