NJEC(SH:600699) Zhi Tong Cai Jing·2025-10-20 00:03Core Viewpoint - Ningbo Joyson Electronic Corp. is set to list on the Hong Kong Stock Exchange, with CICC and UBS serving as joint sponsors, highlighting the company's growth potential in the automotive technology sector [1][3]. Company Overview - Joyson Electronic is a provider of smart automotive technology solutions, focusing on advanced products and solutions in key areas of the automotive parts industry, particularly automotive electronics and safety [3]. - The company ranks 41st globally in the automotive parts industry and is the second-largest supplier of passive safety products in China and worldwide, according to Frost & Sullivan [3]. Market Trends - The global sales of new energy vehicles are projected to surge from 3.2 million units in 2020 to 19 million units by 2024, with a compound annual growth rate (CAGR) of 14.9% expected until 2029 [4]. - This trend presents both opportunities and challenges for traditional automakers, driving them to adopt new technologies and solutions, which in turn benefits Joyson Electronic [4]. Operational Footprint - Joyson Electronic has established over 25 R&D centers and more than 60 production bases across major automotive markets in Asia, Europe, and North America, enabling synchronized development and supply chain management with global automakers [4]. - As of April 30, 2025, the company's overseas sales are expected to account for 74.7% of total revenue, reflecting its strong international presence [4]. Financial Performance - For the fiscal years ending December 31, 2022, 2023, and 2024, Joyson Electronic reported revenues of approximately RMB 49.79 billion, RMB 55.73 billion, and RMB 55.86 billion, respectively, with profits of RMB 2.33 billion, RMB 12.40 billion, and RMB 13.26 billion [5][7]. - The company recorded a revenue of RMB 19.71 billion and a profit of RMB 490.53 million for the four months ending April 30, 2025 [5][7].