Hui Cheng Technology(SZ:300779) Zheng Quan Zhi Xing·2025-06-19 09:34Core Viewpoint - Qingdao Huicheng Environmental Technology Group Co., Ltd. maintains a stable credit rating of A+ for both the company and its convertible bonds, indicating strong creditworthiness and operational stability despite facing challenges in profitability and market demand [1][3][4]. Company Overview - The company was established in 2006 and transformed into a joint-stock company in 2015, with a registered capital of 750 million yuan. It was listed on the Shenzhen Stock Exchange in 2019 [11]. - As of March 2025, the company has total assets of 5.365 billion yuan and equity of 1.538 billion yuan [12]. Financial Performance - In 2024, the company achieved an operating revenue of 1.149 billion yuan, with a profit of 41 million yuan, but reported a loss of 9 million yuan in the first quarter of 2025 [12][20]. - The company's total debt reached 2.282 billion yuan by the end of 2024, reflecting a 53.61% increase from the beginning of the year [9]. Operational Highlights - The company has a production capacity of 40,000 tons per year for FCC catalysts and 256,480 tons per year for hazardous waste disposal, with a nearly 100% collection rate for ash disposal [3][4]. - The company holds 61 authorized patents, showcasing its strong technological capabilities in waste treatment and resource utilization [4][16]. Market Dynamics - The company faces challenges due to high customer concentration, with the top five customers accounting for 56.6% of sales revenue in 2024 [5][20]. - The demand for catalysts has been insufficient, leading to price reductions and increased competition in the market [5][20]. Future Outlook - The company plans to expand its customer base and is optimistic about the potential profitability from new projects, including a waste plastic resource utilization project [4][19]. - The stable rating outlook suggests that the company is expected to maintain its operational scale and financial health in the near future [4][19].