专用设备行业点评报告：锂电设备公司充分计提减值，国内外扩产、固态电池产业化有望充分释放业绩

Investment Rating - The report maintains an "Accumulate" rating for the specialized equipment industry [1] Core Insights - The lithium battery equipment companies have fully accounted for impairment losses, and both domestic and international expansions are expected to significantly boost performance [1] - The solid-state battery industrialization process is accelerating, which is likely to benefit leading equipment manufacturers [1] Industry Trends - Domestic lithium battery manufacturers are returning to an expansion cycle, while overseas players are ramping up high-quality orders. For instance, CATL's Hong Kong IPO raised HKD 35.3 billion, with approximately 90% allocated to the construction of a factory in Hungary, which has a planned total capacity of 72 GWh [1] - The lithium battery equipment industry has accounted for a total impairment provision of CNY 5.7 billion for 2023-2024, indicating that the risk has been sufficiently mitigated [1] - The solid-state battery is becoming a mainstream technology, with companies like BYD planning to start mass production by 2027. Leading equipment manufacturers like Xianlead are uniquely positioned to provide complete solid-state battery production lines [1] Investment Recommendations - The report recommends focusing on leading lithium battery equipment companies such as Xianlead and Hangke Technology, as well as laser welding leader Lianying Laser and platform-based battery equipment manufacturer Liyuanheng [1]