LEAD INTELLIGENT(SZ:300450) Soochow Securities·2025-07-28 08:18Investment Rating - The report maintains an "Overweight" rating for the specialized equipment industry [1] Core Insights - The specialized equipment industry is expected to benefit from the industrialization of solid-state batteries, with equipment manufacturers delivering pilot production equipment [4] - Key players in the industry include Naconor, XianDao Intelligent, XianHui Technology, LiYuanHeng, and YingHe Technology, all of which are actively delivering core solid-state battery equipment to major clients [4] - The demand for solid-state battery equipment is anticipated to increase significantly, particularly for dry electrode equipment and static pressure machines, which are crucial for the production of solid-state batteries [4] - The policy environment is supportive, with the Ministry of Industry and Information Technology establishing a standard system for solid-state batteries and investing 6 billion in research and development [4] Summary by Sections Industry Trends - The solid-state battery equipment sector is experiencing a surge in demand as manufacturers ramp up production capabilities [4] - The core processes for solid-state batteries, especially those involving sulfide materials, are seeing increased complexity and demand, leading to potential price premiums for equipment [4] Key Players - Naconor has delivered critical equipment to leading domestic clients, while XianDao Intelligent continues to supply multiple sets of core equipment to both domestic and international clients [4] - Other notable companies include XianHui Technology, which is closely collaborating with SAIC's QingTao Energy, and LiYuanHeng, which is partnering with GAC to provide a complete line of solid-state battery equipment [4] Investment Recommendations - The report recommends 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 [4] - Additional attention is suggested for leading dry electrode equipment manufacturers and complete line suppliers [4]