GEM(SZ:002340) Zheng Quan Zhi Xing·2025-06-12 09:27Core Viewpoint - The credit rating agency Oriental Jincheng has maintained the credit rating of Greenmei Co., Ltd. at AA+ with a stable outlook, reflecting the company's strong market position and operational capabilities in the new energy materials and urban mining sectors [3][4][9]. Company Overview - Greenmei Co., Ltd. specializes in the manufacturing of new energy battery materials and urban mining, forming a dual-track business model that emphasizes both sectors [10][11]. - The company is controlled by Shenzhen Huifengyuan Investment Co., Ltd., with key stakeholders being Xu Kaihua and Wang Min [11][15]. Financial Performance - As of March 2025, the company's total assets amounted to 723.20 billion, with equity of 251.85 billion and a profit of 16.18 billion [13]. - The company has seen a significant increase in its revenue from urban mining operations, benefiting from a robust waste recycling network [8][16]. Market Position and Competitive Advantage - Greenmei holds a leading position in the market for nickel resources, with a production capacity of 150,000 tons per year established in Indonesia, ranking among the top three globally in MHP nickel production [7][8]. - The company has a strong focus on research and development, enhancing its technological and scale advantages in the industry [7][9]. Industry Analysis - The new energy materials industry is expected to grow significantly due to the increasing demand for electric vehicles, with the market for power batteries and materials projected to expand [18][19]. - The competition in the new energy supply chain is intensifying, with major players concentrated in China, where companies like Greenmei are positioned to leverage their resource and technological advantages [20][21]. Future Outlook - The stable credit rating outlook suggests that the company is likely to benefit from the rapid development of the new energy vehicle industry and government policies promoting recycling and resource recovery [9][14]. - The urban mining sector is anticipated to grow as the market for battery recycling expands, driven by the increasing volume of retired batteries [28][29].