Tesla(US:TSLA) Guoxin Securities·2025-06-28 08:30Investment Rating - The investment rating for the lithium battery industry is "Outperform the Market" (maintained) [1] Core Insights - The solid-state battery industrialization is accelerating, with significant advancements in equipment and materials, including successful deliveries of solid-state battery equipment and the establishment of production lines for solid electrolytes [3][14] - The silicon content in consumer batteries is steadily increasing, with projections indicating that by 2025, some models will feature silicon content as high as 25% [3][18] - Tesla has secured its first GWh-level energy storage project in China, with a total investment of 4 billion yuan [3][18] - Domestic sales of new energy vehicles reached 1.307 million units in May, marking a year-on-year increase of 37% [3][18] - Lithium salt prices have slightly rebounded, while battery cell prices have shown fluctuations [3][21] Industry Dynamics - Solid-state battery industrialization is progressing with key players like Winbond Technology and others successfully delivering equipment and establishing strategic partnerships for material development [3][14] - The consumer battery sector is seeing an increase in silicon content, with notable products like the VIVO X Fold5 and the upcoming Honor Magic V5 [3][18] - The domestic new energy vehicle market is experiencing robust growth, with significant sales figures reported for May [3][18] - The lithium battery materials market is witnessing price fluctuations, with lithium carbonate prices at 61,200 yuan per ton, reflecting a slight increase [3][21] Investment Recommendations - Focus on leading companies in low-altitude economy and robotics sectors, solid-state battery materials, consumer battery demand recovery, charging station industry, lead-acid battery for electric bicycles, and high-voltage direct current relay sectors [3][18]