Dongguan Securities·2025-03-31 08:36Investment Rating - The report maintains an "Overweight" rating for the solid-state battery industry, highlighting the benefits for equipment manufacturers as the industry accelerates its commercialization [1]. Core Insights - The solid-state battery technology is gaining traction due to its high energy density and safety, making it the preferred choice for high-end electric vehicles and low-altitude eVTOL applications. Major global automakers have announced timelines for integrating solid-state batteries into their vehicles, with production expected to ramp up significantly by 2027 [4][42]. - The transition from traditional liquid batteries to solid-state batteries will necessitate significant upgrades in production equipment, creating a structural demand for new equipment in the lithium battery sector [4][55]. - The solid-state battery market is projected to experience rapid growth, with global shipments expected to exceed 600 GWh by 2030, reflecting a compound annual growth rate of 123% from 2025 to 2030 [43][46]. Summary by Sections 1. Lithium Battery Equipment Industry Analysis - The lithium battery production process is divided into three main stages: electrode preparation, cell assembly, and formation/testing. Each stage requires specific equipment that directly impacts battery performance and quality [11]. - The value distribution in lithium battery production shows that core processes like coating, winding, and formation account for over 50% of the total value [15][16]. 2. Market Size and Competitive Landscape - The demand for lithium batteries is expected to grow significantly, driven by the rapid expansion of the electric vehicle and energy storage markets. Global electric vehicle sales are projected to reach 22.4 million units by 2025, with China accounting for a substantial share [19][21]. - The global lithium battery equipment market is anticipated to reach 300 billion yuan by 2030, with a compound annual growth rate of 14.4% from 2025 to 2030 [26][27]. 3. New Demand from Solid-State Battery Commercialization - The solid-state battery sector is expected to drive new equipment demand as production processes differ significantly from traditional liquid batteries. The introduction of dry electrode technology and other innovations will require new types of equipment [4][55]. - Solid-state battery production will necessitate the use of advanced equipment such as dry electrode machines, static pressure machines, and high-pressure formation equipment, which are not required for traditional batteries [55][63]. 4. Investment Recommendations - Companies that are early movers in the solid-state battery equipment sector and possess technological advantages are likely to benefit first from the market expansion. Key companies to watch include Xian Dao Intelligent, Nacono, and Liyuanheng, which are actively developing solid-state battery production technologies [4][46].