Financial Services Association, April 8 (Reporter Luo Yichen) This afternoon, at the 2023 performance briefing of Joyson Electronics (600699.SH), the company's repurchase progress became a hot topic of investors' attention. Some investors suggested that the company's management complete the repurchase as soon as possible, and said, “If there is no repurchase operation for a long time, it will mislead our investors. I feel that the company still thinks the current stock price is too high and is still waiting to be repurchased at a lower price.”

Low stock prices in February of this year triggered a wave of repurchases by listed companies. After two months, many investors began to focus on the repurchase process of listed companies. Companies that are making slow progress will inevitably be labeled as “lacking confidence.”

According to public information, the current round of repurchases of Joyson Electronics began on February 20. The company plans to use 100 million to 200 million yuan of its own capital to repurchase. The maximum repurchase price is 23 yuan/share to implement employee stock ownership plans or equity incentives. After the buyback began, the company's stock price slowly rose from around 15.54 yuan/share. The latest closing price was 16.88 yuan/share. As of March 31, the company had paid about 25.54 million yuan for the repurchase amount, only 27% of the lower repurchase limit.

Joyson Electronics mainly focuses on the fields of smart cockpit and intelligent connectivity, intelligent driving, new energy management, and active and passive vehicle safety, and provides one-stop solutions for key technical fields of smart electric vehicles to global automakers. In the past few years, the company's global layout has faced serious challenges. Risks such as sharp fluctuations in profits and impairment of goodwill have made investors quite anxious. After a series of layout adjustments, the company's performance trend gradually stabilized, showing a quarterly growth trend in 2023.

According to the announcement, Joyson Electronics' 2023 performance exceeded market expectations, achieving revenue of 55.728 billion yuan, an increase of about 12% over the previous year, and net profit attributable to shareholders of listed companies of 1,083 billion yuan, an increase of 174.79% over the previous year.

As domestic cars go overseas intensively, the market expects the company's global layout to benefit. At the meeting, in response to the question of “whether the company is considering expanding production capacity in Southeast Asia”, the company's management responded that it has already completed the planning and implementation of relevant production capacity in Southeast Asian countries such as the Philippines, Thailand, and Malaysia, and emphasized that its first-mover advantage in its global layout can match the needs of domestic automobile brands going overseas to Western Europe and Southeast Asia. “We have already negotiated overseas local cooperation matters with some leading domestic independent brands.”

At present, a wave of expansion in the automobile industry in Southeast Asia has arrived. Following domestic automakers announcing the construction of factories in Southeast Asia, in order to meet customers' overseas needs, parts manufacturers such as Feikaida (002863.SZ) have also begun to expand production capacity in Southeast Asia. The wave of overseas travel is reshaping the automobile industry chain, and a new industry pattern is expected to take shape.

In addition to worrying about the company's repurchase progress, the company's business plan for this year is also the focus of investors' concerns. In response, the company's management said that thanks to the continued recovery in light vehicle sales in major global automobile markets and the company's continued operating strategy of reducing costs and increasing efficiency in 2023, the overall production and operation side is stable, moderate and positive, and strives to achieve operating revenue of 60 billion yuan in 2024.