CATL(SZ:300750) Sou Hu Cai Jing·2025-09-12 07:13Core Viewpoint - The solid-state battery sector has gained significant attention since September, driven by positive changes in the industry fundamentals rather than short-term speculation [1][4] Investment Opportunities - The solid-state battery market is expected to replicate the lithium battery boom from 2019 to 2022, with many catalysts anticipated in the next six months [1][11] - The transition to semi-solid batteries is seen as a necessary phase lasting 3-5 years before full commercialization of solid-state batteries [2][9] Market Dynamics - Recent orders for solid-state batteries have been received by companies, with a notable catalyst being a major equipment manufacturer's better-than-expected mid-year report and accelerated order fulfillment [4][5] - The solid-state battery industry is still in its early stages, with many technical routes not yet fully determined, leading to potential volatility in stock prices [2][10] Industry Structure - The solid-state battery supply chain can be divided into equipment, materials, and battery segments, with a current focus on equipment and materials due to their changing dynamics [7] - The highest barriers and value increments in the equipment sector are associated with the development of isostatic pressing equipment, which is crucial for solid-state battery production [8] Application Scenarios - Consumer electronics, eVTOL, and robotics are expected to be the first areas to see significant adoption of solid-state batteries, while power batteries will follow due to higher price sensitivity [7][10] Future Outlook - The solid-state battery sector is anticipated to experience substantial growth, with many catalysts expected in the near future, making it a promising investment opportunity [11][12]