EVE(SZ:300014) Hua Xia Shi Bao·2025-07-09 02:55Core Viewpoint - EVE Energy has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds primarily for its 30GWh battery factory in Hungary and a 38GWh energy storage project in Malaysia, to accelerate its global capacity expansion [2][3]. Group 1: Overseas Expansion - EVE Energy is pursuing a dual overseas strategy, focusing on a 30GWh battery project in Hungary and a 38GWh energy storage base in Malaysia, with production expected to start in 2027 and 2025-2026 respectively [3]. - The investment in Malaysia amounts to 8.654 billion yuan, positioning it as a multi-scenario lithium battery production base to meet energy storage needs and support electric two-wheelers and tool batteries [3]. - The Hungarian base targets local battery supply for European automakers like BMW and Mercedes, aligning with the company's recent capacity expansion strategy [3]. Group 2: Market Dynamics - Despite domestic overcapacity, the overseas market presents significant opportunities, with Chinese lithium battery companies planning to build 58 factories abroad, totaling a designed capacity of 787.5GWh and an investment exceeding 363 billion yuan [4]. - EVE Energy's international capacity expansion is part of a broader trend among leading battery manufacturers, with major players like CATL and Sunwoda also establishing factories in Hungary [4]. Group 3: Financial Performance - EVE Energy's revenue from energy storage batteries reached 19.027 billion yuan in 2024, a year-on-year increase of 16.44%, with the segment's revenue share rising from 33.5% to 39.1% [6]. - The average selling price of energy storage batteries decreased from 0.6 yuan/Wh to 0.4 yuan/Wh in 2024, leading to a decline in gross margin from 17% to 14.7% [6]. - The company's cash flow has improved, with a net cash flow from operating activities of 0.892 billion yuan in Q1 2025, a significant turnaround from -1.751 billion yuan in the previous year [8]. Group 4: Capital Structure and Debt - EVE Energy's cash reserves increased by 48.21% to 13.435 billion yuan as of March 2025, although this still falls short of the total investment needs for its overseas projects [8]. - The company's debt ratio has risen to 62%, with interest-bearing liabilities reaching 32.819 billion yuan, reflecting a 34.97% year-on-year increase [8]. - Financial expenses surged by 131% to 0.181 billion yuan in Q1 2025, primarily due to interest payments [8].