Guotou Securities: Acceleration of solid-state battery industrialization process, all-solid-state batteries may enter mass production turning point in 2027.

Guotou Securities released a research report stating that solid-state batteries, as a new generation revolutionary technology, significantly outperform liquid batteries in terms of safety, energy density, and lifespan. Currently, semi-solid-state batteries have entered the industrialization stage, and full solid-state batteries are expected to achieve mass production by 2027. With the support of national policies and technological innovations in manufacturing processes, this technology will drive the demand for batteries in emerging areas such as eVTOL and humanoid robots like Siasun Robot&Automation. It is recommended to pay attention to key areas such as dry electrode equipment and high-pressure forming equipment. Key points of Guotou Securities are as follows: Solid-state batteries, as the cornerstone of future industrial development, show substantial improvements in various parameters compared to traditional liquid batteries. Solid-state batteries are a new generation revolutionary technology that significantly outperforms liquid batteries in terms of safety, energy density, and lifespan. Semi-solid-state batteries have entered the industrialization phase and are at a crucial stage for further commercialization. Full solid-state batteries are still in the research and development stage but are expected to gradually achieve mass production. With the introduction of a series of supportive national policies and industry regulations, solid-state batteries are expected to develop rapidly. According to the technological progress and plans of automobile manufacturers and battery manufacturers domestically and internationally, solid-state batteries are expected to achieve mass production by 2027. The production process of solid-state batteries differs from traditional liquid batteries, driving the upgrading and development of manufacturing equipment. Compared to traditional liquid batteries, the manufacturing process of solid-state batteries mainly changes in the front and midstream processes. Dry electrode technology may become the mainstream technology in the front-end process of solid-state batteries, introducing dry electrode equipment with advantages of low cost, low energy consumption, and high performance. Dry electrode technology raises the requirements for coating equipment and roll pressing equipment, where the film formation performance and production efficiency of roll presses become core elements for mass production; in the midstream process, traditional processes such as separators and injection processes in liquid batteries are eliminated, and stacking technology may become the mainstream process. Additionally, the use of electrode plate frame printing and isostatic pressing equipment enhances the contact effect between internal components of the battery cell, enhancing the conductivity and energy density of solid-state batteries; the downstream process remains essentially unchanged, switching to high-pressure forming equipment to solve the solid-solid interface contact issue, increasing the forming pressure from the original 3-10t to 60-80t, raising the requirements for forming equipment. Solid-state batteries drive downstream industry upgrades, providing incremental space for battery applications in eVTOL and humanoid robot and automation industries. The energy storage threshold for eVTOL power batteries is as high as 400Wh/kg, significantly higher than the current energy density of automotive power batteries. Safety performance and cycle life of batteries also face strict requirements, where the advantages of solid-state batteries are a perfect fit. Domestic battery companies are focusing on the low-altitude economy track, with solid-state batteries becoming the core exhibition direction at CIBF2025, and a variety of solid-state battery solutions emerging for low-altitude economic scenarios; humanoid robot and automation companies like Siasun Robot&Automation face a series of energy issues such as insufficient endurance, high volume ratio, and risks of extreme temperature control. Solid-state batteries are expected to become the preferred energy system for humanoid robot and automation systems due to their high energy density, safety, and long lifespan. Humanoid robot and automation systems are expected to become an important driver of increased demand for solid-state batteries, and promote the iterative upgrading of high-energy density, high safety battery technology. Investment recommendations: Recommend focusing on: 1) Leading battery segments with capital and technological advantages such as Contemporary Amperex Technology, BYD Company Limited, etc.; 2) Equipment segments: NAKNOR, Ongoal Technology, Shenzhen Yinghe Technology, Wuxi Lead Intelligent Equipment, Guangdong Lyric Robot Automation, etc.; 3) New materials and new technology segments: Xiatung New Energy, Guangzhou Tinci Materials Technology, Guangdong Enpack Packaging, Jiujiang Defu Technology, etc. Risk warning: Unforeseen progress in solid-state battery research and development, lower-than-expected downstream demand applications, lower-than-expected performance of key companies, possible lag or delayed updating of public information used in research reports.