Camera module maker MCNEX saw its revenue in auto components jump 43% in the first half of the year.
On Monday, the company said it recorded 443.2 billion won in revenue and 500 million won in operating profit in the first half of 2023.
Revenue increased by 24% year-on-year while operating profit dipped 94% over the same time period.
The profit drop is likely due to the main customer Samsung recording underwhelming smartphone revenue. The tech giant accounts for up to 70% of MCNEX’s revenue as it supplies the camera modules used in smartphones.
However, its figures show that MCNEX is successfully diversifying its revenue source at the same time as its auto components revenue increased 43% year-on-year to 113.5 billion won.
Out of its total revenue for the first half of the year, auto components made up 25.6%, double that of a year ago.
MCNEX began supplying camera modules directly to Hyundai Motor Group in the second half of last year as its tier-1 supplier.
MCNEX previously supplied camera modules through Hyundai Motor’s subsidiary Hyundai Mobis.
Supplying directly to the automaker has caused unit prices to increase for MCNEX, sources said.
MCNEX also gained new automaker customers in Europe last year and more recently one based in North America, they added.
Camera modules are in increasing demand from cars as more of them pack autonomous driving features that require more of them.
