By Kate Yuan

(JW Insights) Jul 12 -- Joyson Electronics (均胜电子), a leading Chinese auto parts supplier, reported an expected RMB27 billion ($3.75 billion) revenue for the first half of 2023, up 18% year on year, the company announced on July 11.

Founded in 2004 and headquartered in Ningbo of eastern China’s Zhejiang Province, Joyson Electronics focuses on intelligent cockpit, intelligent driving, E-Mobility and automotive safety. It was listed on Shanghai Stock Exchange in 2011. The company is a long-term partner of global automotive manufacturers including BMW, Mercedes-Benz, Audi, Volkswagen, General Motors and Ford, showed its official website.

Joyson’s net profit attributable to the shareholders of its parent company is expected to reach RMB475 million ($66.07 million), compared to a net loss of RMB105 million ($14.6 million) in the same period last year.

Joyson attributed the positive performance to the gradual recovery of demand in major global automobile markets, the stabilization of the supply chain, and the rapid development of intelligent electric vehicles.

The company's automotive electronics business has been growing steadily, with revenue expected to reach about RMB8.3 billion ($1.15 billion) in H1 of 2023, surging 24% over the previous year. Meanwhile, the company's automotive safety business is expected to see about RMB18.7 billion ($2.6 billion) revenue in H1 of 2023, an increase of 15% from a year earlier.