EVE(SZ:300014) Xin Lang Cai Jing·2025-09-05 04:42Core Viewpoint - The growth in energy storage and new energy vehicles has led to a rapid increase in lithium battery shipments, with CATL showing strong performance, while EVE Energy faces challenges in profitability despite revenue growth [1][2]. Group 1: Company Performance - In the first half of 2025, EVE Energy's revenue grew by over 30%, but net profit declined, with a non-GAAP net profit increase of 3.78% after excluding stock incentives and bad debt provisions [1][2]. - EVE Energy's revenue for 2022, 2023, and 2024 was 36.304 billion, 48.784 billion, and 48.615 billion respectively, with net profits of 3.12 billion, 4.12 billion, and 3.67 billion [2]. - The company's asset-liability ratio reached a new high since Q3 2022, indicating increased urgency for its Hong Kong IPO, which aims to raise funds for battery expansion projects in Hungary and Malaysia [1]. Group 2: Market Competition - EVE Energy faces intensified competition from major players like CATL and BYD in the energy storage and power battery sectors, resulting in lower gross margins [2]. - The average selling price of EVE Energy's consumer batteries decreased from 6.9 yuan to 5 yuan from 2022 to 2024, while power battery prices fell from 1.1 million yuan per GWh to 600,000 yuan [2]. Group 3: Capacity and Utilization - EVE Energy's capacity utilization rate for power storage batteries has been declining over the past four years, with future capacity expansion projected to be about twice the current capacity, raising concerns about overcapacity [1][2]. - As of mid-2025, EVE Energy's short-term borrowings were 753 million, with total interest-bearing liabilities increasing, reflecting a high asset-liability ratio of 62.57% [2]. - The company has significant ongoing construction projects, with the balance of construction in progress rising from 93.08 billion at the end of 2024 to 122.65 billion in mid-2025 [2].