Bank of China Securities·2025-10-23 06:25Investment Rating - The report maintains an "Outperform" rating for the solid-state battery industry [1]. Core Viewpoints - Solid-state batteries are expected to see rapid growth in demand for electric vehicles due to their significant advantages in safety and energy density, supported by strong policy backing [1][3]. - The production of solid-state batteries is anticipated to accelerate, with production lines and equipment likely to benefit first from this transition [1][3]. - The global market for solid-state battery equipment is projected to reach CNY 40 billion in 2024, with expectations to grow to CNY 1,079.4 billion by 2030 [28][30]. Summary by Sections Industry Overview - Solid-state batteries are positioned as the next-generation technology for electric vehicle power sources, offering superior safety and energy density compared to traditional lithium-ion batteries [1][13]. - The industry is experiencing a dual drive from both policy and market forces, leading to an increase in production capacity and technological advancements [1][19]. Market Dynamics - Equipment orders for solid-state batteries are expected to precede the demand for end products, indicating a rapid growth potential in the equipment market [23][28]. - The solid-state battery equipment market is projected to grow significantly, with a forecasted market size of CNY 1,079.4 billion by 2030 [28][30]. Technological Developments - The introduction of new equipment and upgrades across various production stages is essential for the solid-state battery industry, particularly in the front-end and mid-stage processes [24][31]. - The solid-state battery production process requires specific equipment that differs from traditional lithium-ion battery production, necessitating significant investment in new technologies [24][31]. Investment Recommendations - The report suggests focusing on specific equipment segments such as dry electrode technology and static pressure equipment, which are expected to see increased demand and penetration rates [3][19]. - Companies like Xianlead Intelligent, Winbond Technology, and others are highlighted as key players to watch in the solid-state battery equipment sector [3][19].