国泰海通｜机械：锂电行业需求回暖，固态电池产业进展加速

Core Viewpoint - The lithium battery industry is experiencing a recovery in demand, leading to expansion and advancements in solid-state battery technology, which is expected to create investment opportunities for equipment manufacturers [1][2]. Group 1: Industry Recovery and Expansion - The traditional lithium battery industry is gradually recovering, with an increase in production capacity driven by solid-state battery requirements, presenting new investment opportunities for lithium equipment companies [2]. - According to research from DDT, by 2025, China's battery manufacturers are projected to produce 128 GWh of power and energy storage batteries, reflecting a 4% decrease quarter-on-quarter but a 37% increase year-on-year. Energy storage cells are expected to account for approximately 30.3% of production, while ternary cells will represent about 17.9% [2]. - From January to April 2025, the lithium battery industry chain has planned 123 expansion projects with a total investment exceeding 340 billion yuan, indicating a positive outlook for the lithium equipment industry [2]. Group 2: Solid-State Battery Development - Driven by market demand, battery companies are accelerating their development of next-generation solid-state battery technologies, with significant progress reported by companies such as CATL, BYD, and others [3]. - CATL has achieved a breakthrough in energy density exceeding 500 Wh/kg with a sulfide and halide composite electrolyte system, and aims for small-scale production of solid-state batteries by 2027 [3]. - EVE Energy has completed the development of soft-pack sulfide solid-state battery samples and plans to launch a high-power, safe solid-state battery for hybrid applications by 2026 [3]. Group 3: Equipment Advancements - Equipment is a critical bottleneck for the industrialization of solid-state batteries, and various lithium equipment manufacturers are actively developing related products [4]. - Leading companies like Xianfeng Intelligent and Winbond Technology have successfully delivered solid-state battery equipment to domestic battery manufacturers, including wet coating and rolling equipment [4]. - Multiple companies are enhancing their process layouts to support the mass production of solid-state batteries, indicating a robust development in equipment technology [4].