GXED(SH:600617) Sou Hu Cai Jing·2025-12-17 12:24Core Insights - Suzhou Green Control Transmission Technology Co., Ltd. (Green Control Transmission) has received approval for its IPO on the ChiNext board, with China International Capital Corporation as the sponsor [2] - The company, established in December 2011, specializes in electric drive systems for new energy commercial vehicles, including pure electric, hybrid, and fuel cell vehicles [2] - Green Control Transmission holds the leading market share in the electric motor supply for new energy heavy trucks from 2022 to 2024 [2] Industry Overview - The development of the new energy vehicle industry in China is driven by technological advancements, decreasing costs, strong policy support, improved product experiences, and enhanced infrastructure [2] - According to the China Association of Automobile Manufacturers, new energy vehicle sales in China are projected to reach 12.866 million units in 2024, representing a 36% year-on-year growth, maintaining the global lead for ten consecutive years [2] - Sales of new energy commercial vehicles in China are expected to reach 607,300 units in 2024, a year-on-year increase of 71.42%, with new energy trucks and buses accounting for 322,200 and 285,000 units, respectively [2] - The penetration rates for new energy commercial vehicles from 2022 to 2024 are projected to be 11.31%, 11.27%, and 19.45%, indicating a rapid acceleration in the electrification of commercial vehicles [2][3] - The "Energy-saving and New Energy Vehicle Technology Roadmap 3.0" plans for new energy commercial vehicles to account for over 70% of annual new commercial vehicle sales by 2040, suggesting significant market potential for the electric drive system industry [3]