Lead Power(300530) Xin Lang Cai Jing·2025-05-21 03:59Core Viewpoint - The solid-state battery sector experienced a significant surge on May 21, driven by the unveiling of multiple new products at the 17th Shenzhen International Battery Technology Exchange Conference, with notable stocks like Lingpai Technology and others reaching their daily limit up [2][5]. Group 1: Company Developments - Lingpai Technology, a state-owned enterprise in Hunan, shifted its focus to solid-state battery research and development after transitioning to the new energy battery sector in 2022 [2]. - The company announced that its wholly-owned subsidiary, Suzhou Lingpai, has completed foundational tests for solid-state electrolytes and batteries, achieving an energy density of 240Wh/kg with the high-voltage VDA355 module and has applied for relevant patents [2]. - Lingpai Technology plans to establish the world's first GWh-level repair-type solid-state battery testing line at its Jiangsu Jintan base by April 2025, with mass production of compatible products expected in 2026 [2][4]. Group 2: Technological Advantages - The core technological advantages of Lingpai Technology in the solid-state battery field include a "lithium replenishment" repair technology that extends battery cycle life to 80,000 times, nearly ten times the industry average [4]. - The company has developed a solid-state battery that operates stably in a wide temperature range of -40℃ to 100℃, in collaboration with the Fudan team, utilizing lithium trifluoromethanesulfonate [4]. - Lingpai Technology's solid-state battery technology has been applied in emerging scenarios such as drones and low-altitude aircraft, with a 5000mAh high-capacity battery designed to meet the lightweight requirements of eVTOL (electric vertical takeoff and landing) aircraft [4]. Group 3: Financial Performance - Despite significant technological breakthroughs, Lingpai Technology faces considerable financial pressure, with a debt-to-asset ratio of 93% and a current ratio of 0.8 as of the end of Q1 2025, indicating liquidity risks [5]. - The company's operating cash flow was negative at -28.48 million yuan, with short-term borrowings increasing by 252.33% year-on-year, intensifying repayment pressures [5]. - Lingpai Technology has increased its R&D investment, with Q1 2025 R&D expenses reaching 7.78 million yuan, a 34.53% increase year-on-year, accounting for 17.4% of revenue, significantly above the industry average [5].