Investment Rating - Industry rating is "Recommended," indicating that the industry is expected to perform better than the benchmark index over the next 12 months [41]. Core Insights - Isostatic pressing technology is crucial for solid-state battery production, allowing precise control over key parameters such as electrode density and thickness, which enhances ionic conductivity and mechanical strength while reducing production costs [2][16]. - The report highlights the advantages of warm isostatic pressing (WIP) over cold and hot methods, particularly in terms of cost-effectiveness and higher achievable pressure, making it more suitable for solid-state battery applications [2][17]. - The report identifies key players in the isostatic pressing equipment market, with overseas companies like Quintus Technologies and Hana Technology leading, while domestic companies such as Xian Dao Intelligent and Rongqi Technology are accelerating their R&D efforts [2][36][37]. Summary by Sections 1. Isostatic Pressing Equipment - Isostatic pressing relies on Pascal's principle, ensuring uniform pressure distribution in high-pressure containers, which is essential for solid-state battery applications [2][8]. - The equipment is categorized into hot isostatic pressing (HIP), warm isostatic pressing (WIP), and cold isostatic pressing (CIP), with WIP being more suitable for solid-state batteries due to its ability to enhance ionic conductivity at lower costs [17][18]. 2. Application in Solid-State Batteries - Isostatic pressing significantly improves electrode density and reduces internal resistance, leading to enhanced battery performance [20][29]. - The technology is positioned in the middle of the solid-state battery production line, connecting the stacking machine and high-pressure formation equipment [30]. 3. Key Challenges - The report outlines challenges such as the non-continuous production cycle of isostatic pressing, which can take several minutes for pressure cycles, hindering automation in battery production lines [33]. - Cost control remains a critical issue, with the current investment per GWh for solid-state batteries being significantly higher than for liquid batteries, necessitating cost reduction strategies [33]. 4. Relevant Companies - Key international players include Quintus Technologies and Hana Technology, while domestic firms like Sichuan Lieneng and Zhonghang Jikong are making strides in the isostatic pressing equipment sector [36][37].

证券研究报告：机械设备|深度报告 行业投资评级 行业基本情况 | 收盘点位 | | 1988.9 | | --- | --- | --- | | 52 | 周最高 | 2110.66 | | 52 | 周最低 | 1420.7 | 行业相对指数表现（相对值） 2024-12 2025-02 2025-04 2025-07 2025-09 2025-11 -12% -8% -4% 0% 4% 8% 12% 16% 20% 24% 28% 机械设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 近期研究报告 《商业化项目持续落地，行业迅速扩 容》 - 2025.09.30 固态电池系列专题：什么是等静压设备？ 强于大市 |维持 l 投资要点 问题一：何为等静压设备？ 等静压技术是基于 "帕斯卡定律"，与传统单向或双向机械压机 不同，等静压设备的技术精髓在于"等静"二字，即样品在各个方 ...

Core Viewpoint - Solid-state batteries exhibit superior performance and have a wide range of applications, with accelerated industrialization processes both domestically and internationally [5]. Group 1: Advantages of Solid-State Batteries - Solid-state batteries have higher energy density and better safety compared to liquid batteries, with energy density expected to reach over 500 Wh/kg [15][11]. - They can operate under extreme conditions without the risk of combustion or explosion due to the use of non-volatile solid electrolytes [15]. - The design of battery cells, modules, and systems is simplified due to the non-flowing nature of solid electrolytes, optimizing the PACK design [15]. Group 2: Solid Electrolyte Technologies - Solid electrolytes are the core component of solid-state batteries, with various technology routes including polymers, oxides, sulfides, and halides, with sulfides being the most widely accepted due to their high ionic conductivity [16][14]. - Each type of solid electrolyte has its advantages and disadvantages, with sulfides offering excellent processing advantages and flexibility [16]. Group 3: Production Challenges - The mass production of solid-state batteries faces challenges such as the interface contact between solid electrolytes and electrodes, as well as the engineering issues related to cost reduction [19][22]. - Key challenges include ensuring the stability of the solid-solid interface and the large-scale preparation of sulfide solid electrolytes, which significantly impact the commercial viability of solid-state batteries [22][19]. Group 4: Domestic and International Industry Landscape - Major domestic battery manufacturers have clarified their technology routes, focusing on sulfide electrolytes and aiming for small-scale production by 2027, with energy density targets around 400 Wh/kg [26][23]. - Internationally, companies in the US and Japan are advancing rapidly, with many planning to achieve large-scale production of solid-state batteries by 2030 [27][25]. - Policies in China are accelerating the development of solid-state batteries, with significant support from government agencies aimed at achieving commercial applications by 2026 [29][31].

Core Insights - The core issue for enhancing performance and mass production of solid-state batteries is the densification of the solid-solid interface, which can be improved using isostatic pressing technology [1][2] Summary by Categories Isostatic Pressing Technology - Isostatic pressing technology effectively eliminates internal voids in battery cells, enhances contact between internal components, improves conductivity, increases energy density, and reduces volume changes during operation [1][2] Equipment Specifications - Cold isostatic press operates at pressures of 100-630 MPa at room temperature without heating [3] - Warm isostatic press typically operates at temperatures not exceeding 500°C with pressure ranges up to around 300 MPa [4] - Hot isostatic press applies uniform pressure (100-200 MPa) while utilizing a furnace to apply high temperatures of 1000-2200°C [4] Company Developments - Naconor plans to focus on solid-state battery core equipment by 2025, including key technologies such as dry electrode, lithium band rolling, electrolyte film formation, transfer, composite, and isostatic pressing; the isostatic equipment is still in the R&D and validation stage [5] - AVIC's subsidiary, Chuanxi Machinery, has produced over 1500 units of various specifications of isostatic equipment, which are widely used in key defense and high-tech fields such as aviation, aerospace, and nuclear industry [5]

Investment Rating - The industry investment rating is maintained as "Outperform the Market" [3][55]. Core Insights - The core bottleneck for solid-state battery performance and mass production is the densification of the solid-solid interface, which can be improved using isostatic pressing technology [5]. - Isostatic pressing technology effectively eliminates internal voids in battery cells, enhances inter-component contact, increases conductivity, and reduces volume changes during operation [5]. - The global isostatic pressing market is projected to reach 91.26 billion yuan by 2030, with a compound annual growth rate of 6.69% [27]. Summary by Sections Isostatic Pressing Equipment - Isostatic pressing machines are categorized into cold, warm, and hot types based on the temperature during forming and consolidation [20][21]. - Cold isostatic pressing operates at room temperature with pressures ranging from 100 to 630 MPa, while warm and hot types operate at temperatures not exceeding 500°C and 1000-2200°C, respectively [21][23]. Latest Developments of Leading Companies - Naconor is focusing on solid-state battery core equipment, including isostatic pressing technology, which is still in the R&D and validation stage [7]. - China Aviation Industry Corporation's subsidiary, Chuanxi Machinery, has produced over 1,500 isostatic pressing machines, widely used in defense and high-tech sectors [7]. Market Trends - The Asia-Pacific region is leading the global isostatic pressing market due to demand for high-performance components and favorable government policies [27]. - North America and Europe are emerging markets for isostatic pressing, driven by manufacturing in aerospace, automotive, and energy sectors [27]. Applications of Isostatic Pressing Technology - Isostatic pressing is applied in various industries, including ceramics, hard alloys, new energy, and refractory materials, to enhance density and performance [14]. - The technology ensures uniform pressure application, reducing internal stress and improving mechanical properties [26]. Equipment Development and Innovations - The HIPEX1850 hot isostatic pressing machine developed by China Steel Research is the second largest in the world, capable of processing large aerospace components [31]. - Sichuan Lieneng has developed the first large-diameter, high-pressure warm isostatic pressing machine in China, addressing equipment challenges for large ceramic parts [42].

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.