国泰海通证券研究·2025-06-24 14:09Core Viewpoint - The solid-state battery industry is experiencing favorable policies and has broad application prospects, with pilot production lines being established and leading companies making significant advancements in technology [1][3]. Group 1: Policy and Industry Support - The Chinese government has initiated several policies to accelerate the research and industrialization of solid-state batteries, including a 60 billion yuan investment in 2024 aimed at supporting solid-state battery development [3]. - A multi-layered support system has been established, combining central government policies with local pilot projects to expedite the industrialization process of solid-state batteries [3]. Group 2: Market Potential and Applications - Solid-state batteries exhibit high energy density and fast charging capabilities, making them suitable for various applications, including electric vehicles (EVs), eVTOL aircraft, and humanoid robots, with a projected global shipment of 614.1 GWh and a market size exceeding 250 billion yuan by 2030 [4]. - The unique safety features of solid-state batteries, such as non-flammability and high performance under extreme conditions, enhance their appeal for use in electric vehicles and other high-demand scenarios [4]. Group 3: Industry Developments and Innovations - Leading companies like BYD and Guoxuan High-Tech are making significant strides in solid-state battery technology, with BYD planning to start mass production of its solid-state batteries around 2027 and Guoxuan High-Tech already conducting vehicle testing with its 350 Wh/kg energy density cells [5]. - The ongoing advancements in solid-state battery technology are expected to attract more companies to enter the market, leading to continuous product iterations and improvements [5].