Summary of Key Points from Conference Call Records Industry Overview - The solid-state battery industry is accelerating towards commercialization, with leading companies targeting mass production between 2027 and 2030, while second-tier and non-listed companies are actively advancing, indicating a faster-than-expected development pace in the supply chain [1][4] - The solid-state battery supply chain is expected to see small-scale production by 2026, with equipment manufacturers likely to benefit first from this trend [1][4] Core Insights and Arguments - Solid-state battery equipment changes are primarily focused on the front-end and mid-process, with half-solid batteries increasing solid electrolyte coating and rolling, while full-solid batteries involve dry processing techniques [1][5] - Leading companies like XianDao Intelligent are recognized for their technological leadership in solid-state battery equipment, particularly in dry mixing machines, and have secured orders from major clients [1][6] - Other notable companies include Galaxy Magnetics, which has strong technical reserves in both dry and wet processes, and MannsTech, which excels in electrode manufacturing technology [1][9][10] Investment Opportunities - The current investment opportunities in the telecommunications sector are highlighted, particularly in the photovoltaic battery space, which is seen as a new avenue for investment [2][19] - The solid-state battery sector is identified as a key area for investment, with significant advancements in mass production and testing feedback from downstream manufacturers [2][4] Material System Insights - In the solid-state battery material system, sulfide electrolytes are crucial, while high-nickel cathode materials remain viable. Lithium-rich manganese-based and lithium iron phosphate materials are also showing positive feedback [3][12] Equipment and Technology - Dry film formation equipment plays a significant role in solid-state battery manufacturing, offering distinct technological advantages in powder mixing, coating, and electrode transfer [8] - The dry processing techniques are essential for maintaining interface density and consistency, which are critical for product quality [5][8] Company-Specific Developments - Naconor has gained attention for its market performance and strong position in niche markets, particularly in dry electrode equipment and lithium metal interface optimization [10] - The interaction among companies in the solid-state battery industry is evolving, with leading firms like XianDao Intelligent and Galaxy Technology establishing strong partnerships with downstream electronic manufacturers [11] Additional Considerations - The photovoltaic industry is experiencing volatility due to capacity utilization rates and de-capacity signals, but recent clarifications from the photovoltaic association have alleviated some concerns [3][15] - Emerging technologies such as BC, Topcon, and perovskite tandem cells are recommended for attention, with Topcon technology being particularly critical for competitive positioning in the photovoltaic sector [3][16]

固态电池行业事件催化不断，产业化进展加速 2025年以来，行业政策持续支持固态电池行业发展，行业相关标准不断完善、相关企业 产品研发进展加快。2025年3月，强制性国家标准《电动汽车用动力蓄电池安全要求》 开源证券近日发布基础化工行业点评报告：固态电池产业化进程中，高性能材料降本为 先行步骤。因此，我们认为在固态电池材料端布局较为完善、验证进展较快的企业有望受 益。 以下为研究报告摘要： 6、硅基负极：多孔碳方面元力股份、圣泉集团等企业的产业化进展较快，硅基负极方 面石大胜华、硅宝科技等企业的产业化进展较快。 风险提示：技术推进不及预期、原材料价格大幅下跌、终端需求跟进不及预期。（开源 证券 金益腾,张晓锋,宋梓荣） 【责任编辑：李扬子 】 1、光华科技：公司硫化锂相关固态电池材料产品目前产能为300吨/年，后续可以根据 市场需求扩产至3000吨，公司的固态电池材料产品与下游客户仍处于产品送样检测及优化阶 段。 2、长阳科技：固态电池中需要使用隔膜，只是固态电池对技术要求较高对隔膜有新的 功能要求，如高孔隙率，大孔径，高回弹性能。公司固态电池用电解质复合膜已取得该行业 头部客户小批量订单以及腰部客户的企业订单 ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1] Core Insights - The solid-state battery industrialization is progressing, with Nissan announcing its first solid-state battery vehicle launch in 2028, indicating a clear trend towards solid-state battery commercialization [1] - The retail sales of new energy vehicles in June are expected to reach 1.1 million units, with a penetration rate of approximately 55%, suggesting strong demand and growth potential in the sector [1] - The report highlights the importance of cost-effective and technologically advanced electrolyzer manufacturers and companies benefiting from hydrogen infrastructure development [1] Summary by Sections Industry Overview - The electric equipment and new energy sector experienced a decline of 0.79% this week, with the wind power sector increasing by 1.63% and the nuclear power sector decreasing by 2.84% [2][10] - The report notes that the retail market for narrow passenger vehicles is projected to be around 2 million units, with a year-on-year growth of 13.4% and a month-on-month increase of 3.2% [2][25] New Energy Vehicles - Xiaomi's YU7 is set to launch at the end of June, contributing to the growing product lineup in the new energy vehicle market [1][25] - The report emphasizes the increasing demand for batteries and materials driven by the anticipated high growth in domestic new energy vehicle sales in 2025 [1] Battery Technology - Nissan confirmed the launch of its first solid-state battery vehicle in 2028, marking a significant milestone in battery technology [1][25] - The report mentions successful delivery and testing of dry-process core equipment for solid-state batteries by Xianhui Technology in collaboration with leading domestic solid-state battery companies [2][25] Photovoltaics - The report indicates that the central economic work conference has called for comprehensive rectification of "involution" competition in the photovoltaic sector, suggesting a potential increase in supply-side reforms [1] - The price of silicon materials is currently under pressure, with mainstream prices around 30-34 RMB/kg, and the report anticipates further price adjustments in the coming months [15][21] Hydrogen Energy - The report highlights ongoing policy support for the hydrogen energy sector, with the Fujian Provincial Development and Reform Commission outlining plans for hydrogen production capacity and infrastructure development [1][25] - The hydrogen energy industry is expected to achieve a total output value exceeding 60 billion RMB per year by 2030 [25] Company Developments - Xiamen Tungsten's new energy materials sales reached approximately 47,600 tons in the first five months of 2025, reflecting a year-on-year growth of about 20.95% [27] - Hengrun Co., Ltd. plans to invest 1.2 billion RMB in a project to produce 2,000 sets of wind turbine gearbox components, with construction expected to start in July 2025 [27][28]

Investment Rating - The report gives a "Buy" rating for the offshore wind sector, particularly highlighting the potential for significant growth in European offshore wind projects and the expected increase in orders for related companies [7][6]. Core Insights - The offshore wind sector is experiencing a positive outlook with successful project milestones, such as the Jiangsu Guoxin Dafeng offshore wind project achieving its first power delivery and aiming for grid connection [7]. - The U.S. "Great American Outdoors Act" has introduced more lenient supply chain requirements, which is expected to benefit energy storage projects significantly [8]. - The lithium battery sector is seeing a resurgence in traditional orders and advancements in solid-state battery technology, with major manufacturers receiving large-scale orders [14][11]. Summary by Relevant Sections Offshore Wind - Jiangsu Guoxin Dafeng offshore wind project successfully completed its first power delivery, with expectations for initial grid connection within the month [7]. - The 2025 Offshore Wind Conference in Liaoning set a target of 13.1GW for offshore wind development, indicating strong future demand [7]. - European offshore wind demand is projected to double this year, with significant order growth anticipated [7]. Solar & Energy Storage - The U.S. Senate's version of the "Great American Outdoors Act" has relaxed certain supply chain restrictions, which is favorable for energy storage projects [8]. - After a peak in domestic installations, solar exports have rebounded, with May exports showing a month-on-month increase [8]. - The report highlights the potential for overseas markets to support solar demand in the second half of 2025 [8]. Lithium Batteries - The solid-state battery sector is moving towards industrialization, with major manufacturers receiving MWh scale orders [14]. - The report emphasizes the need for equipment upgrades in solid-state battery production, which is expected to yield higher value compared to traditional equipment [14]. - LG Energy Solution has secured an 8GWh order for cylindrical batteries from Chery, marking a significant contract in the lithium battery market [11]. New Energy Vehicles - The Chinese government has confirmed the continuation of the vehicle trade-in subsidy program, which is expected to stabilize market demand [15]. - The report notes a strong recovery in the overall vehicle market, particularly in the second half of the year, driven by new vehicle launches and subsidy support [15]. - The report anticipates a robust demand for new energy vehicles, with significant sales growth expected in the coming months [15]. Power Grid - The export of major electrical equipment has shown strong growth, with May exports reaching $6.49 billion, a year-on-year increase of 18% [18]. - The report highlights the ongoing demand for power grid equipment, particularly in overseas markets, which is expected to remain high [18]. - The report suggests that leading companies in the power grid sector are well-positioned to capture greater market share due to their comprehensive capabilities [20].

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment sector [1] Core Insights - The solid-state battery industry is accelerating towards commercialization, with equipment manufacturers being the primary beneficiaries. The Ministry of Industry and Information Technology plans to establish a standard system for solid-state batteries by 2025, with significant investments already made in R&D [2] - The forklift industry shows strong growth, with May sales reaching 123,000 units, a year-on-year increase of 12%. The demand for large forklifts is particularly strong, indicating a robust outlook for leading companies in Q2 [3] - The engineering machinery sector is witnessing a recovery in non-excavator sales and exports, with May excavator sales at 18,202 units, a 2.12% increase year-on-year. The sector is currently undervalued, presenting investment opportunities [4] Summary by Sections Lithium Battery Equipment - Solid-state battery commercialization is accelerating, benefiting equipment suppliers. Key players include: - **Xian Dao Intelligent**: Offers a complete solution for solid-state battery manufacturing [2] - **Yinghe Technology**: Recently delivered core solid-state battery equipment to a leading domestic battery company [2] - **Huaya Intelligent**: Signed an agreement for a 200MWh solid-state battery production line project [2] - Investment recommendations focus on solid-state battery equipment suppliers like Xian Dao Intelligent and laser welding equipment manufacturers [2] Forklift Industry - May forklift sales reached 123,000 units, with domestic sales at 79,000 units (up 9%) and exports at 44,000 units (up 17%). The demand for large forklifts is particularly strong, indicating a positive outlook for leading companies in Q2 [3] - Key players include Anhui Heli, Hangcha Group, and Zhongli Group, which are actively pursuing smart logistics solutions [3] Engineering Machinery - May excavator sales were 18,202 units, with a slight year-on-year increase. The sector is seeing a recovery in non-excavator sales and exports, with a 9% increase in export value for engineering machinery in the first five months of 2025 [4] - Recommended stocks include Sany Heavy Industry, XCMG, and LiuGong, as the sector is currently undervalued [4] General Recommendations - The report suggests a focus on companies with strong growth potential in the solid-state battery and engineering machinery sectors, highlighting the importance of technological advancements and market demand [2][4]

Core Viewpoint - The article discusses the current state and future directions of the solid-state battery industry, particularly focusing on the innovations in current collectors and the challenges faced in achieving commercial viability. It highlights the complexity of transitioning from traditional materials to advanced solutions that meet the demands of next-generation battery technologies [1][18][20]. Group 1: Current Trends in Solid-State Battery Technology - The enthusiasm for sulfide solid-state batteries is high, with the industry claiming it has entered the "last mile" of commercialization [1]. - The innovation in current collectors has shifted from traditional attributes to more complex requirements such as 3D structures, high-temperature resistance, and corrosion resistance [1][5]. Group 2: Challenges in Material Performance - The chemical corrosion of copper by sulfide electrolytes and the volume expansion of silicon-based and lithium metal anodes are significant bottlenecks for solid-state battery technology [2]. - The introduction of nickel-plated copper foil by Nord Co. aims to address these challenges, providing a solution that balances performance and cost [3][5]. Group 3: Innovations in Current Collector Design - The development of 3D metal mesh current collectors using materials like foam copper and foam nickel is a promising direction, providing buffer space for high-expansion anodes and reducing local current density [9][10]. - The exploration of porous carbon-based current collectors represents a cutting-edge approach, aiming to eliminate metal while achieving high corrosion resistance and low mass density [11][12]. Group 4: Manufacturing Process Challenges - The introduction of dry electrode processes presents challenges for traditional current collectors, necessitating innovations that ensure strong adhesion between the dry film and the current collector [14][17]. - Equipment companies are leading the way in proposing solutions, such as the "dry powder direct coating technology," which alters the traditional manufacturing process [15][19]. Group 5: Industry Dynamics and Future Outlook - The article emphasizes the multi-dimensional challenges faced by the industry, including material performance competition and manufacturing process compatibility [17][20]. - The ongoing innovation race in current collectors reflects the industry's need for solutions that balance performance, cost, and reliability, with no clear leader emerging yet [18][20].

Market Overview - On June 20, A-shares continued to decline, with the Shanghai Composite Index down 0.07% at 3359 points, the Shenzhen Component Index down 0.47%, and the ChiNext Index down 0.83%. Over 3600 stocks in the market fell [1] - Market focus shifted to sectors such as composite fluid, shipping ports, and banking [1] High-Performing Stocks - Shandong Molong achieved a six-day consecutive rise, closing up 10.03% at 7.02, driven by oil and gas equipment, shale gas, and state-owned enterprise themes [4][12] - Nord Shares, a solid-state battery concept stock, recorded a four-day consecutive rise, closing up 10.04% at 5.15 [4][12] - Chutianlong staged a "limit-up" performance at the end of the trading day, achieving a three-day consecutive rise with a 10.00% increase, closing at 23.33 [4][12] Stock Performance Data - The following stocks showed significant gains: - Shandong Molong: +10.03%, 6 consecutive days [4] - Nord Shares: +10.04%, 4 consecutive days [4] - Chutianlong: +10.00%, 3 consecutive days [4] - Other notable stocks include: - ST Yingfit: +4.86%, 4 days 3 boards [4] - ST Xintong: +5.03%, 4 days 3 boards [4] - Jianglong Shipbuilding: +20.00%, 2 consecutive days [6] Trading Activity - The top three net buying stocks on the Dragon and Tiger list were: - Keheng Shares: 183 million [5] - Qiangli New Materials: 165 million [5] - Chutianlong: 164 million [5] - The top three net selling stocks were: - Innovation Medical: 172 million [7] - Hengbao Shares: 135 million [7] - Yong'an Pharmaceutical: 74 million [7] Sector Highlights - The fifth China International Solid-State Battery Technology Conference will be held on June 19-20, 2025, indicating a push towards solid-state battery industrialization [12] - Shandong Molong's revenue from oil pipes and casings accounted for 90.73% of its total revenue, with overseas exports growing over 25% year-on-year [15] - Sai Sheng Pharmaceutical's recent contract for new drug technology transfer aims to enhance its pipeline in the cardiovascular field [18]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit significantly from the acceleration of solid-state battery industrialization, as it continues to deliver core equipment for solid-state batteries [7] - The company has successfully delivered multiple sets of core equipment for solid-state batteries to a leading global battery manufacturer, establishing itself as a leader in the industry [7] - The solid-state battery equipment market is anticipated to see a rise in both demand and pricing, particularly for key processes such as dry electrode equipment and stacking machines [7] - The government and application sectors are increasingly supporting the solid-state battery industry, with significant investments and trials being conducted by major automotive manufacturers [7] - Profit forecasts for the company indicate a rebound in net profit from 286.1 million in 2024 to 2.228 billion by 2027, with corresponding dynamic P/E ratios decreasing from 123.33 to 15.84 [1][7] Financial Summary - Total revenue is projected to decline from 11.855 billion in 2024 to 13.2 billion in 2025, before increasing to 20.1 billion by 2027 [1] - The company's net profit is expected to recover significantly, with a forecast of 1.057 billion in 2025 and 2.228 billion in 2027 [1] - The earnings per share (EPS) is projected to rise from 0.18 in 2024 to 1.42 in 2027 [1] - The company's total assets are expected to grow from 38.827 billion in 2025 to 52.585 billion in 2027, indicating a strong financial position [8]

固态电池，进入利好密集期！ 6月20日，A股最强势的板块还可能是固态电池。这个板块其实昨天早就有起势的信号，但由于大盘较弱，昨 天的多头力量遭遇明显打压。今早，该板块卷土重来，海科新源连续两天20%涨停，诺德股份走出4连板，湘 潭电化2连板、科恒股份、宁新新材、赛伍技术、滨海能源、英联股份等涨停或涨幅超过10%。 近期，固态电池的确是催化不断。产业层面，资料显示，五场大会密集召开： 一是，6月19日，中国国际固态电池科技大会。 二是，硫化锂与硫化物固态电池技术大会将于6月24日—25日召开。 三是，固态电池大会暨硅基负极产创大会将于7月3日召开。 四是，2025电解液创新发展论坛暨固态电池研讨会将于7月9日召开。 消息面上，近期关于固态电池的大会密集召开，6月19日，中国国际固态电池科技大会；硫化锂与硫化物固态 电池技术大会将于6月24-25日召开，固态电池大会暨硅基负极产创大会将于7月3日召开；2025电解液创新发展 论坛暨固态电池研讨会将于7月9日召开；7月底还有 2025上海国际分布式储能及固态电池大会暨展览会 。 另外，各大厂商亦有相关消息发布。据经济参考报消息，长安汽车计划在2025年至2026年完 ...

Investment Rating - The industry investment rating is "Buy" with an expectation of stock performance exceeding the market by more than 10% over the next 12 months [2]. Core Insights - The solid-state battery industrialization is accelerating, with significant future potential. Solid-state batteries are recognized as a core direction for next-generation battery technology, offering disruptive advantages and a clear trend towards industrialization globally [4]. - Technological innovations are driving the rapid industrialization of solid-state batteries. Recent advancements, such as the electrolyte design strategy proposed by CATL, are crucial for practical applications of lithium metal batteries (LMB) [4]. - Leading equipment manufacturers are pivotal in the mass production process of solid-state batteries. The transition from liquid to solid electrolytes enhances energy density and safety, necessitating equipment innovations to achieve higher battery efficiency [4]. - The equipment sector is poised for investment opportunities due to the stringent manufacturing precision required for solid-state batteries, creating a natural moat for core equipment manufacturers [4]. - Continuous attention to industry demand and technological changes is recommended, with a focus on companies like Lead Intelligent, Lianying Laser, and others [4]. Summary by Sections Industry Overview - Solid-state batteries are set to reshape the energy storage and power battery competition landscape due to their safety and energy advantages [4]. Technological Developments - Innovations in manufacturing processes, such as dry processing solutions and integrated equipment for solid-state battery production, are being developed by leading companies [4]. Investment Opportunities - The report suggests that the solid-state battery sector will create a new wave of investment opportunities driven by technological advancements and equipment upgrades [4]. Key Companies to Watch - Companies to monitor include Lead Intelligent, Lianying Laser, Yinghe Technology, and others, which are positioned to benefit from the solid-state battery trend [4].