Guotou Securities·2025-10-22 01:49Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [7] Core Insights - The solid-state battery industry is accelerating its industrialization, with key breakthroughs in core technologies, particularly in addressing the interface contact issues between solid electrolytes and lithium metal electrodes [1] - Major battery companies are enhancing profitability, with CATL reporting a net profit of 18.549 billion yuan in Q3 2025, a year-on-year increase of 41.21%, indicating a continuous improvement in the battery industry's profitability [3] - Equipment companies are leading the way in solid-state battery production, developing essential technologies and equipment to support the manufacturing process [4] Summary by Sections - Industrialization Progress: Solid-state batteries are recognized as the next generation of batteries, with advancements in technology enabling practical applications. Notable developments include Chery Automobile's solid-state battery module with an energy density of 600Wh/kg and a projected range of 1200-1300 km, expected to be validated in vehicles by 2027 [2] - Equipment Development: Domestic equipment companies are pioneering solutions for solid-state battery manufacturing, with companies like Mannesmann and Li Yuan Heng delivering critical equipment for large-scale production lines [4] - Investment Recommendations: The report suggests continuous monitoring of industry demand and technological changes, highlighting key equipment companies such as Li Yuan Heng, Xian Zhuang Co., and others as potential investment opportunities [5]