固态电池系列之干法电极专题报告：革新技术，方兴未艾

Investment Rating - Overweight (Maintain) [1] Core Viewpoints - The dry electrode process is a new battery manufacturing technology that does not use solvents, simplifying production and reducing costs by over 10% [3][30][37] - Solid-state batteries, leveraging high energy density and safety, are seen as the ultimate solution for next-generation lithium batteries, with dry electrode technology being a key driver for their industrialization [3][30][36] - The dry electrode process can increase battery energy density by approximately 20% and is better suited for the production of solid-state batteries, particularly those using sulfide electrolytes [30][31][36] Summary by Sections 1. Dry Electrode as a New Electrode Manufacturing Process - The dry electrode process differs from the traditional wet process by eliminating solvent use, which reduces energy consumption and production time [16][25] - The dry process faces challenges in achieving uniform mixing and film consistency, impacting yield rates [28][30] 2. Dry Electrode as a Key Technology for Solid-State Battery Industrialization - The dry electrode process is essential for the development of solid-state batteries, particularly those utilizing sulfide electrolytes, which have the highest ionic conductivity [33][36] - The first generation of solid-state batteries is expected to achieve production by 2027, with significant advancements in technology and production lines anticipated in 2025-2026 [42][43] 3. Equipment Demand Driven by Dry Electrode Process - The solid-state battery equipment market is projected to grow significantly, with an estimated market size of approximately 108 billion yuan by 2030, driven by the demand for new and upgraded equipment for the dry electrode process [45][47] - Key companies in the dry electrode equipment sector include leading firms with capabilities in solid-state battery production lines, such as Xian Dao Intelligent and Nacono [3][44]