电气设备：固态电池蓄势待发

Investment Rating - The report maintains a "Buy" rating for CATL and "Hold" ratings for Rongbai Technology and Xiamen Tungsten [1] Core Insights - Solid-state batteries are gaining attention as a core technology for the future, significantly improving energy density and safety compared to traditional lithium batteries. The energy density of solid-state batteries ranges from 400 to 900 Wh/kg, while lithium iron phosphate batteries typically range from 100 to 160 Wh/kg and ternary lithium batteries from 150 to 350 Wh/kg [7][8] - The solid electrolyte is a key material in solid-state batteries, with various types facing unique advantages and challenges. Sulfide electrolytes exhibit the highest ionic conductivity [2] - Government policies are actively promoting the development of solid-state battery technology, with initiatives aimed at encouraging the development of high-energy-density battery materials [2][22] - The market demand for solid-state batteries is expected to grow significantly, driven by the rapid development of electric vehicles (EVs) and new products like eVTOLs, with projections indicating global solid-state battery shipments could reach 614.1 GWh by 2030 [2][24] Summary by Sections 1. Solid-State Batteries as a Core Technology - Solid-state batteries are recognized for their potential to enhance energy density and safety, attracting significant investment from leading automotive and battery companies [7] - The energy density of solid-state batteries is substantially higher than that of traditional lithium batteries, making them a promising alternative [7][8] 2. Government Support for Solid-State Battery Development - The government is actively promoting solid-state battery technology through various policies, including funding for projects aimed at developing high-energy-density materials [22][23] 3. Rapid Development of Electric Vehicles - The electric vehicle market is expected to grow rapidly, with significant increases in sales projected for 2024 across major markets, including China, Europe, and the United States [24][26] - The demand for solid-state batteries is anticipated to rise in tandem with the growth of the electric vehicle market, creating new opportunities for manufacturers [2][24] 4. Industry Chain Opportunities - The industry chain is actively investing in solid-state battery research and development, with companies like CATL planning to achieve mass production capabilities by 2027 [3][24] - Companies involved in the solid-state battery supply chain, including those focusing on materials and electrolytes, are highlighted as potential investment opportunities [3][24]