Mai Gao Zheng Quan·2025-05-23 11:17Investment Rating - The industry investment rating is "Outperform" [1][52]. Core Insights - The report emphasizes the importance of solid-state batteries at this time due to their potential for high safety, energy density, and temperature adaptability [25][45]. - The solid-state battery sector is currently at a valuation low point, with a price-to-earnings ratio of 30x, which is approximately 65% of its previous peak [13][22]. - There is an expectation for valuation recovery in the solid-state battery sector due to recent product launches and industry discussions [22][5]. Summary by Sections Valuation - The solid-state battery sector is currently valued at 30x, with a potential excess return of up to 25.7% compared to lithium battery stocks [13][5]. - Recent product launches and industry conferences are expected to catalyze an increase in sector valuations [22][5]. Pain Points - The main challenges for solid-state batteries include the ionic conductivity of electrolytes, with only sulfide electrolytes currently meeting liquid standards [3][28]. - Various solid-state electrolytes face issues such as low ionic conductivity and stability, with research focusing on improving these properties through doping and pressure application [27][28]. Key Segments - Electrolytes: The report highlights the potential of sulfide electrolytes, which are closest to liquid electrolytes in terms of ionic conductivity. Companies like Xiamen Tungsten and Yuyuan New Materials are noted for their advancements [45][3]. - Equipment: The report identifies dry electrode technology as a promising area, with companies like Naconor and Manstein leading in this space. The dry process eliminates solvents, reducing production costs and enhancing efficiency [46][3].