Investment Rating - The report maintains a "Positive" investment rating for the solid-state battery industry, consistent with the previous rating [3]. Core Insights - Solid-state electrolytes are identified as the core component of solid-state batteries, holding the highest incremental value. The projected value per GW for solid-state battery cathodes is estimated at 190 million yuan, followed by sulfide electrolytes at 82.5 million yuan per GW [3][7]. - The report highlights the production readiness of semi-solid oxide electrolytes, while full solid-state sulfides and halides show the most potential. The cost of oxide materials is relatively low, with a unit cost of 46,500 yuan per ton [3][7]. - The report emphasizes the importance of raw materials such as zirconium and lithium sulfide, with the latter currently being expensive and accounting for 80% of sulfide costs. Future cost reduction strategies are crucial [3][7]. - The report suggests that the solid-state battery industry is accelerating towards commercialization, with a focus on oxide and polymer manufacturers for semi-solid batteries, and sulfide and halide manufacturers for full solid-state batteries [3][7]. Summary by Sections Electrolytes: Core Materials and Transition Paths - Solid-state electrolytes are crucial for the performance of solid-state batteries, influencing parameters such as power density and cycle stability [5]. - The report categorizes solid-state electrolytes into oxides, sulfides, halides, and polymers, each with distinct properties and challenges [10][11]. Investment Recommendations - The report recommends focusing on companies involved in the solid-state battery supply chain, including major players like CATL and raw material suppliers such as Dongfang Zirconium and Ganfeng Lithium [3][7]. Material and Production Insights - The report details the production processes for solid-state electrolytes, emphasizing the need for high ionic conductivity and stability against moisture [10][34]. - It outlines the cost structure for oxide and sulfide electrolytes, indicating that lithium sulfide currently dominates the cost of sulfide materials [38][40]. Industry Trends and Developments - The report notes that the solid-state battery industry is witnessing significant advancements, with various companies making strides in technology and production capabilities [22][27]. - It highlights the growing interest in halide electrolytes due to their favorable properties and potential for lower costs [28][30].