Joyson Electronics (600699): Consolidated thickening performance, abundant orders, guaranteed growth

Joyson Electronics (600699): Consolidated thickening performance, abundant orders, guaranteed growth

Brief description of results: The company’s annual report for 2018 and the first quarter of 2019 reported revenue of USD 56.2 billion in 2018, an increase of 111%, and net profit attributable to shareholders of listed companies13.

2 ‰, an increase of 233% in ten years, net profit after deducting non-attribution to mother is 9.

10,000 yuan.

The company intends to use capital reserves to transfer 4 shares for every 10 shares to all shareholders.

In the first quarter of 2019, it realized revenue of USD 15.4 billion, an increase of 121% year-on-year, and realized net profit attributable to shareholders of listed companies2.

80,000 yuan, a 10-year increase of 793%, net profit after 南京桑拿网 deducting non-attribution to 2.

9 trillion, a big increase of 2315% in ten years.

The performance was in line with expectations, and consolidated the results.

In terms of business, in April 2018, the company completed the acquisition of Takata and became the second largest passive safety supplier in the world. In 2018, the company’s automotive safety business achieved revenue of 42.9 billion US dollars, and gradually realized a substantial increase.

Automotive electronics and functional components achieved revenue growth of 2% and 23%, respectively.

The company’s gross profit margin in 2018 was 17.

0%, an increase of 0 from 2017.

6 averages, gross profit margin for the first quarter of 2019 was 17.

15%, basically flat for one year.

In terms of cost rate, the cost during the year 2018 was fifteen.

2%,北京夜网 zero for one year.

8 averages, cost rate 12 during 2019.

8%, about 2 years ago.

8 units.

Ample orders in hand, stable growth can be expected.

At present, the company’s automotive electronics business has more than 17 billion new orders. The HMI business sits at the core partners of Volkswagen, BMW, Mercedes-Benz, Ford, GM and other internationally renowned vehicle manufacturers. It has a mature product system and high-quality customer structure.

Intelligent car linkage, simultaneous development at home and abroad, the foreign market has obtained Volkswagen and Audi brand vehicle information systems, and entered mass production in 2020; the country has received North and South Volkswagen MQB and MEB platform orders and entered mass production in 2019.

In terms of new energy electronics, VW, Mercedes-Benz, Nissan, Ford and other customers have successively received new energy vehicle management system orders.

In terms of automotive safety, the company has continued to optimize and integrate after the completion of Takata’s mergers and acquisitions. At present, it has received more than 55 billion new orders with a gross profit margin from December 2017.

6% increased to 15.


Active safety product driver monitoring systems have been mass-produced in some Cadillac models.

Earnings forecasts and investment advice.

The company’s deep deployment of driverless, new energy vehicle electronics, and global technology leadership will lead the company to become an international component giant through extension + integration.

Expected 2019?
The net profit attributable to mothers will be 13 in 2021.



700 million, EPS is 1.



87 yuan, maintain “Buy” rating.
Risk warning: The global auto industry’s production and sales growth rate is lower than expected; Takata’s integration is lower than expected