CICC: Greentown's Q1 production and sales are strong, maintaining a "buy" rating.

The research report of China Everbright Securities pointed out that Grinmeow's parent net profit for the annual report of 2024 and the first quarter of 2025 both achieved year-on-year growth. The company's competitiveness in nickel resources continues to strengthen, and the power battery and tungsten recovery business are expected to become new profit growth points for the company, maintaining a "hold" rating. In the first quarter of 2025, production and sales were both strong, with a year-on-year increase of 12.10% in parent net profit, and the average capacity utilization of core products exceeded 97%. The company has continuously enhanced its competitiveness in the nickel resources and new energy materials industry chains by connecting the "laterite nickel ore - new energy raw materials - new energy materials" industry chain. With the implementation of large-scale equipment updates and the old-for-new strategy for consumer goods in China, the company's power battery recycling, rare metal resource recycling, and scrap car recycling businesses are expected to grow in volume.