A-share Subscription | Gude Electric Materials (301680.SZ) opens subscription as a tier one supplier for leading vehicle manufacturers and battery producers.

On February 25th, Gu De Dian Cai (301680.SZ) started the application process, with an issue price of 58 yuan per share, a maximum subscription limit of 4,500 shares, a P/E ratio of 27.96 times, listed on the Shenzhen Stock Exchange, and Soochow as its sponsoring institution. The prospectus reveals that Gu De Dian Cai focuses on the research, production, and sales of thermal runaway protection components for new energy vehicle power batteries and electrical insulation products, providing customized thermal runaway protection solutions and high-performance electrical insulation solutions to customers. The company focuses on the field of thermal runaway protection for new energy vehicles and has become a first-tier supplier to many globally renowned vehicle manufacturers as well as battery manufacturers. It has established long-term stable cooperation relationships with major industry leaders such as General Motors, Ford, Stellantis, Tesla, Hyundai Kia, Toyota, BMW, Geely, Leapmotor, Xiaopeng, FAW Group, and battery manufacturers like Contemporary Amperex Technology, Sunwoda Electronic, and Farasis. According to Frost & Sullivan statistics, the global battery system safety protection market is expected to grow from 17.5 billion yuan in 2020 to 115.4 billion yuan in 2024, with a compound annual growth rate of 60.25%. It is projected to continue growing steadily and reach 324.2 billion yuan by 2029. Mica materials are gradually being applied in thermal runaway protection for new energy vehicles due to their highly compatible flame-retardant insulation performance and excellent comprehensive performance. In the global battery system safety protection market in 2024, the mica material market size reaches 33.5 billion yuan, accounting for approximately 29.03%, and is expected to reach 105.9 billion yuan by 2029. The mica material market for new energy thermal runaway protection has vast development potential. Looking at the global new energy vehicle industry, according to statistics from the International Energy Agency (IEA) and EVTank Joint Ivy Economic Research Institute, the compound annual growth rate of global new energy vehicle sales from 2018 to 2024 is 43.78%. Particularly since 2021, global new energy vehicle sales have shown explosive growth, with sales reaching 18.236 million vehicles in 2024, a year-on-year increase of 24.45%. Global new energy vehicle sales are mainly concentrated in the three major markets of China, Europe, and the United States, with China's sales accounting for more than 50% of global sales. In 2024, new energy vehicle sales in Europe and the United States were 2.89 million and 1.573 million, respectively. According to EVTank's estimate, global new energy vehicle sales will reach 22.397 million in 2025, with China reaching 16.497 million. By 2030, global new energy vehicle sales are expected to reach 44.05 million. In terms of finances, the company achieved operating income of approximately 475 million, 651 million, and 908 million yuan in 2022, 2023, and 2024 respectively. During the same period, net profit was approximately 64.234 million, 98.027 million, and 1.66 billion yuan respectively. Gu De Dian Cai predicts that in 2025, operating income will reach 1.089 billion yuan, a 20.05% increase from the previous year; net profit attributable to the parent company's owners will be 177.47 million yuan, a 3.32% increase from the previous year; and net profit attributable to the parent company's owners after deducting non-recurring gains and losses will be 175.266 million yuan, a 1.30% increase from the previous year.