Core Viewpoint - The solid-state battery industry is expected to mature significantly by 2025, with a projected global shipment of solid-state batteries reaching 642.6 GWh by 2030, representing a CAGR of 133% from 2024 to 2030 [1][6][39]. Industry Overview - Solid-state batteries can be categorized into four systems: polymer, oxide, sulfide, and halide, with the core process focusing on the solid electrolyte film formation [1][10]. - The solid-state battery supply chain is divided into upstream resources, battery materials, equipment, solid-state battery manufacturers, and downstream applications [2][27]. Upstream Resources - The oxide route's rapid industrialization is expected to drive demand for zirconium, while the industrialization of sulfide and lithium metal anodes may double lithium consumption [3][28]. - By 2030, the demand for zirconium in the solid-state battery sector is projected to reach 78,000 tons, with a CAGR of 106.7% from 2024 to 2030 [29]. - Solid-state batteries are anticipated to increase global lithium demand by 5% by 2030, with a projected demand of 55,200 tons of lithium carbonate equivalent (LCE) [31]. Battery Materials - The solid electrolyte is a key focus, with expected growth in conductive agents, silicon anodes, and semi-solid separators benefiting from the solid-state battery industry's expansion [3][34]. - The production of solid-state battery materials is expected to ramp up starting in 2024, with new solid electrolyte routes becoming established [34]. Equipment - The next two years are expected to be a period of rapid development for solid-state battery processes and equipment, with significant investment opportunities anticipated [36]. - The investment per GWh for solid-state battery equipment is projected to be higher than for liquid and semi-solid batteries, with an estimated investment of approximately 17.81 billion yuan by 2030 [36]. Battery Manufacturers - Leading battery manufacturers that establish early production capacity and scale are likely to gain competitive advantages [3][38]. - Major Chinese companies are making significant progress in solid-state battery development, with plans for mass production by 2027 [17][38]. Downstream Applications - Solid-state batteries are becoming a critical focus in the new wave of technology competition in the electric vehicle sector, with high-end applications in humanoid robots, eVTOL, and consumer electronics expected to ramp up by 2025 [3][39]. - The penetration rates for solid-state batteries in various sectors are projected to reach 25% in electric vehicles, 50% in consumer electronics, and 60% in eVTOL by 2030 [6][39].

Group 1: Company Products and Production Capacity - The company's all-solid-state products include lithium sulfide, sulfide solid electrolytes, and sulfide solid electrolyte membranes. The lithium sulfide production line is currently in trial production, with a ton-level solid electrolyte production line established and a thousand-ton pilot production line planned [2][3]. - The company has established a joint venture, Jiangsu Sanhe Battery Material Technology Co., Ltd., with Beijing Weilan New Energy Technology Co., Ltd. and Liyang Tianmu Xian Dao Battery Material Technology Co., Ltd., holding 51% of the shares. It has two production lines capable of mass production [2][3]. Group 2: Market Orders and Collaborations - From 2025 to 2030, Beijing Weilan New Energy is expected to place orders totaling no less than 300 million square meters for semi-solid and all-solid-state battery electrolyte membranes, and no less than 100 tons for all-solid-state battery electrolytes [3]. - The company has signed a procurement framework agreement with Beijing Weilan New Energy, which stipulates that 80% of its material needs will be sourced from Shanghai Enjie and its controlled affiliates [3]. Group 3: Research and Development Focus - The future research direction for sulfide solid electrolytes involves developing products with better air stability, as the current manufacturing process requires isolation from water and oxygen [4]. - The company aims to optimize the particle size and morphology of solid electrolytes to improve conductivity and energy density [8]. Group 4: Cost and Safety Considerations - The cost of semi-solid separators is currently high due to raw material expenses, but market demand for differentiated products is expected to drive down costs as production scales up [5]. - Soft-packaging for solid-state batteries is considered safe, as it has been validated in liquid batteries. The design allows for gas and heat release in case of thermal runaway, reducing explosion risks compared to rigid structures [6]. Group 5: Market Positioning - The company views all-solid-state batteries as currently having higher costs compared to liquid lithium batteries, which offer better cost-performance ratios. All-solid-state batteries are expected to find applications in niche markets such as aerospace and deep-sea exploration [7][8].

摘要 初创企业加码融资、产能和市场拓展。 今年以来，硫化物技术路线接连迎来两大确定性： 市场拓展方面，屹锂科技新增与北京高端电动摩托品牌签署了合作协议。公司此前在江西投建的 500MWh/年全固态产线，主要聚焦于消费电子领域；此次市场端的突破，意味着其产品应用场景 的显著扩大。与此同时，电芯制备规格的提升，也体现了屹锂科技在全固态电芯一致性控制方面的 进步。 目前，公司尚未发布车规级全固态电池产品，但已与多家车企达成合作意向，最终目的也是于 2026年实现装车，并在2027年推进在乘用车领域的规模化应用。 值得注意的是，在固态电池产业化的初期阶段，市场竞争已显露端倪。例如，主打聚合物全固态电 池的纯锂新能源，已于2024年底投产200MWh产线，其50Ah全固态电池产品（搭配铁锂正极和石 墨负极）也将应用于电动两轮车。这表明，固态电池初创企业纷纷选择在细分市场寻求突破，以实 现"抢跑卡位"。 产业链上游的关键材料环节，同样是硫化物全固态电池产业化进程中不可忽视的一环。硫化物固态 电解质及其原材料的生产，正在迎来规模化突破。 其一，硫化物固态电解质凭借在离子电导率上的领先优势，逐渐被学界和产业界确立为全固态电池 ...

装备制造 [Table_ReportDate] 2025 年 3 月 3 日 [T分析师： able_Author 赵晓闯] 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 电话：0755-83199599 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] 证券研究报告 固态电池产业化持续推进 [Table_ReportType]装备制造行业周报（2 月第 4 周） [Table_S 市场行情回顾 ummary] ： 本周 5 个交易日机械设备、电力设备及汽车行业指数涨跌幅 分别为-2.43%、-0.83%及-2.72%，在 31 个申万一级行业中排 名分别为第 22、16、24 位；同期沪深 300 涨跌幅为-2.22%。 行业观点 ...