Soochow Securities·2025-06-11 00:20Investment Rating - The report recommends a strong investment in the solid-state battery sector, particularly highlighting companies with high barriers to entry such as CATL, BYD, and Yiwei Lithium Energy [3][4][6]. Core Insights - The solid-state battery industry is entering a critical mid-test phase, with significant advancements in technology and production processes, particularly in sulfide-based solid-state batteries [3][4][6]. - The report anticipates that by 2027, small-scale production of solid-state batteries will commence, with the potential to exceed 100 GWh by 2030 [30][31]. Summary by Sections Industry Overview - The solid-state battery industry has seen rapid development supported by national policies, with key milestones expected by 2027 for demonstration applications [4][6][11]. - Major companies like BYD, Guoxuan High-Tech, and FAW Group have successfully developed vehicle-grade cells with energy densities reaching 350-400 Wh/kg, ahead of previous timelines [3][15]. Technological Advancements - The report highlights breakthroughs in both equipment and materials, with sulfide solid electrolytes becoming the mainstream production trend, and significant improvements in manufacturing processes [16][22][44]. - The solid-state battery's core components, including sulfide electrolytes and lithium metal anodes, are expected to see substantial cost reductions, making them competitive with liquid batteries [27][44]. Market Potential - The report projects that the solid-state battery market will see significant growth, with expected shipments of 1 GWh in 2027 and a market space reaching 21 trillion yuan by 2035 [30][31]. - The anticipated cost of solid-state batteries is expected to decrease to approximately 1-2 yuan/Wh by 2027, aligning closely with current liquid battery costs [27][30]. Investment Recommendations - The report suggests a tiered investment approach: - First tier: battery manufacturers with high barriers, recommending CATL, BYD, and Yiwei Lithium Energy [3][4]. - Second tier: equipment manufacturers, recommending Naconor, Putailai, and Mannesmann [3][4]. - Third tier: material suppliers, recommending Tiannai Technology, Rongbai Technology, and Ganfeng Lithium [3][4].