车端应用加速，产业链有望迎来变革

Core Insights - Solid-state batteries are recognized as the next-generation technology for electric vehicle power batteries, offering significant advantages in safety and energy density, and are strongly supported by policies [1][2] - As solid-state battery technology and industrialization mature, demand in the electric vehicle sector is expected to grow rapidly, with production acceleration driven by both policy and market forces [1][2] - The production of solid-state batteries is anticipated to speed up, with technological and industrial upgrades likely to replace existing production equipment, benefiting solid-state battery production line equipment as industry pioneers [1][2] Policy and Market Dynamics - The dual drive of policy and market is accelerating the mass production of solid-state batteries, with central and local governments prioritizing solid-state batteries as a strategic emerging industry since 2024, encouraging collaborative efforts across the industry chain [3] - Various regions have introduced special support policies to promote research and production line construction for solid-state batteries, enhancing internal collaboration within the industry chain [3] Market Potential and Equipment Orders - Equipment investment is a precursor to industry implementation, with orders and revenue recognition occurring before vehicle volume production; the solid-state battery industry is transitioning from pilot testing to production capacity construction [3] - According to EVTank data, the global solid-state battery equipment market is projected to reach 4.0 billion yuan in 2024, with the semi-solid battery equipment market at 3.84 billion yuan and the all-solid-state battery equipment market at 160 million yuan; by 2030, the market size is expected to grow to 107.94 billion yuan [3] Equipment Upgrades and Requirements - The production line equipment for solid-state batteries differs significantly from traditional liquid batteries, with new dry electrode equipment needed in the front-end, increased penetration of stacking machines in the mid-section, and upgrades in post-processing equipment [4] - The thermal management requirements for solid-state battery packs are heightened due to the improved thermal stability of solid electrolytes, leading to changes in battery pack structural components and an expected increase in insulation material usage [5] Investment Recommendations - As solid-state battery technology and industrial progress accelerate, there is a growing demand for mass production; solid-state battery-specific equipment is seen as a certain benefit in the industrialization process, with high growth potential and opportunities for value chain reconstruction [6] - It is recommended to focus on new demands for dry electrode and isostatic pressing equipment, as well as on stacking and laser cutting equipment with expected rapid penetration [6]