固德电材IPO回复落实函：业绩增速下滑系短期因素导致，在手订单2.8亿

Core Viewpoint - The performance growth of Gude Electric Materials is under scrutiny due to fluctuations in customer vehicle sales and the impact of changing subsidy policies for new energy vehicles, with a notable slowdown in growth expected in 2025 [2][9][10]. Group 1: Company Overview - Gude Electric Materials was established in 2008, focusing on the research, production, and sales of thermal runaway protection components for new energy vehicle batteries and high-performance insulation products for electrical applications [1]. - The company provides customized thermal runaway protection solutions and high-performance insulation solutions for electrical applications [1]. Group 2: Financial Performance - For the first nine months of 2025, Gude Electric Materials achieved operating revenue of 750.13 million, representing an 18.81% year-on-year growth, while net profit attributable to shareholders was 118.79 million, with a growth of 2.52% [5]. - In the first half of 2025, the company reported operating revenue of 457.62 million, a 23.85% increase year-on-year, and a net profit of 81.16 million, up 14.48% [4]. - The revenue from thermal runaway protection components decreased by 3.88% in the first nine months of 2025, while revenue from electrical insulation systems increased by 17.69% [6]. Group 3: Market Dynamics - The U.S. electric vehicle tax credit policy is set to end on September 30, 2025, which may impact demand for new energy vehicles [2]. - In China, the vehicle purchase tax exemption for new energy vehicles will be in effect from 2024 to 2025, followed by a 50% reduction from 2026 to 2027 [2]. - The company has experienced a decline in sales to General Motors, with a 50.36% year-on-year drop, primarily due to overestimated sales expectations for certain vehicle models [9]. Group 4: Future Outlook - Gude Electric Materials anticipates that the slowdown in performance growth is due to short-term factors rather than fundamental changes in the industry or a weakening of core competitiveness [10]. - As of September 30, 2025, the company had an order backlog of 284.65 million, reflecting a 39.43% increase from June 30, 2025, indicating rapid growth in order reserves [10].