Guojin Securities: Sulfides are the main route for all solid-state batteries, accelerating the industrialization process.

Guojin Securities released a research report stating that solid-state batteries, based on high safety and high energy density, are the trend. Currently, the focus of all-solid-state batteries is on the sulfide route, with a performance goal of specific energy of 400Wh/kg and a cycle life of more than 1000 times, ensuring that small batches of vehicles will be equipped with solid-state batteries by 2027 and achieve mass production by 2030. In the industry, core materials such as sulfide electrolytes and lithium sulfides continue to make technological breakthroughs in performance improvement and cost reduction. The production line is moving from small batches to large-scale production, bringing clear new opportunities for technological investment. Lithium sulfide has not yet achieved large-scale production, with performance as a core indicator. It is optimistic about companies with unique processes and outstanding product performance. In the mid-term, methods such as solid phase reduction, carbon thermal reduction, liquid phase decomposition, lithium hydroxide, and lithium sulfide all have the potential for large-scale application, and it is recommended to pay attention to leading companies in these related routes.