Good Electric Material (301680) New Stock Overview, Online Subscription Starts on February 25

Securities Star News: Shenzhen Growth Enterprise Market’s new stock, Gude Electric Materials, will begin online subscription on February 25. The subscription code is 301680, and the winning numbers will be announced on February 27.

Gude Electric Materials System (Suzhou) Co., Ltd. is an advanced functional materials technology company. It specializes in the research, design, production, and sales of insulating composite materials and parts for new energy electric vehicles, clean energy power generation (wind, solar, hydro, nuclear), ultra-high voltage transmission and distribution, and other low-carbon energy industries. The company advocates for sustainable development, working with global partners to achieve the “30·60 Carbon Goals” and assist the world in transitioning to clean energy.

Gude Electric Materials is located in the Fenghu Lake Economic Development Zone in Suzhou, east of Shanghai, west of Taihu Lake, south of Zhejiang, and north of Suzhou. It is situated at the intersection of Jiangsu, Zhejiang, and Shanghai, within the Yangtze River Delta integration zone. Driving from the development zone to Shanghai via highway takes only 30 minutes, to Hangzhou 90 minutes, and to Suzhou just 40 minutes. The company is 53 km from Shanghai Hongqiao Airport, 106 km from Pudong Airport, 40 km from Wuxi Shuofang Airport, 150 km from Hangzhou Xiaoshan Airport, and 226 km from Nanjing Lukou Airport. It is 80 km from Shanghai Port, 100 km from Zhapu Port, 140 km from Zhangjiagang Port, and 340 km from Ningbo Port, all connected by highways.

The company’s main business includes the research, testing, and sales of high and low voltage electrical insulation systems and composite materials; development and sales of electrical system equipment (including tape, winding, molding, welding, and potting equipment); research, testing, and sales of insulation materials (including insulating varnish, varnish thinners, mica materials, anti-arc materials, insulating paper, films, tapes, boards, composite products, and electromagnetic wire); production, processing, and sales of insulation structural parts; production and sales of epoxy encapsulation/pour resin (solvent-free); development, testing, and sales of epoxy, polyurethane, silicone, and polyester insulation resins; wholesale of hazardous chemicals (Category 3, Item 2: solvent oil; Category 3, Item 3: xylene, styrene, vinyl toluene isomers, epoxy insulation varnish, alkyd insulation varnish, polyester insulation varnish, high-temperature resistant silicone paint (not for storage)); import and export of various goods and technologies (excluding those restricted or prohibited by the state).

The upstream industry chain includes mica raw materials such as mica flakes and mica tape, chemical materials like resins and curing agents, and flame-retardant insulation products. The downstream industry chain covers new energy vehicle industry, power battery industry, and power generation, transmission, and distribution sectors.

Regarding customer concentration, during the reporting periods, the company’s sales revenue from the top five customers accounted for 37.14%, 39.90%, 44.27%, and 41.94% of total revenue, respectively.

Gude Electric Materials’ revenue mainly comes from the business of thermal runaway protection components for new energy vehicle power batteries. The industry is classified as “Manufacturing of New Energy Vehicle Parts and Components.” According to Frost & Sullivan, the global market size for battery system safety protection grew from 1.75 billion yuan in 2020 to 11.54 billion yuan in 2024, with a compound annual growth rate of 60.25%. Driven by increasing sales of new energy vehicles and innovation in new materials, the global battery system safety protection market is expected to maintain steady growth, reaching 32.42 billion yuan by 2029.

The thermal runaway protection industry for new energy vehicle power batteries has developed rapidly in recent years. Currently in the rapid growth stage, it has not yet reached full competition. Due to the technical characteristics of thermal runaway protection, most industry participants are transformed from the insulation materials sector, including Gude Electric Materials, Zhejiang Rontai, Ping An Electric, Isovolta, SWECO, and others. The electrical insulation system and materials industry, with a long history and many market players, is highly competitive, with leading companies such as Gude Electric Materials, Huntsman, Dongcai Technology, Jufeng Co., Ltd., and Bofei Electric.

Based on the company’s situation, comparable reference companies include Zhejiang Rontai, Ping An Electric, Jufeng Co., Ltd., and Bofei Electric.

Gude Electric Materials’ 2025 annual report shows that the main business revenue was 1.106 billion yuan, up 21.79 year-over-year; net profit attributable to shareholders was 179 million yuan, up 4.3%; net profit after non-recurring gains and losses was 176 million yuan, up 1.93%. In Q4 2025, the company’s quarterly main business income was 356 million yuan, up 28.6% year-over-year; net profit attributable to shareholders was 61.26 million yuan, up 7.92%; net profit after non-recurring gains and losses was 60.03 million yuan, up 2.05%. The debt ratio was 29.61%, investment income was 631,500 yuan, financial expenses were -4.19 million yuan, and gross profit margin was 30.24%.

The above information is compiled from publicly available data by Securities Star, generated by AI algorithms (Network Credit Record 310104345710301240019), and does not constitute investment advice.