Soochow: Rapid Development of Solid-State Batteries 0-1, Equipment Manufacturers to Benefit First in Industrialization

Soochow's report states that solid-state batteries are accelerating industrial breakthroughs due to their high energy density and high safety advantages. Semi-solid-state batteries have been commercialized, with full solid-state batteries expected to be on a small scale in 2027 and scaled up for energy storage by 2030. The low-altitude economy and humanoid Siasun Robot & Automation are expected to become new growth points. Overseas car companies are accelerating their layout, while China's policies are strongly promoting industrialization, with most companies planning to achieve mass production by 2027-2028. Key points from Soochow are as follows: Solid-state batteries have high energy density and high safety advantages, with a wide range of future applications. The essential difference between solid-state batteries and liquid-state batteries lies in the form of the electrolyte. Full solid-state batteries have high energy density and high safety advantages. Semi-solid-state batteries are now being commercialized, with full solid-state batteries expected to be on a small scale from 2027, and scaled up for energy storage by 2030. The low-altitude economy and humanoid Siasun Robot & Automation also have the potential to open up application space. Overseas vehicle and battery manufacturers are accelerating their layout of solid-state batteries, trying to overtake in the curved lane. China's policies are actively promoting the industrialization of solid-state batteries, with most companies planning to achieve small-scale production or mass production goals by 2027-2028. The firm expects solid-state batteries to complete pilot testing by 2025, gradually move to small-scale commercialization from 2026-2027, and achieve mass production from 2028-2029. At the current testing stage, the value of equipment per GWh is around 5-6 billion yuan, which is expected to decrease to 2.5 billion yuan/GWh with increased production scale and improved equipment efficiency and yield. If it is assumed that by 2029, an additional 80-100 GWh of full solid-state battery capacity will be added, the corresponding demand for new equipment that year is expected to exceed 20 billion yuan. Full solid-state battery dry process technology as the main line opens up new demand space for equipment. There are changes in the pre-process, middle-process, and post-process: (1) The largest change is in the pre-process, mainly in the production process of the electrolyte film and electrode sheet. The dry process technology of full solid-state batteries adds dry mixing and dry coating steps to prepare the solid-state electrolyte film, eliminating the need for solvents and drying processes. The wet process technology of full solid-state batteries still retains the process of preparing the electrolyte and binder solution with solvents, and then coating and drying to prepare the electrolyte film. (2) Middle-section electrode assembly process: Full solid-state batteries use a "stacking + electrode frame printing + isostatic pressing technology" to replace the traditional winding process of liquid-state batteries and eliminate the injection process. (3) Post-processing capacity control section: Transitions from liquid-state battery capacity control to the high-voltage capacity control required by full solid-state batteries. Local key equipment companies: (1) Wuxi Lead Intelligent Equipment: Leading the way in integrated equipment, and the mid-scale pilot line is already in production. (2) Shenzhen Yinghe Technology: Deeply involved in front-end equipment, having delivered pilot equipment to leading customers. (3) Shenzhen Manst Technology: Completed the layout of both dry and wet process equipment, already verified with multiple customers. (4) NAKNOR: Significant advantages in roll press equipment, collaborating with the industry for joint research and development. (5) Shenzhen United Winners Laser Co., Ltd: The leading laser welding company is expected to benefit from increased demand for solid-state battery assembly equipment. (6) Suzhou Huaya Intelligence Technology: Subsidiary Guanhong Intelligent focusing on roll press equipment, promoting pilot testing with clients. (7) Guangdong Lyric Robot Automation: Completed the layout of integrated equipment, delivering the sulfide route line to GAC. (8) Shanghai SK Automation Technology: Collaborating with leading players in solid-state batteries to lay out roll press machines. (9) Ongoal Technology: The first to release dry mixing fiberization equipment. Investment recommendations: Key recommendations for full-line suppliers of solid-state battery equipment Wuxi Lead Intelligent Equipment, laser welding equipment provider Shenzhen United Winners Laser Co., Ltd, capacity control equipment manufacturer Zhejiang HangKe Technology Incorporated. Recommend paying attention to dry/wet electrode equipment provider Shenzhen Yinghe Technology, dry electrode & module PACK provider Shanghai SK Automation Technology, integrated equipment supplier Guangdong Lyric Robot Automation, dry electrode equipment provider Shenzhen Manst Technology, dry roll press machine NAKNOR, dry electrode equipment provider Suzhou Huaya Intelligence Technology, etc. Risk warning: Downstream expansion may not meet expectations, and technological progress may not meet expectations.