华源证券：全球固态电池GWh级量产在即 前、中端设备升级成为核心增量环节

Core Insights - The solid-state battery industry is rapidly forming a collaborative innovation pattern across the entire chain of "materials-equipment-manufacturing-application" [1][2] - Global production of all-solid-state batteries is expected to reach GWh-level by 2027, driven by collaborative innovation in materials and process equipment [2] Industry Development - The upstream material sector is focusing on high-nickel ternary systems and exploring lithium-rich manganese-based materials, while the anode materials are transitioning from silicon-based to lithium metal anodes [2] - The electrolyte materials are evolving from liquid to solid, which is driving a surge in demand for new process equipment such as dry electrode and isostatic pressing [2] - Leading companies are establishing technological barriers through semi-solid mass production validation and all-solid-state pilot line layouts, with 2026 anticipated as a critical window for capacity release [2] Manufacturing Process - The key process in solid-state battery production is the electrolyte film formation, which significantly affects the thickness and ionic conductivity of the solid electrolyte membrane [3] - Two main technical routes are being pursued: one focuses on reducing the amount of electrolyte by coating the solid electrolyte layer on the separator, while the other enhances in-situ curing processes [3] Equipment Demand - The global solid-state battery equipment market is projected to reach 12 billion yuan by 2026, with significant upgrades needed in the manufacturing process [4] - The value proportion of equipment in the upstream and midstream segments is increasing, with the upstream rising from 31% to 35%-40% and the midstream from 40% to 40%-45%, totaling around 80% [4] - The global solid-state battery equipment market size is expected to be 4 billion yuan in 2024, with the semi-solid battery equipment market at 3.84 billion yuan and all-solid-state battery equipment at 160 million yuan [4] Company Updates - Nakanor's joint venture, Qingyan Nakanor, successfully delivered the first high-speed wide-width dry electrode equipment to a leading domestic manufacturer [5] - Lingge Technology has partnered with a leading solid electrolyte company to provide an automatic metering and batching system for oxide solid electrolytes [6] - Litong Technology's isostatic pressing equipment enhances the interface density between solid electrodes and solid electrolytes [6]