Greenland Technologies Holding Corp. Q4 FY2021 earnings call

• CEO Raymond Wang thanked the team for record revenue and sales. - Revenue was $98.8 million, nearly meeting top-line guidance despite supply chain constraints. - Lower earnings due to Chinese market slowdown and high raw material costs, but price increases and EV division investment. - Electric Industrial Heavy Equipment division launched GEF series, GEL-1800, GEX-8000, with plans for Maryland assembly and New Jersey experience centers. - Strategic partnerships with Cyngn and Princeton NuEnergy for autonomous solutions and battery recycling. - R&D investment increased 132% in 2021, launching 3 new electric industrial vehicle lines.

For the full-year 2021, Greenland Technologies achieved record revenue of $98.8 million, up 48% year-over-year. The main driver was growth in transmission products, with 141,431 units sold, a nearly 30% increase from the previous year. Cost of goods sold rose 47% to $79.8 million due to higher sales volume and raw material prices. Gross profit was $19.6 million, up 53% from 2020, with a gross margin of 19.8%. The Electric Industrial Heavy Equipment division launched initial product lines in the US in 2021, with plans to expand assembly in Maryland and develop experience centers in New Jersey, though experience center launch is delayed to end of 2022.

• 2022 annual revenue and earnings guidance not issued due to volatile environment. - Q1 expected strong sales with headwinds throughout the year, price increases to offset costs. - EV division expects 100-150 electric vehicles in 2022, 1,750-2,000 by 2024 as assembly and experience centers expand.

• Supply chain constraints impacting revenue targets. - High raw material and component costs persisting longer than anticipated. - Slowdown in the Chinese forklift market. - Delay in the launch of experience centers in New Jersey due to limited site inventories and high traffic areas.

Q: Touch on core China business trends and geographic markets for expansion.

A: China is global forklift leader, but smaller OEMs are adapting to global markets like Europe, Africa, South America. EV business diversifies offering, targeting US as untapped market with significant opportunity, and expanding to rest of world from there.

Q: How's institutional investor base reception?

A: Interest is strong, but low commitment due to low market cap ($60M) and trading volume; 95% of shareholders are retail currently.