EVE(SZ:300014) Jing Ji Guan Cha Wang·2026-01-08 04:27Core Viewpoint - EVE Energy (300014.SZ) has submitted a listing application to the Hong Kong Stock Exchange on January 2, 2026, marking its second attempt at an "A+H" listing after a failed submission in June 2025 [2] Group 1: Company Overview - EVE Energy, founded in 2001 and headquartered in Huizhou, Guangdong, primarily operates in three sectors: consumer batteries, power batteries, and energy storage batteries [2] - As of 2024, EVE ranks third globally among consumer battery manufacturers and is among the top five power battery manufacturers in China [2] Group 2: Business Performance - The company faces dual pressures in its power and energy storage battery segments, with power battery revenue share declining from 50.3% in 2022 to 39.4% in 2024, and sales growth dropping from 64.33% to 7.83% during the same period [2] - Energy storage battery sales surged from 11.9 GWh in 2022 to 48.4 GWh by Q3 2025, with revenue increasing from 9.432 billion yuan to 17.069 billion yuan, raising its revenue share from 26.0% to 37.9% [2] Group 3: Pricing and Profitability - EVE's growth in both power and energy storage batteries has been driven by "price for volume" strategies, with average selling prices for power batteries dropping from 1.1 yuan/Wh in 2022 to 0.6 yuan/Wh in 2024 [3] - The gross margin for power batteries was reported at 15.3% in the first three quarters of 2025, significantly lower than CATL's 25.3% [3] - Energy storage battery average selling prices fell by 50% from 2022 to 2024, with gross margins decreasing from 17% to 11.2% [3] Group 4: Financial Health - EVE's financial performance has deteriorated, with revenue and net profit both declining in 2024 to 48.615 billion yuan and 4.221 billion yuan, respectively, representing year-on-year decreases of 0.35% and 6.62% [3] - The net profit margin has dropped for three consecutive years, reaching 6.6% in the first three quarters of 2025, a cumulative decline of 34.6% over three years [3] Group 5: Capacity Utilization and Debt - The capacity utilization rate for power and energy storage batteries was only 69.2% in 2024, improving to 74.8% in the first half of 2025 but still below industry standards [4] - EVE's debt ratio reached 63.5% in the first half of 2025, an increase of 28.4 percentage points since 2020, with interest-bearing debt rising to 32.556 billion yuan, a year-on-year increase of 22.84% [4] Group 6: Strategic Initiatives - EVE is the first company in China to mass-produce and supply large cylindrical power batteries, viewing this as a key differentiation strategy to escape the competitive landscape of traditional square batteries [4] - The company is collaborating with BMW to accelerate the industrialization of large cylindrical batteries, with a pilot factory in Shenyang and a planned 30 GWh production base in Hungary expected to be operational by 2027 [4] - EVE has adjusted its fundraising plans, focusing entirely on the Hungarian production base and operational funding, reflecting a cautious approach to financial pressure and efficiency [4] Group 7: Market Challenges - Despite receiving notifications for large cylindrical battery supply from Changan Automobile and FAW Bestune, the current application of these batteries is limited, and the cost remains higher than traditional batteries [5] - The future of EVE's Hungarian factory in securing sufficient orders to achieve high utilization rates poses a significant challenge [5] - The production date for EVE's "21 GWh large cylindrical passenger car power battery project" has been postponed from December 31, 2025, to December 31, 2027, indicating delays in substantial construction [5]