April 11, 2023, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Greenland Technologies Holding Corp. (NASDAQ: GTEC) titled, “Significant EV Opportunity with a Profitable and Growing Base Business”. The report can be accessed here.

Through its HEVI division, Greenland manufactures and sells lithium-ion battery powered construction equipment in North America. Its products are currently undergoing a demonstration program with United Rentals, other leading companies, and municipalities. The HEVI division builds upon Greenland’s profitable and growing base business as a leading Tier 1 supplier of transmissions and integrated electric drivetrains for more than 100 multinational and Chinese lift truck manufacturers.

Water Tower Research expects the financial performance of the company to rebound in 2023 as the extreme COVID-related lockdowns in China weighed on 2022 results. In addition, milestone announcements on the HEVI demonstration programs and any orders should prove to be catalysts for the shares.

Greenland offers investors a profitable and growing company with significant potential sales and earnings growth from its nascent EV division. The company has reported GAAP profits since its listing in 2019 and shares currently trade at 5.1x its 2022 earnings.

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