EVE(SZ:300014) Guo Ji Jin Rong Bao·2026-01-05 15:53Core 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][10]. Group 1: IPO and Market Response - EVE Energy's updated listing application was submitted on January 2, just three days after the expiration of its initial prospectus [1]. - The company aims to connect domestic and international capital markets to support its overseas production expansion [1]. - Following the announcement 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 [1]. Group 2: Financial Performance and Challenges - EVE Energy's revenue growth has slowed, with total revenues projected at 363.04 billion yuan in 2022, 487.84 billion yuan in 2023, and 486.15 billion yuan in 2024, while net profits are expected to decline from 36.72 billion yuan in 2022 to 42.21 billion yuan in 2024 [5]. - The company's revenue from the power battery segment is expected to decrease by 20.08% in 2024, contributing to an overall revenue decline [5]. - The average selling price of power batteries has dropped from 11 million yuan/GWh in 2022 to 6 million yuan/GWh in 2024, leading to a continuous decline in gross margins [6][7]. Group 3: Business Segment Analysis - The power battery segment, which was once a growth driver, is now a significant drag on performance, with its revenue share decreasing from 50.3% in 2022 to 39.4% in 2024 [5][7]. - 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, but it faces intense competition and declining profit margins [8][9]. - The consumer battery segment has maintained a relatively stable performance, with revenues reaching 103.22 billion yuan in 2024, but its overall contribution to total revenue remains limited [9]. Group 4: International Expansion and Challenges - EVE Energy's IPO proceeds will primarily fund the 30GWh battery project in Hungary, set to commence production in 2027, as part of its global expansion strategy [10]. - The company faces significant challenges in localizing its supply chain for overseas operations, with over half of the raw materials for its European factories needing to be imported from China [10][11]. - EVE Energy must compete with established players like CATL and BYD in the international market, as well as with Korean giants like LG Energy and Samsung SDI, which have already established a strong presence [10][11].