动力电池业务下滑 储能内卷加剧 亿纬锂能押注匈牙利30GWh项目赌未来｜纵深

Core Viewpoint - EVE Energy has re-submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise capital for its overseas expansion, particularly focusing on a 30GWh battery project in Hungary, while facing challenges in its various business segments [2][9][12] Group 1: IPO and Market Response - EVE Energy's updated listing application was submitted just three days after the expiration of its initial prospectus, which is a standard procedure in the IPO process [2] - The company experienced a positive market reaction, with its stock price rising by 4.88% to 68.97 CNY per share on the first trading day of the year [2] - The IPO aims to facilitate access to both domestic and international capital markets to support overseas production capacity expansion [2][9] Group 2: Financial Performance and Challenges - EVE Energy's revenue growth has slowed, with total revenues projected at 363.04 billion CNY, 487.84 billion CNY, and 486.15 billion CNY for 2022, 2023, and 2024 respectively, while net profits are expected to decline [3] - The company's main revenue-generating segment, the power battery business, saw a significant revenue drop of 20.08% in 2024, contributing to an overall revenue decline [3][4] - The average selling price of power batteries decreased from 11 million CNY/GWh to 6 million CNY/GWh from 2022 to 2024, leading to continuous pressure on profit margins [5][7] Group 3: Business Segment Analysis - The energy storage battery segment has shown growth, with revenues increasing from 94.32 billion CNY in 2022 to 190.27 billion CNY in 2024, but it faces intense competition and declining profit margins [6][7] - The consumer battery segment remains a bright spot, with revenues reaching 103.22 billion CNY in 2024, but its overall contribution to total revenue is limited [8] - EVE Energy's market share in the power battery sector has declined, dropping from 4.45% in 2023 to 2.3% in 2024, necessitating a shift to a price competition strategy [5][6] Group 4: International Expansion and Challenges - The company is focusing on international expansion, particularly in Europe, with plans for a 30GWh battery project in Hungary expected to commence production in 2027 [9][10] - Challenges include supply chain localization, increased operational costs, and competition from established players like CATL and BYD, as well as international firms such as LG and Samsung [10] - The transition from low-price competition to value competition in the lithium battery industry is underway, with rising prices for lithium iron phosphate batteries [11]