Core Insights - The solid-state battery market is experiencing explosive growth opportunities, with projections indicating that global solid-state battery shipments will reach 614.1 GWh by 2030, corresponding to a market size exceeding 100 billion yuan, with semi-solid batteries accounting for approximately 85% of the total market size [3] - Despite the promising outlook, challenges such as high costs, interface impedance, and incomplete supply chains hinder the large-scale commercialization of all-solid-state batteries in the short term, with industrialization expected to occur post-2030 [5] - The semi-solid battery technology serves as a practical pathway towards all-solid-state batteries, balancing safety, performance, and manufacturability, as it retains 5%-10% of liquid electrolyte while mitigating thermal runaway risks [5] Industry Developments - The 32nd China Society of Automotive Engineers Annual Conference and Exhibition (SAECC 2025) will be held in Chongqing, China, from October 21 to 24, 2025, where BAK Battery's Chief Engineer will present advancements in solid-state battery technology and its applications [1] - BAK Battery has made significant breakthroughs in solid-state battery technology through in-situ curing techniques, achieving a liquid electrolyte content below 10%, ensuring safety through rigorous testing while maintaining high ionic conductivity [6] - The company has established a clean pilot line for high-purity solid-state batteries, adhering to automotive-grade dust control standards, facilitating the transition from laboratory safety metrics to commercial production [6] Product Innovations - In the digital security sector, BAK Battery has developed two semi-solid battery cells (1.2Ah and 7Ah) that excel in extreme conditions, ensuring stable power supply through rigorous testing [7] - For eVTOL applications, BAK Battery has created products capable of 4C-8C discharge rates, providing rapid energy replenishment to support low-altitude economic development [7] - In the two-wheeler market, BAK Battery's semi-solid cells meet national safety standards and demonstrate a capacity retention rate of ≥70% after 3000 cycles, addressing market demands for long-range, high-safety, and cost-effective solutions [7] - The company is also developing high-energy density cells (300-400 Wh/kg) for electric vehicles, achieving a capacity retention rate of ≥80% after 1000 cycles, showcasing durability and reliability [7] Strategic Focus - BAK Battery emphasizes a closed-loop approach of "scene pain points → battery solutions," leveraging real-world applications to drive technological iterations and enhance solid-state battery evolution [6][8] - The semi-solid technology acts as a critical bridge between existing technologies and the goal of all-solid-state batteries, addressing urgent market needs for high safety and high energy density batteries [8] - The company plans to continue advancing semi-solid technology in response to market demands, aiming to provide targeted solid-state battery solutions across various sectors while steadily progressing towards all-solid-state battery development [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 96.96 RMB, up from a previous target of 62.40 RMB [5][7]. Core Insights - The company reported Q3 2025 revenue of 16.832 billion RMB, a year-on-year increase of 35.9% and a quarter-on-quarter increase of 9.5%. The net profit attributable to shareholders was 1.211 billion RMB, up 15.1% year-on-year and 140.2% quarter-on-quarter, although it fell short of the previous expectation of 1.581 billion RMB due to one-time charges [1]. - The company is expected to benefit from improved customer structure and increased production capacity utilization in the future, particularly with the release of orders from the BMW cylindrical battery project and North American energy storage clients [1][2]. - The company anticipates a significant increase in demand for commercial vehicles, with the battery business expected to achieve a gross margin of 20% in 2026, up from over 17% in 2025 [2]. - The energy storage segment saw a 23% quarter-on-quarter increase in battery shipments, with gross margins improving to over 12% due to better customer structure [3]. - The company is making progress in solid-state battery technology, with plans for mass production and potential applications in high-end equipment [4]. Summary by Sections Q3 Financial Performance - Q3 2025 revenue was 16.832 billion RMB, with a year-on-year growth of 35.9% and a quarter-on-quarter growth of 9.5% [1]. - Net profit attributable to shareholders was 1.211 billion RMB, reflecting a year-on-year increase of 15.1% and a quarter-on-quarter increase of 140.2% [1]. Battery Business Outlook - The company shipped 13.1 GWh of power batteries in Q3 2025, with a gross margin exceeding 17% [2]. - The commercial vehicle sector is projected to double in growth by 2026, contributing to improved profitability [2]. Energy Storage Segment - Energy storage battery shipments reached 19.7 GWh in Q3 2025, with a gross margin recovery to over 12% [3]. - The company plans to increase the export ratio of energy storage batteries to over 25% next year [3]. Solid-State Battery Development - The company is advancing in solid-state battery technology, with a production base expected to be completed by December 2025 [4].

Core Insights - The report highlights the steady growth in global electric vehicle sales, with commercial vehicle electrification emerging as a new growth point, and rapid expansion in the engineering machinery market, alongside a significant increase in global ship battery shipments and high domestic penetration rates for ship electrification [1] Investment Highlights - Scenario Expansion: The demand for lithium battery applications is rapidly expanding into diverse fields such as electric two-wheelers, low-altitude economy, robotics, and RVs. In the first half of 2025, domestic electric two-wheeler lithium battery sales are expected to surge over 40% year-on-year, with industrial and consumer-grade drone lithium batteries also experiencing rapid growth, projected to achieve a CAGR of 18.08% from 2025 to 2030. Global robot shipments are expected to grow by over 39% year-on-year in 2024, and RV lithium battery sales are projected to see a CAGR of 8.55% from 2025 to 2031 [2] - Technology Upgrade: Attention is drawn to leading companies accelerating the industrialization of solid-state batteries, with a continuous increase in patent applications for solid-state batteries in China, where leading firms hold a significant number of patents and have clear mass production plans [2] - Cycle: The report notes a price recovery and improvement in profitability, with cell prices rebounding and operating rates increasing. Since 2025, cell prices have gradually bottomed out, and the overall operating rate of energy storage battery companies in the first half of 2025 is expected to maintain above 50%, significantly exceeding previous years and showing a gradual upward trend [2] Storage and Power Battery Growth - Storage: The report emphasizes the rapid growth of distributed energy storage, with lithium iron phosphate batteries being the primary technology route in electrochemical storage. Global energy storage batteries are mainly used for centralized storage, with distributed storage growing rapidly. China has the largest installed capacity for energy storage, with the strongest growth. Demand for storage batteries is expected to reach 1384.00 GWh by 2028, with a CAGR of 39.07% from 2024 to 2028, and the share of distributed storage is expected to rise to 40.02% by 2028 [3] - Power: The focus is on the electrification of commercial vehicles, engineering machinery, and ships, with global electric vehicle sales steadily increasing. The report anticipates that power battery shipments will reach 2859.62 GWh by 2028, with a CAGR of 26.91% from 2024 to 2028, driven by rapid growth in light-duty, engineering machinery, and ship power batteries [3] - Consumer: The global consumer battery market is characterized by significant technological drivers, diverse application demands, and favorable policy environments. Total consumer battery shipments are projected to reach 55.13 billion units by 2029, with a CAGR of approximately 25.54% from 2023 to 2029, primarily driven by the continuous development of downstream industries such as medical devices and automotive electronics, as well as the rise of emerging fields like the low-altitude economy [3] Market Structure - The report indicates that the market landscape is stabilizing, with resources concentrating towards leading companies, while second-tier firms seek differentiated competition. The market share of leading global power battery companies remains stable, while the second tier is growing rapidly, leading to a decline in industry concentration [4] - The report notes that the highest costs are associated with positive electrodes, with lithium iron phosphate shipments dominating. The share of artificial graphite in negative electrodes is high, and silicon negative electrode shipments are expected to break through [5] - The report highlights that the electrolyte market faces significant overcapacity issues, with an oligopoly effect becoming apparent, and emphasizes the importance of monitoring the impact of internal competition [5] - The report also mentions that the market for separators is becoming increasingly concentrated, with leading companies benefiting from cost control and technological upgrades to enhance profitability [5] - The report concludes that the manufacturing equipment competition landscape is clear, with domestic manufacturers possessing global competitiveness, and emphasizes the importance of R&D efforts and technological upgrades among domestic companies [5]

Core Viewpoint - Solid-state batteries are recognized as the next-generation technology for electric vehicle power batteries, offering significant advantages in safety and energy density, and are strongly supported by policies [1] Group 1: Policy and Market Drivers - The production of solid-state batteries is accelerating due to dual drivers from policies and market demand, with various government levels promoting solid-state battery development as a strategic emerging industry [1] - The industry is experiencing enhanced collaboration among supply chain participants, leading to faster validation and production progress [1] Group 2: Market Growth Potential - Equipment investment is a precursor to industry implementation, with solid-state battery equipment orders expected to grow rapidly ahead of vehicle production [2] - The global market for solid-state battery equipment is projected to reach 4 billion yuan in 2024, with significant growth anticipated, reaching 107.94 billion yuan by 2030 [2] Group 3: Equipment Upgrades and Changes - The production line for solid-state batteries will require new equipment and upgrades, particularly in the front-end with dry electrode equipment and increased penetration of stacking machines in the mid-section [3] - The back-end equipment will focus on performance upgrades, eliminating the liquid injection process [3] Group 4: Thermal Management and Material Changes - Solid-state batteries have higher thermal stability, leading to increased requirements for thermal management and changes in battery pack structural components, which will benefit related equipment and materials [4] Group 5: Equipment Delivery and Validation - The new processes for solid-state batteries present higher barriers in material systems and stability, necessitating longer validation cycles for equipment from prototype to stable mass production [5] - Equipment manufacturers that complete validation and secure orders early will be positioned to benefit from the industrialization of solid-state batteries [5] Group 6: Investment Recommendations - As solid-state battery technology advances, there is a growing demand for specialized equipment, which presents significant growth opportunities and value chain restructuring [6] - Key companies to watch include XianDao Intelligent (300450.SZ), Yinghe Technology (300457.SZ), HongGong Technology (301662.SZ), XianHui Technology (688155.SH), NaKeNuoEr (920522.BJ), LiYuanHeng (688499.SH), HaiMuXing (688559.SH), and DeLong Laser (688170.SH) [6]

Investment 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].

兴业证券认为，国内外产业化加速，设备率先受益。自2024年下半年以来，固态电池领域催化事件频 发，推动锂电板块整体景气度回升。当前下游新能源车销量保持高增长态势，固态电池产业化进程的不 断推进，预计相关催化频发，锂电板块盈利端修复与估值提升的预期愈发明确。在国家政策的强力支持 背景下，产业链各环节企业相继发布全固态电池技术解决方案，同时低空经济、机器人等新兴应用场景 的需求催化持续释放，多重利好叠加下，固态电池产业化进程有望提前加速。目前初代全固态电池材料 体系已定型，材料性能和设备接近量产要求，预计2025年下半年进入固态电池设备和材料企业定点的关 键期，在固态电池设备端和材料端布局较为完善、验证进展较快的企业有望受益。 （文章来源：证券时报网） 2025年（第七届）中国固态电池技术创新与产业化研讨会于10月22日至24日举办。 财通证券认为，2025年以来，固态电池技术持续获突破，多家车企计划于2027年左右开始搭载全固态电 池，行业产业化进程加快。随着中试线的陆续落地以及锂电扩产周期的重启，设备企业基本面有望持续 改善，继续看好产业周期与技术进步共振。 ...

Investment 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]

Group 1 - The company is progressing in the industrialization of solid-state battery patents, with the project having essentially passed small-scale testing [2] - Investors are encouraged to pay attention to the company's related announcements [2]

Group 1 - The core viewpoint of the article highlights the strategic partnerships formed between companies in the solid-state battery sector, aiming to leverage each other's strengths in technology and resources to enhance production and market reach [2][4]. - A joint venture, Shandong Yunshi Weilan New Materials Co., Ltd., has been established by Weilan New Energy and Shaanxi Forestry Industry Group, focusing on the research, production, and sales of solid-state batteries and energy storage systems [3]. - The first production line of the joint venture will require an investment of 1.2 billion RMB and will be located in existing facilities in Zibo, with plans for further production bases in Nanjing and other locations [3]. Group 2 - Huasheng Lithium Battery and Honeycomb Energy have signed a cooperation agreement to develop sulfide solid electrolyte materials, combining their technological and industrial capabilities [4][7]. - The collaboration aims to address the high costs associated with sulfide solid-state battery technology, particularly focusing on reducing the costs of raw materials and production processes [7]. - The industry is seeing a trend where many domestic power battery manufacturers are opting for sulfide solid-state battery technology, which, despite some technological advancements, still faces challenges in terms of cost-effective industrialization [7].

Core Insights - Solid-state batteries are a highly focused sector in technology growth this year, with expectations for practical implementation advancing to around 2026 [1] - The solid-state battery industry is characterized by a shift from liquid electrolytes to solid electrolytes, with various types such as sulfide, oxide, and polymer being explored [1] - Major companies like CATL, Guoxuan High-Tech, and BYD are focusing on sulfide routes, while startups prefer oxide routes due to mature processes [1] Industry Trends - Upstream material companies are increasingly adopting a full-route layout for solid-state batteries, as seen with Shanghai Washba, which entered the solid-state battery sector in 2022 [2] - In 2025, among 53 A-share listed companies related to solid-state batteries, only 33 reported positive net profits, but 44 companies showed positive growth in fixed investment, and 30 increased R&D expenses year-on-year [2] Demand Drivers - Strong capital expenditure in solid-state batteries is driven by downstream demand, with major automakers and battery leaders announcing timelines for industrialization [3] - Toyota plans to achieve small-scale trial production of solid-state batteries by 2026 and large-scale production post-2030, while BYD aims for demonstration vehicle applications by 2027 [3] Equipment and Market Response - Leading solid-state battery equipment manufacturer, Xian Dao Intelligent, reported significant growth in revenue and net profit, with a 61.19% increase in net profit year-on-year [4] - Xian Dao's solid-state battery equipment has entered supply chains of major battery companies and automakers globally, leading to a surge in stock prices following their positive earnings report [4] Company Developments - Shanghai Washba's solid-state battery materials business is becoming a more significant factor in its valuation despite a 15.85% decline in overall revenue in the first half of the year [5] - The company has made strategic moves, including acquiring patents from the Dalian Institute of Chemical Physics and establishing joint ventures to enhance its competitive edge in silicon-carbon anode materials [7][8] New Energy Initiatives - Shanghai Washba has launched subsidiaries focused on advanced materials for solid-state batteries, targeting applications in consumer electronics, drones, and smart grid energy storage [8] - The company has developed a novel water-resistant oxide solid-state electrolyte material and achieved a production capacity of 50 tons per year [8]