Guojin Securities: The pace of industrialization of solid-state batteries is gradually accelerating, and the core materials related to the upstream will also benefit from it.

Guojin Securities stated that compared to liquid batteries, the core change in solid-state batteries lies in the use of solid electrolytes instead of electrolytes and separators. Solid electrolytes, as the core of all-solid-state lithium battery technology, directly impact key performance indicators such as power density, energy density, and cycle life of batteries. From the perspective of industrial application of solid electrolytes, the relatively mature routes are sulfide and oxide, with sulfide electrolytes having the best ion conductivity and the highest downstream enterprise capacity layout ratio, showing the greatest future development potential. Considering lithium sulfide as the core raw material in the sulfide route, it is recommended to focus on companies that are first to layout lithium sulfide and have certain technological advantages. Oxide electrolytes have moderate ion conductivity but better stability, and as a result, the speed of industrialization progress is also increasing. It is recommended to focus on companies that have laid out various oxide electrolytes and have certain cost advantages in the industrial chain.