EVE(SZ:300014) Di Yi Cai Jing·2025-07-07 11:08Core Viewpoint - EVE Energy is facing intense competition in the battery manufacturing sector, particularly in the electric vehicle (EV) market, where its growth in power batteries is lagging behind the overall industry growth rate [1][2]. Group 1: Company Overview - EVE Energy has filed for an IPO in Hong Kong, aiming to raise funds primarily for projects in Hungary and Malaysia, as well as for operational expenses [1]. - The company's main business includes the research, production, and sales of consumer batteries, power batteries, and energy storage batteries [2]. Group 2: Financial Performance - In 2024, EVE Energy reported total revenue of 48.615 billion yuan, a slight decline of 0.35% year-on-year, with power battery revenue dropping significantly by 20% to 19.167 billion yuan [2]. - The net profit attributable to shareholders was 4.076 billion yuan, a modest increase of 0.63%, while the net profit excluding non-recurring items rose by 14.76% to 3.162 billion yuan [2]. - The company's power battery shipment volume reached 30.29 GWh, growing by 7.87%, but this growth is significantly lower than the approximately 35% growth in the overall EV market [2]. Group 3: Market Position and Competition - EVE Energy holds an 11.7% market share in global consumer batteries, 2.8% in global power batteries, and 17.2% in global energy storage batteries [5]. - The company faces competition from larger rivals who may have stronger financial resources and are actively seeking to increase their market share through various strategies [5]. - The automotive market is experiencing pressure due to underperformance in sales from some major clients, which has affected battery installation volumes [3]. Group 4: Strategic Initiatives - EVE Energy is constructing a battery production base in Malaysia, expected to be operational by 2025, and a facility in Hungary, projected to start production in 2027, to enhance its overseas business [4]. - The company is actively developing partnerships with new energy vehicle manufacturers to improve its growth prospects [4]. Group 5: Raw Material Management - EVE Energy is focused on managing the supply chain for key materials like lithium, nickel, and cobalt to ensure cost control and supply security [7]. - The company reported a gross margin of 17.4% in 2024, a slight increase from 16.6% in 2023, despite fluctuations in raw material prices [6][8].