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

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 [1][14][17] Group 1: IPO and Market Reaction - EVE Energy's IPO application was updated on January 2, with CITIC Securities as the sole sponsor, just three days after the expiration of the initial application [1] - Following the news of the re-submission, EVE Energy's stock rose by 4.88% on the first trading day of the year, closing at 68.97 yuan per share [2] Group 2: Financial Performance - EVE Energy's revenue growth has slowed, with total revenues projected at 363.04 billion yuan, 487.84 billion yuan, and 486.15 billion yuan for 2022, 2023, and 2024 respectively, while net profits are expected to be 36.72 billion yuan, 45.20 billion yuan, and 42.21 billion yuan [5] - In 2024, total revenue is expected to decline by 0.35% year-on-year, and net profit is projected to decrease by 6.62% [6] - The company's main revenue source, the power battery segment, is expected to see a 20.08% decline in revenue in 2024, contributing to the overall revenue slowdown [6] Group 3: Business Segment Analysis - The power battery segment's revenue in 2024 is projected to be 191.67 billion yuan, down from 239.67 billion yuan in 2022, with its share of total revenue decreasing from 50.3% in 2022 to 39.4% in 2024 [6] - The energy storage battery segment has shown growth, with revenues increasing from 94.32 billion yuan in 2022 to 190.27 billion yuan in 2024, accounting for 39.1% of total revenue [10] - Despite the growth in energy storage, the segment faces intense price competition, leading to a decline in average selling prices and profit margins [11] Group 4: Strategic Focus and Challenges - EVE Energy aims to enhance its global presence through the IPO, focusing on the Hungarian battery project expected to commence production in 2027 [14] - The company faces challenges in localizing its supply chain for overseas operations, with over half of the raw materials for European factories needing to be imported from China [14][15] - EVE Energy's domestic revenue still dominates, with 76.6% of total revenue coming from mainland China in the first three quarters of 2025 [15]