Changjiang Securities·2025-05-23 08:15Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - The market concerns regarding the lithium battery sector are primarily about insufficient volume and profit margins. However, it is anticipated that by 2025, the solid-state battery industry will continue to progress positively, highlighted by advancements such as semi-solid GWh mass production, breakthroughs in all-solid-state capacities, and a consensus on lithium metal anodes [2][4] Summary by Sections Cell Segment - The industry progress in the cell segment has exceeded expectations, with semi-solid batteries achieving GWh-level mass production. Notably, Guoxuan High-Tech has launched the G series quasi-solid-state battery with an energy density exceeding 300 Wh/kg, enabling electric vehicles to reach a range of 1000 kilometers. The system energy density is over 235 Wh/kg, with a grouping efficiency above 77.2%. Plans are in place for a 12 GWh quasi-solid-state battery production line [4][16] - Better Energy has introduced the "Beian FLEX series" semi-solid battery material solution, which is capable of mass production [4][16] Material Segment - The solid electrolyte production is at a critical inflection point, with significant advancements in polymer and oxide routes benefiting from mass production. The skeleton membrane is gaining traction due to its high porosity and mechanical strength, addressing challenges in film formation and solid-solid interface bonding. The silicon-based anode has reached a mature industrialization stage, with leading end customers completing sample testing and validation [5][22][25] - Lithium metal anodes are gaining industry consensus, with breakthroughs in structured design to mitigate issues related to lithium dendrite deposition and cycle life [5][28] Equipment Segment - The film-forming process is a key incremental production process benefiting from the solid-state battery expansion. The dry electrode process is becoming the standard for solid-state battery lamination, necessitating high precision in roller pressing equipment. The demand for dry electrodes and solid-state battery roller pressing equipment is expected to increase significantly [6][31]