① In the first quarter of this year, the boom in the auto parts industry continued unabated; ② the net profit and orders of leading manufacturer Junsheng Electronics both increased; ③ Changes in the global automotive industry faced many potential risks.
Finance Association, April 25 (Reporter Luo Yichen) In the first quarter of this year, the auto parts industry boomed unabated. As a leading manufacturer, Joyson Electronics (600699.SH) had a good start. While revenue remained flat year on year, net profit to mother increased by about 53% year on year. At the same time, it received new orders (full life cycle) of about 29.8 billion yuan, a significant increase from 17.4 billion yuan in the same period last year.
On the evening of April 25, Joyson Electronics released a quarterly report, achieving revenue of 13.277 billion yuan, which was basically the same as the previous year. Among them, net profit to mother was 307 million yuan, an increase of 53.11% over the previous year. This is also the fifth consecutive quarter in which its net profit to mother has continued to rise.
Previously, many brokerage firms expected Junsheng Electronics' net profit to be increased by about 40% year-on-year in 2024, reaching a scale of around 1.5 billion yuan. According to reports, in the past, the company's revenue distribution was fairly balanced, and there was no obvious seasonality.
Revenue data was further broken down. Of the total revenue of about 13.3 billion yuan, the automotive safety business contributed about 9.3 billion yuan, and automotive electronics contributed about 4 billion yuan, accounting for 70% and 30% respectively. The overall revenue structure remained stable. On this basis, the company's profit growth was mainly due to the implementation of various cost reduction and efficiency measures, leading to continuous cost optimization, and gross margin increased 2.5 percentage points over the same period last year to about 15.5%.
At the same time, the company's ability to obtain orders has also improved markedly. In the first quarter of this year, the total lifetime value of new orders received by Joyson Electronics worldwide was about 29.8 billion yuan, an increase of more than 71% over the previous year. Among them, the total amount of new orders received by the automotive safety business was about 23.9 billion yuan, and the total amount of new orders received by the automotive electronics business was about 5.9 billion yuan.
Regarding the rapid increase in orders, Joyson Electronics said it has benefited from seizing a series of market opportunities such as the rise of independent brands, the growth of smart electric vehicles, overseas automobile travel, and the recovery of overseas car markets. According to reports, of the 29.8 billion yuan increase in orders, 22.9 billion yuan was related to new energy vehicles, and domestic independent brands and new car companies contributed greatly.
It is worth noting that although the auto parts industry is highly scenic at this stage, the entire industry chain still faces many potential risks. As one of the few domestic auto parts manufacturers with a global layout, Joyson Electronics mentioned in the report that changes such as the tightening of NEV subsidy policies in some European countries and the price war between domestic car companies continue to affect the competitive landscape of the global automobile industry, and changes in the normal delivery of customer project orders have also increased.