Shanghai Aijian Securities·2025-12-31 06:24Investment Rating - The report rates the solid-state battery industry as "stronger than the market" [3]. Core Insights - The core insight of the report emphasizes the acceleration of solid-state battery industrialization driven by innovations in materials and processes, particularly the solidification of electrolytes, which enhances energy density and safety [3]. Summary by Sections 1. Solid-State Battery: Solid Electrolyte, Multi-Dimensional Performance Improvement - The key difference in constructing solid-state batteries lies in the solid electrolyte, which transmits lithium ions and isolates the positive and negative electrodes without a separator [9]. - Solid-state batteries can be classified into four types based on electrolyte types: oxides, sulfides, polymers, and halides, with bulk sulfide solid-state batteries being the trend [13]. - The commercial testing of solid-state batteries began overseas, with rapid advancements in domestic technology and commercialization [17]. 2. Demand: Global Downstream Applications and Policy Synergy Drive Rapid Growth - The Asia-Pacific region is expected to account for over 50% of the solid-state battery market by 2024, benefiting from China's complete lithium battery supply chain and policy support [23]. - The demand for solid-state batteries is driven by large-scale applications in power batteries, with domestic semi-solid battery installation volumes showing rapid growth [30]. - The penetration rate of consumer batteries is expected to exceed 10% by 2030, as they serve as a testing ground for the commercialization of solid-state batteries [31]. 3. Supply: Clear Capacity Planning by Leading Enterprises, Accelerating Restructuring of the Market - China is projected to provide over 80% of global solid-state battery capacity by 2025, supported by a complete supply chain and policy backing [18]. - Major enterprises have clear plans for mass production, with significant advancements in semi-solid production lines [19]. - Domestic battery manufacturers are already establishing mass production lines for semi-solid batteries while focusing on the research and development of full solid-state batteries [19]. 4. Material Landscape: Electrolytes Converging Towards Sulfides, Focus on Silicon-Based and Lithium Metal Anodes - The sulfide route is expected to dominate the market, with a projected market share exceeding 40% by 2035 due to its high conductivity and flexibility [24]. - Silicon-based anodes are rapidly industrializing, while lithium metal anodes are anticipated to become a key development direction due to their higher energy density [24]. 5. Process Landscape: Integrated Line Suppliers to Benefit First, High Technical Barriers in Sub-Segment Equipment - New equipment will open up incremental space, with integrated line equipment suppliers expected to benefit first in the industrialization process [5]. - The solid-state battery manufacturing process differs significantly from traditional lithium batteries, necessitating upgrades in various equipment [5].