Cinda: Accelerating the industrialization of solid-state batteries, focusing on the opportunities for electrolyte materials and equipment increment.

Cinda releases research report, stating that from the perspective of the long-term value of various raw materials for solid-state batteries, the calculated value of the positive electrode of solid-state batteries is the highest, with a value of 1.9 billion yuan per GW, followed by sulfide electrolytes. The industrialization process of solid-state batteries is accelerating, and the technology roadmap and supply chain are gradually maturing. It is recommended to focus on the industrial chain targets related to semi-solid-state batteries (oxides, polymers) and all-solid-state batteries (halides, sulfides). Key recommendations include Contemporary Amperex Technology (300750.SZ), electrolyte raw material suppliers such as Guangdong Orient Zirconic ind sci & tech (002167.SZ), Sanxiang Advanced Materials (603663.SH), Ganfeng Lithium Group (002460.SZ), and film-forming equipment in the field. Companies such as NAKNOR (300525.SZ), Shanghai Putailai New Energy Technology (603659.SH). Key points from Cinda are as follows: Solid-state electrolytes are the core components of solid-state batteries, with the highest incremental value. From the perspective of the long-term value of various raw materials for solid-state batteries, the calculated value of the positive electrode of solid-state batteries is the highest, with a value of 1.9 billion yuan per GW, followed by sulfide electrolytes, with a value of 82.5 million yuan per GW. If the oxide and polymer routes are used, the value of the electrolyte per GW is 39.6 and 33 million yuan respectively. Semi-solid-state oxides have been mass-produced, while all-solid-state sulfides and halides have the most potential. Oxides have low production difficulty and low material costs, with a cost of 46,500 yuan per ton, and have achieved semi-solid-state loading. However, full solid-state interfaces have significant impedance issues, and currently only QS adheres to a full solid-state oxide route. Sulfides have the best performance, but high preparation costs require domestication of lithium sulfide production and optimization of water-oxygen stability on the technology end. The focus on halides has gradually increased in recent years, with chemical properties similar to sulfides, achieving high levels of conductivity, and with low-cost zirconium-based materials, they have development potential. Raw materials: Zirconium and lithium sulfide are core elements, with differentiation in lithium sulfide processes. 1) Semi-solid-state oxide LLZO is the most mature, and the lowest-cost route for full solid-state halides is zirconium-based, with a strong demand for zirconium. 2) Currently, lithium sulfide prices are high, with import prices exceeding one million yuan per ton, accounting for 80% of sulfide costs. Future low-cost processes and domestic alternatives are important cost reduction paths, with the company expecting long-term target costs to fall to about 20,000 yuan per ton, with the main mature processes being ball milling, carbon reduction, and liquid phase methods worth paying attention to for cost reduction. Equipment: Dry electrode brings incremental roll-to-roll equipment. From the perspective of all solid-state, sulfides and halides are more active, and dry processes are more suitable, with cost reduction potential. The core equipment for dry processing is roll-to-roll. The main indicators of roll-to-roll are speed, pressure, width, etc., with domestic manufacturers currently leading in performance and price compared to overseas companies like PNT. Risk factors: Solid-state battery progress is slower than expected, technological routes change, and competition intensifies risks.