天风证券近日发布电池研究报告：固界面致密化是全固态电池性能提升&量产的核心瓶 颈，等静压技术可以用于改善全固态电池固固界面接触问题。对于固态电池而言，等静压技 术可以有效消除电芯内部的空隙，提升电芯内组件界面之间的接触效果，进而增强导电性， 提高能量密度，并减少运行期间的体积变化。 以下为研究报告摘要： 摘要 等静压设备核心评判指标 3）热等静压机：向制品施加各向同等压力（100~200MPa）的同时利用加热炉对制品施 加1000~2200℃的高温。 1、核心作用： 固-固界面致密化是全固态电池性能提升&量产的核心瓶颈，等静压技术可以用于改善全 固态电池固固界面接触问题。对于固态电池而言，等静压技术可以有效消除电芯内部的空 隙，提升电芯内组件界面之间的接触效果，进而增强导电性，提高能量密度，并减少运行期 间的体积变化。 2、核心指标： 1）冷等静压机：对粉末施加100-630MPa的压力，在常温下工作，无需加热装置。 2）温等静压机：工作温度一般不超过500℃，压强范围可达300MPa左右。 2、中航机载（军工和电子组联合覆盖）：全资子公司川西机器。川西公司已累计生产 不同规格等静压设备1500余台 （套）。 ...

证券研究报告 2025年10月10日 分析师 孙潇雅 SAC执业证书编号：S1110520080009 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 行业报告： 行业深度研究 固态电池设备的瓶颈-等静压 电力设备 作者： 摘要 等静压设备核心评判指标 1、核心作用： 固-固界面致密化是全固态电池性能提升&量产的核心瓶颈，等静压技术可以用于改善全固态电池固固界面接触问题。 对于固态电池而言，等静压技术可以有效消除电芯内部的空隙，提升电芯内组件界面之间的接触效果，进而增强导电 性，提高能量密度，并减少运行期间的体积变化。 2、核心指标： 1）冷等静压机：对粉末施加100-630MPa的压力，在常温下工作，无需加热装置。 2）温等静压机：工作温度一般不超过500℃，压强范围可达300MPa左右。 3）热等静压机：向制品施加各向同等压力（100~200MPa）的同时利用加热炉对制品施加1000~2200℃的高温。 头部公司的最新进展 1、纳科诺尔：1）2025 年，重点布局固态电池核心设备领域，包括干法电极、锂带压延、电解质成膜、转印、复合 及等静压等关键技 ...

Core Viewpoint - Solid-state batteries are considered the ultimate form of next-generation power batteries, with significant performance and safety potential attracting global automotive and battery giants to compete in this field. However, a key manufacturing bottleneck exists in achieving a solid-solid interface contact between the electrodes and electrolytes, which is crucial for mass production [2][18]. Group 1: Overview of Isostatic Pressing Technology - Isostatic pressing technology has been successfully applied for over 70 years in various industries, including ceramics and alloy materials [5][8]. - The technology utilizes the incompressibility of fluid media to uniformly apply pressure, facilitating the densification of materials [9][10]. - There are three types of isostatic pressing based on the temperature and forming process: cold, warm, and hot isostatic pressing, each with different applications and performance characteristics [12][13]. Group 2: Application in Solid-State Batteries - The introduction of isostatic pressing in solid-state batteries primarily addresses the densification stage after electrode formation, enhancing the contact quality between the electrolyte and electrodes [18][22]. - Isostatic pressing significantly improves the interface density, reduces internal resistance, and enhances ionic conductivity and cycle performance, making it a core process for achieving high energy density and stability in batteries [25][26]. Group 3: Industry Challenges and Opportunities - Current challenges for isostatic pressing equipment include safety concerns, low production capacity, and high costs, which hinder its integration into high-speed production lines [4][17]. - The global market for isostatic pressing equipment in solid-state battery production is projected to reach 2.9 billion by 2029, driven by the anticipated growth in solid-state battery capacity [47][48]. Group 4: Key Players and Developments - Major players in the isostatic pressing equipment market include Quintus, Xinxin Technology, and domestic manufacturers like Chuanxi Machinery and Baotou Kefa, all of which are advancing their technology for solid-state battery applications [38][39][40]. - Battery manufacturers such as CATL and BYD are actively validating and integrating isostatic pressing technology into their production processes, accelerating the industrialization of solid-state batteries [40][41]. Group 5: Future Prospects - The solid-state battery industry is expected to complete pilot testing by 2025, with small-scale production commencing in 2026-2027, leading to large-scale manufacturing by 2028-2029 [47][48]. - The anticipated increase in global solid-state battery capacity from 17 GWh in 2024 to 190 GWh by 2029 will significantly drive demand for isostatic pressing equipment [47][48].

Core Insights - The report highlights the challenges and advancements in the design and manufacturing of isostatic pressing equipment, particularly for solid-state batteries, emphasizing the need for high structural, material, and precision standards [1][4]. Investment Highlights - Isostatic pressing technology has a wide range of applications across various industries, initially used in metals and ceramics, and now extending to aerospace, medical, automotive, and electronics sectors. The technology is categorized into cold, warm, and hot isostatic pressing, with warm isostatic pressing offering a balance between densification performance, production efficiency, and cost [2]. - Isostatic pressing can effectively address the solid-solid interface contact issues in solid-state batteries, enhancing densification and improving component contact. Warm isostatic pressing is identified as the optimal process due to its compatibility with the densification requirements of solid-state batteries, while minimizing adverse reactions at high temperatures [3]. - The market for isostatic pressing equipment in solid-state battery production is projected to reach approximately 2.9 billion yuan by 2029, with an estimated value contribution of around 13% to the production line [3]. Challenges - Current isostatic pressing equipment faces bottlenecks in safety and production capacity, with significant challenges in chamber design, temperature/pressure control systems, and overall safety assurance. These factors hinder the scalability of isostatic pressing for solid-state battery production [4]. - Enhancements in production efficiency can be achieved through process optimizations, increasing the pressure vessel volume, and adopting horizontal chamber structures to facilitate automation in solid-state battery production lines [5]. Investment Recommendations - The report recommends focusing on solid-state battery equipment suppliers such as XianDiao Intelligent, while also suggesting attention to suppliers like LiYuanHeng, NaKonoEr, and others involved in isostatic pressing equipment [5].

Core Viewpoint - The report from Dongwu Securities highlights the industrial potential of warm isostatic pressing (WIP) technology for solid-state battery densification, indicating a significant market opportunity by 2029 with an expected value of 2.9 billion yuan [1][4]. Group 1: Isostatic Pressing Technology - Isostatic pressing technology has a wide range of applications across various industries, including aerospace, medical, automotive, and electronics, due to its advantages in densification and uniformity [2]. - The technology is categorized into cold, warm, and hot isostatic pressing, with warm isostatic pressing achieving a balance between densification performance, production efficiency, and cost [2]. Group 2: Application in Solid-State Batteries - Isostatic pressing can effectively address solid-solid interface contact issues in solid-state batteries, enhancing densification and improving component contact quality [3]. - Warm isostatic pressing is identified as the optimal process for solid-state battery densification, as it meets the temperature and pressure requirements while minimizing adverse reactions and energy costs [3]. Group 3: Industry Players and Market Dynamics - Traditional isostatic equipment manufacturers, such as Quintus and domestic firms like Chuanxi Machinery and Steel Research, are leveraging high-pressure technology to accelerate the transition to solid-state battery applications [4]. - Cross-industry players, including battery manufacturers and equipment suppliers like Xian Dao Intelligent and Liyuanheng, are redefining equipment based on downstream production line experiences, facilitating the industrialization of solid-state battery isostatic pressing [4]. Group 4: Challenges in Production - Current challenges in isostatic pressing equipment for solid-state batteries include design complexities, safety concerns, and limited production capacity, which hinder large-scale manufacturing [5]. - Enhancements in pre-treatment processes, pressure vessel volume, and automation can improve production efficiency and integration into solid-state battery production lines [5]. Group 5: Recommended Companies - Key recommendations include solid-state battery equipment suppliers like Xian Dao Intelligent (300450.SZ) and Liyuanheng (688499.SH), as well as companies involved in isostatic pressing equipment such as Nakano (832522.BJ) and Chuanxi Machinery [6].

Investment Rating - The report recommends focusing on solid-state battery equipment suppliers, particularly highlighting "XianDao Intelligent" as a key investment opportunity, while also suggesting attention to "LiYuanHeng," "NaKeNuoEr," "ChuanXi Machine," "BaoTou KeFa," and overseas leader "Quintus" [4]. Core Insights - Isostatic pressing technology has a wide range of applications across various industries, including aerospace, medical, automotive, and electronics, and has been validated over 70 years [2][12]. - Isostatic pressing can effectively address the solid-solid interface contact issues in solid-state batteries, enhancing density and improving component contact effects, which is crucial for achieving high energy density and stability [3][31]. - The current bottlenecks for isostatic pressing equipment in solid-state battery production include safety concerns and limited production capacity, which can be mitigated through design optimizations and automation [4][59]. Summary by Sections 1. Application of Isostatic Pressing Equipment - Isostatic pressing technology is categorized into cold, warm, and hot types, each with specific temperature and pressure requirements, impacting production efficiency and cost [17][20]. - Warm isostatic pressing is identified as the optimal process for solid-state battery densification, balancing interface density improvement and cost-effectiveness [3][39]. 2. Isostatic Pressing for Solid-State Batteries - The introduction of isostatic pressing in solid-state battery production is essential for achieving the required density and improving ion conductivity, with potential performance enhancements of over 30% in ionic conductivity and a 20% reduction in internal resistance [31][54]. - The report estimates that the value of isostatic pressing equipment in solid-state battery production lines could reach approximately 2.9 billion yuan by 2029 [3][54]. 3. Key Companies - The report highlights several key players in the isostatic pressing equipment market, including traditional manufacturers like Quintus and domestic companies such as ChuanXi Machine and BaoTou KeFa, which are advancing their technology for solid-state battery applications [4][45]. 4. Investment Recommendations - The report emphasizes the importance of investing in companies that are actively developing isostatic pressing technology for solid-state batteries, particularly those that are integrating automation and optimizing production processes [4][47].

Summary of Conference Call on Solid-State Battery Equipment Industry Overview - The discussion centers around the solid-state battery equipment industry, particularly focusing on the domestic development of isostatic pressing equipment, which is crucial for solid-state battery manufacturing [1][2]. Key Points and Arguments - **Leading Position in Passive Electronic Components**: The company has established a leading position in the manufacturing of passive electronic component equipment, with domestic MLCC (Multi-Layer Ceramic Capacitor) equipment fully adopting their technology [1]. - **Importance of Isostatic Pressing Technology**: Isostatic pressing technology is critical for reducing the resistivity of solid-state batteries by enhancing the contact area between solid electrolytes, which is essential for improving conductivity [1][5]. - **Temperature-Controlled Isostatic Pressing Machines**: The temperature-controlled isostatic pressing machine is highlighted as superior to cold and hot isostatic machines due to its ability to enhance material flow and bonding at sensitive temperatures [1][9]. - **Market Specifications**: Common specifications for solid-state battery isostatic equipment include pressure ranges of 100-600 MPa and diameters of 400-450 mm, with ongoing development of a 1,500 MPa machine for special applications [1][10][11]. - **Cost Advantage of Domestic Equipment**: Domestic temperature-controlled isostatic machines are priced at about one-third of their imported counterparts, demonstrating a significant cost advantage while maintaining comparable quality [1][16]. Additional Important Insights - **Historical Context**: Prior to 2021, domestic solid-state battery equipment heavily relied on imports, particularly for temperature-controlled isostatic equipment, which faced restrictions under the Wassenaar Arrangement [2][17]. - **Application of MLCC**: MLCCs are widely used in electronic products, with a smartphone requiring over 1,000 units and an electric vehicle needing around 30,000 units, underscoring the demand for high-quality passive components [3]. - **Technical Challenges**: Key technical challenges in manufacturing isostatic equipment include material strength, pressure control, and the quality of sealing components, which are critical for safe operation under high pressure [20][22]. - **Safety Risks**: The operation of isostatic equipment at pressures exceeding 600 MPa poses significant safety risks, necessitating strict adherence to safety protocols and professional training for operators [13][22][23]. - **Market Competition**: Domestic companies are making progress in catching up with international leaders, but issues such as lack of respect for high-pressure technology and improper practices in bidding processes have been noted [21][24]. - **Revenue Contribution**: Solid-state battery equipment currently accounts for less than 20% of the company's overall business, with a reported revenue of approximately 30 million yuan from solid-state battery equipment sales [25][26]. This summary encapsulates the critical aspects of the conference call, highlighting the advancements, challenges, and market dynamics within the solid-state battery equipment industry.

Group 1 - The core viewpoint of the report is that the glue frame printing process is a necessary component of solid-state batteries, with significant growth potential due to material adaptability and manufacturing precision control capabilities [1][2] - Solid-state batteries are identified as a key development direction for next-generation battery technology, driven by their high energy density and excellent safety features [2] - The introduction of isostatic pressing technology enhances the overall performance of solid-state batteries, addressing safety concerns and creating demand for glue frame printing [2] Group 2 - Various manufacturers are actively advancing glue frame printing solutions, with companies like Liyuanheng and High Energy Digital Manufacturing launching distinctive solutions [3] - Platform-type manufacturers, such as Songji Co., possess both equipment and material capabilities, having implemented the world's first mass production insulation UV spraying sample project for battery cells [3] - The glue frame printing process involves multiple techniques, including screen printing, pre-fabricated glue frame transfer, dispensing, and UV printing, each with unique characteristics [2]

Summary of Solid-State Battery Equipment Conference Call Industry Overview - The solid-state battery technology is identified as a future trend, driven by key factors such as energy density and safety, presenting investment opportunities particularly in the equipment sector during the expansion and pilot testing phases [1][2][3] Core Insights and Arguments - **Solid-State Battery Advantages**: Solid-state batteries are viewed as the ultimate solution due to their higher energy density and safety, aligning with the overall direction of battery technology development [2][3] - **Investment in Equipment**: The equipment sector is expected to see continuous investment opportunities this year, especially for expansion and pilot testing, which require substantial equipment support [2][3] - **Cost and Production**: The production line for solid-state batteries requires approximately 1.1 billion yuan for front-end equipment and about 80 million yuan for mid-stage equipment, with total investment being double that of traditional liquid batteries [1][6] Key Technologies and Processes - **Half-Solid-State Battery Process**: The core technologies include in-situ curing and stacking techniques, which are compatible with existing liquid production lines and reduce costs while addressing interface issues [1][3] - **Full Solid-State Battery Innovations**: The full solid-state battery process replaces traditional wet methods with dry electrode manufacturing, increasing the value of single equipment by over 50% [1][4] - **Lithium Sulfide Cost Impact**: Lithium sulfide accounts for approximately 70% to 80% of the solid-state battery electrolyte cost, with potential cost reductions if domestic production increases [6] Equipment Investment Breakdown - **Front-End Equipment**: Investment focuses on dry electrode preparation and lithium sulfide electrolyte preparation, with significant suppliers including Xingdao, Manste, and Hai Moxing [7][11] - **Mid-Stage Equipment**: Investment is concentrated on stacking and isostatic pressing, with key suppliers being Liyuanheng and Hai Moxing [8][10] - **Investment Composition**: The front-end production segment includes dry electrodes, rolling film formation, and laser/ion beam cutting, with significant attention on the electrode and rolling film segments [9][10] Market Dynamics and Future Outlook - **Current Market Status**: The solid-state battery market is currently in a "mid-game pause," but equipment companies still present investment opportunities, with expected growth of 30% to 40% in the future [17] - **Focus on Undervalued Companies**: There is a recommendation to prioritize investment in undervalued equipment companies before expanding focus to material sectors [17] Additional Important Insights - **Technological Barriers**: The isostatic pressing stage is identified as a critical bottleneck with low domestic production rates, indicating a need for increased focus on companies involved in this area [5][8] - **Emerging Technologies**: PVD and CVD technologies are highlighted for their potential applications in solid-state battery manufacturing, particularly in lithium metal film preparation and copper foil treatment [16][17] This summary encapsulates the key points from the conference call regarding the solid-state battery industry, highlighting investment opportunities, technological advancements, and market dynamics.

Investment Rating - The report maintains a "Positive" outlook on the solid-state battery industry, highlighting its potential as a next-generation battery technology with significant attention from the entire industry chain [4][9]. Core Viewpoints - Solid-state batteries face dual challenges of process and cost, but recent advancements indicate a consensus on mass production by 2027, with key players in the automotive and battery sectors actively releasing products [9][12]. - The manufacturing of solid-state batteries requires a comprehensive reconstruction of equipment and processes due to fundamental differences in material compatibility and bonding logic compared to liquid lithium-ion batteries [21][22]. - Equipment development is crucial for achieving scale production and cost reduction, with dry processing techniques being identified as effective methods for lowering costs and improving efficiency [22][34]. Summary by Sections Industry Overview - The solid-state battery industry is gaining traction, with a clear direction and trend towards mass production by 2027, driven by collaboration across the supply chain [4][9]. Manufacturing Challenges - The transition from laboratory to mass production faces significant technical challenges, particularly in scaling up cell sizes from the current average of 20Ah to the required 60Ah for automotive applications [12][21]. - Key challenges include the stability of material systems, consistency of processes, and safety of systems, all of which impact yield rates, production efficiency, and costs [12][21]. Equipment and Process Innovations - The report emphasizes the need for innovative equipment and processes, particularly in the areas of solid electrolyte film production and interface engineering, to address the unique requirements of solid-state batteries [21][35]. - Dry processing techniques are highlighted as essential for the production of solid-state batteries, offering advantages in efficiency and environmental impact [22][34]. Investment Recommendations - The report suggests focusing on companies that are closely collaborating with clients and have secured orders or achieved delivery in the key equipment sector, such as Naconor (832522), Honggong Technology (301662), and others [4][9].