Shenwan Hongyuan Securities·2025-07-29 13:38Investment Rating - The report rates the lithium battery equipment industry as "Overweight" due to its expected outperformance compared to the overall market [4]. Core Insights - Solid-state batteries are anticipated to drive increased equipment demand due to their multiple performance advantages, including high energy density, safety, and long cycle life. The market for semi-solid batteries is projected to reach 10GWh in shipments by 2024, with full solid-state batteries expected to enter the GWh application stage by 2028 [4]. - The application of lasers in solid-state batteries is more extensive than in traditional lithium batteries, leading to an expected increase in the value per GW. Key processes include laser insulation of electrode sheets, preheating of dry electrodes, ultra-fast laser cutting, online cleaning with lasers, and laser welding [4]. - Key companies in the sector include Lianying Laser, Delong Laser, Haimu Star, and Jieput. These companies are actively developing equipment suitable for solid-state battery production and have secured orders or partnerships with industry leaders [4]. Summary by Sections Industry Overview - Solid-state batteries are gaining traction due to their superior characteristics, which are expected to accelerate equipment demand [4]. Technology Application - Laser technology is increasingly utilized in various stages of solid-state battery production, enhancing efficiency and reducing costs compared to traditional methods [4]. Key Companies - Lianying Laser has developed equipment for solid-state battery production and has increased its delivery of devices compared to previous years [4]. - Delong Laser focuses on key technologies such as laser insulation and has received orders for its equipment [4]. - Haimu Star is collaborating with leading firms in solid-state battery technology and has signed significant procurement contracts [4]. - Jieput continues to deliver laser products to battery clients, improving production efficiency and quality [4]. Financial Metrics - The report includes a valuation table for laser companies in the solid-state battery sector, highlighting market capitalization and projected net profits for the years 2024 to 2027 [5].