Guohai Securities·2025-08-03 08:36Investment Rating - The report gives a "Buy" rating for the solid-state battery industry, indicating a positive outlook for growth and investment opportunities [1][7][25]. Core Insights - The demand for gel frame printing technology is driven by safety requirements in solid-state batteries, with material compatibility and manufacturing precision being critical factors [3][6][8]. - Various manufacturers are actively developing gel frame printing solutions, with notable advancements from companies like Liyuanheng and Delong Laser, which have secured orders from leading industry clients [4][16][19]. - The gel frame printing process involves multiple techniques, including screen printing, pre-fabricated gel frame transfer, dispensing, and UV printing, each with unique characteristics affecting yield, production efficiency, and precision [12][14]. Summary by Sections Gel Frame Printing Overview - Solid-state batteries are becoming a key development direction due to their high energy density and safety, with isostatic pressing technology enhancing overall battery performance [6][9]. - Safety concerns related to short-circuit risks in solid-state batteries have led to increased demand for gel frame printing technology, which provides insulation and moisture barrier properties [9][10]. Current Status of Gel Frame Printing Manufacturers - Manufacturers like Liyuanheng and High Energy Digital have introduced distinctive solutions, while Delong Laser has received significant orders for its UV printing equipment [16][19]. - Platform companies like Songji Co. have demonstrated strong capabilities in both equipment and materials, successfully implementing the world's first mass production of insulated UV printing for battery cells [4][16]. Investment Recommendations - The report suggests focusing on companies specializing in lithium battery equipment, such as Liyuanheng, Delong Laser, and Songji Co., which have developed integrated solutions and secured key client orders [25][24].