EVE(SZ:300014) 2 1 Shi Ji Jing Ji Bao Dao·2025-06-30 13:04Core Viewpoint - EVE Energy plans to invest 8.654 billion yuan in a new energy storage battery project in Kedah, Malaysia, marking a significant step in its global strategy following its announcement of a secondary listing in Hong Kong [1][2]. Investment and Expansion - The new project will add 10 to 15 GWh of energy storage battery capacity within a construction period of no more than 2.5 years [2]. - EVE Energy's previous investment in Malaysia includes the establishment of EVE Energy Malaysia Co., Ltd. and the construction of its 53rd factory [2]. Strategic Considerations - Malaysia was chosen for its ASEAN regional advantages and policy support, which are expected to reduce international trade friction risks and align with the rapidly growing Southeast Asian renewable energy market [3]. - The project aims to mitigate losses from increasing international trade tensions and support business order growth, capacity expansion, and overall operational performance [3]. Business Performance - In 2024, EVE Energy's energy storage battery business generated revenue of 19.03 billion yuan, a year-on-year increase of 16.44%, accounting for 39% of the company's total revenue [4]. - The company achieved a shipment volume of 50.45 GWh, a year-on-year increase of 91.9%, ranking second globally in energy storage battery shipments [4]. Market Demand - Global demand for energy storage batteries is increasing, with shipments expected to reach 369.8 GWh in 2024, a year-on-year growth of 64.9% [5]. - Chinese companies accounted for 93.5% of global energy storage battery shipments last year, further increasing their market share by 2.6 percentage points [5]. Production Capacity and Challenges - Despite the overall surplus in energy storage battery capacity, EVE Energy is expanding production, maintaining a full production and sales status [6][7]. - The company plans to invest 10.8 billion yuan to produce the world's largest single carbon-neutral battery factory with a total planned capacity of 60 GWh [7]. Future Outlook - EVE Energy has signed significant supply agreements, including a strategic cooperation agreement with Haibosichuang for 50 GWh of energy storage batteries over three years [11]. - The company anticipates that its overseas business proportion will increase significantly by 2026 [14].