USI 2023 Financial Report: Revenue Declines, Automotive Electronics Revenue Increases

USI Electronics' 2023 financial report shows that the company achieved operating income of 60.792 billion yuan, a year-on-year decrease of 11.27%. Net profit attributable to the parent company was 1.948 billion yuan, a year-on-year decrease of 36.34%. Affected by the sluggish demand for communications and consumer electronics products, the revenue of these two major product lines decreased by 14.93% and 11.39% year-on-year respectively. However, automotive electronics product revenue achieved significant growth, reaching 5.137 billion yuan, a year-on-year increase of 10.18%. In addition, USI plans to complete the construction and put into operation the second plant in Poland and the second plant in Mexico in mid-2024, and to complete the construction and put into operation the second phase of the Tanzi plant in Taiwan and the Vietnam plant in early 2025.