QuantumScape(US:QS) Soochow Securities·2025-06-26 03:05Investment Rating - The report maintains an "Overweight" rating for the specialized equipment industry [1]. Core Insights - The introduction of QuantumScape's advanced Cobra membrane technology into battery production marks a significant step towards the industrialization of solid-state batteries, with a 25-fold increase in thermal treatment speed and more efficient production processes [5]. - The partnership between Stanford's team and Volkswagen aims to accelerate the industrialization of solid-state batteries, with Volkswagen's subsidiary Powerco set to produce up to 40GWh of batteries annually, potentially expanding to 80GWh, which corresponds to the battery needs of 1 million electric vehicles [5]. - Domestic equipment manufacturers in China are positioned to benefit significantly from the industrialization of solid-state batteries, with several companies already achieving substantial orders exceeding 100 million yuan for solid-state battery equipment in 2024 [5]. Summary by Sections Industry Trends - The report highlights a positive trend in the specialized equipment sector, with projections indicating a relative strength against the benchmark index [4]. Related Research - Previous reports emphasize the acceleration of solid-state battery industrialization and the potential performance release for lithium battery equipment companies [5]. Investment Recommendations - Key recommendations include focusing on solid-state battery equipment suppliers such as XianDao Intelligent, laser welding equipment manufacturers like LianYing Laser, and formation and capacity equipment providers like HangKe Technology. Other companies to watch include YingHe Technology, XianHui Technology, LiYuanHeng, Mannesmann, and HuaYa Intelligent [5].