Zhi Tong Cai Jing·2025-09-29 08:09Core Viewpoint - The lithium battery anode materials are undergoing a significant transformation from traditional graphite to a diverse high energy density system, with lithium metal anodes being a key driver for solid-state battery energy density breakthroughs [2][5]. Industry Overview - The theoretical specific capacity of lithium metal anodes reaches 3860 mAh/g, significantly higher than graphite (372 mAh/g) and silicon-carbon anodes (3590 mAh/g), and they exhibit low voltage platform characteristics [2][5]. - Solid-state electrolytes, due to their high mechanical strength, suppress dendrite formation and are optimally compatible with lithium metal anodes [2][3]. Technical Challenges and Solutions - Key bottlenecks for lithium metal anodes include volume expansion, lithium dendrite issues, complex interfacial reactions, and high preparation process difficulties [3]. - Recent improvement strategies focus on limiting lithium volume expansion, reducing ion flow and surface current density, and constructing stable and fast ion transport surface SEI through various methods [3]. Manufacturing Processes - The preparation process of lithium metal anodes is crucial for their industrial application, with the industry currently exhibiting a multi-route parallel and high-low end scenario differentiation [4]. - Mainstream processes are categorized into mature mass production-oriented (calendering), high-end technology breakthrough (sputtering), and cutting-edge research exploration (liquid phase method, no anode solution) [4]. - The sputtering method is expected to continuously optimize costs and become the mainstream process for solid-state batteries [4]. Market Potential - The lithium metal anode market is primarily composed of lithium companies, anode manufacturers, and foil material suppliers, with lithium companies having cost and quality advantages in raw material preparation [5]. - According to the "China Solid-State Battery Industry Development White Paper (2025)", global solid-state battery shipments are projected to reach 614.1 GWh by 2030, with nearly 30% being all-solid-state [5]. - Assuming a 20% penetration rate for lithium metal anodes, the estimated market potential by 2030 is nearly 10 billion yuan [5]. Investment Targets - Companies to watch in the lithium metal anode sector include Yinglian Co., Ltd. (002846.SZ), Tiantie Technology (300587.SZ), as well as Ganfeng Lithium (002460.SZ), Putailai (603659.SH), Yiwei Lithium Energy (300014.SZ), Guoxuan High-Tech (002074.SZ), Defu Technology (301511.SZ), and Daoshi Technology (300409.SZ) [6].