Minsheng Securities·2025-08-14 09:51Investment Rating - The report suggests a positive outlook on solid-state batteries as the next-generation solution for lithium batteries, indicating significant investment opportunities in this sector [5]. Core Insights - Solid-state batteries offer substantial advantages over traditional lithium-ion batteries, including higher energy density and improved safety due to the use of solid electrolytes [5][6]. - The report identifies sulfide solid electrolytes as the future mainstream route for solid-state batteries, highlighting their high ionic conductivity despite challenges in chemical and air stability [24][41]. - Key challenges for solid-state batteries include interfacial wetting issues, which can lead to lithium dendrite growth and reduced cycle life [50][57]. - The industry is supported by favorable policies, with significant investments expected in solid-state battery research and development, particularly in the consumer and automotive sectors [82]. Summary by Sections 1. Advantages of Solid-State Batteries - Solid-state batteries can achieve energy densities exceeding 500 Wh/kg by utilizing high-silicon or lithium metal anodes, significantly surpassing traditional lithium-ion batteries [5][17]. - The solid electrolyte's mechanical strength helps suppress lithium dendrite growth, enhancing safety by preventing short circuits [23][41]. 2. Types of Solid Electrolytes - Solid electrolytes are categorized into four main types: polymer, oxide, sulfide, and halide, with sulfides showing the highest ionic conductivity [26][41]. - Sulfide electrolytes are currently the focus of major companies like Toyota and CATL, indicating a strong industry trend towards this technology [42][47]. 3. Core Issues: Interfacial Wetting - The report discusses the critical issue of solid-solid interfacial wetting, which affects lithium ion transport and can lead to dendrite formation and reduced battery life [50][57]. - Both chemical/electrochemical and physical interface problems contribute to these challenges, necessitating advancements in material compatibility and processing techniques [51][55]. 4. Changes in Key Components - The report emphasizes the importance of dry electrode processes and the use of isostatic pressing to enhance the performance and manufacturability of solid-state batteries [63][71]. - Current collectors made from nickel-iron alloys are highlighted as a promising alternative to traditional copper collectors, addressing corrosion issues associated with sulfide electrolytes [78][81]. 5. Industry Development and Policy Support - The report outlines a clear industrialization timeline for solid-state batteries, with significant government support expected to accelerate development in the consumer and automotive markets [82].