CITIC Securities: Energy storage eruption + solid-state acceleration, optimistic about the lithium battery equipment opening a new cycle of prosperity.

CMB Securities Research Report indicates that in the traditional lithium battery sector, the explosion of energy storage demand has driven the acceleration of battery production expansion. In the solid-state battery sector, industrialization is continuing to progress, with the solid-solid interface issue being the core difficulty in new technology production processes. By 2025, the industry chain upstream and downstream will propose various solutions around the solid-solid interface issue, including introducing iodine ions in the electrolyte, continuous iteration of isostatic pressing equipment, and interface modification achieved through ALD technology. With the maturation of processes and continuous cost reduction, the production process of solid-state batteries is expected to accelerate. Solid-state batteries are currently at a key stage of transition from laboratory and small-scale experiments to pilot delivery. In the near future, leading manufacturers will undergo solid-state inspections, and if progress goes smoothly, it is expected to usher in a second wave of subsidies. It is anticipated that by the end of 2025 to early 2026, there may be bids for pilot line equipment, and subsequent catalytic events such as pilot line testing, vehicle installation and debugging, and mass production line bids will continue to accelerate, benefiting the equipment sector. According to calculations, it is estimated that the total market space for solid-state battery equipment will reach 59.216 billion yuan by 2030, with a CAGR of 103% from 2024 to 2030.