固态技术引发锂电池终局大战，锂电设备扩产迫在眉睫，大黑马呼之欲出

Core Viewpoint - The solid-state battery technology is emerging as the next frontier in battery innovation, driven by the limitations of liquid batteries and the increasing demand for higher energy density and safety [1][2]. Industry Overview - The solid-state battery sector is gaining traction, with significant interest from large capital investors following the introduction of new national standards for power batteries in April [2]. - Recent industry events, such as the Solid-State Battery Summit and the International Solid-State Battery Technology Conference, are expected to stimulate market interest and investment [2]. Company Analysis - Li Yuanheng: Recognized as a concept pioneer in solid-state battery equipment, but faces challenges with production speed and delivery. The company reported a significant loss of 1 billion in 2024 and is undergoing internal restructuring due to talent loss [3][4]. - Xian Dao Intelligent: A leader in traditional liquid lithium battery equipment, claims to have full solid-state production capabilities. However, it relies on imported core equipment and has faced quality issues, leading to extended order fulfillment timelines [3][4]. - Hai Mu Xing: The first company to deliver solid-state battery equipment and achieve commercial validation of its technology. It has a strong competitive edge with proprietary lithium metal interface treatment technology and has secured over 10 billion in orders [4][5]. Market Dynamics - The market has misjudged the capabilities of Li Yuanheng and Xian Dao Intelligent, which are currently under scrutiny for their technical and production capabilities. In contrast, Hai Mu Xing's early industrialization advantage positions it favorably despite short-term performance pressures [5]. - The solid-state battery industry is expected to follow a pattern of "equipment first, materials follow, vehicle deployment," with a predicted peak in equipment bidding between 2025 and 2026 [6]. Companies with mature production capabilities and core technology are likely to lead the upcoming industry upgrade and benefit from significant valuation premiums [6].