锂电设备复苏

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从宏工、理奇、尚水招股书看锂电设备复苏、前段设备格局与固态电池布局
Tianfeng Securities· 2025-08-04 08:15
Industry Rating - The industry investment rating is maintained as "Outperform" [1] Core Insights - Recent submissions of prospectuses by lithium battery slurry feeding equipment companies indicate a recovery in lithium equipment, optimization of upstream equipment patterns, and acceleration of solid-state battery layouts [2][3] - The lithium battery expansion cycle is restarting, with demand expected to lead from China's passenger vehicles and accelerated electrification overseas, while energy storage batteries are emerging as a new growth driver [3] - The competitive landscape is improving, with the market share of the top three companies in the domestic lithium battery slurry feeding industry increasing from 57% to 71% from 2023 to 2024 [3] Summary by Relevant Sections Company Overview - Macro Technology focuses on bulk material automation processing, primarily used in lithium batteries, chemicals, and food and medicine [3] - Liqi Intelligent specializes in material dispersion and mixing, with a leading market share of 43% in the lithium battery slurry feeding segment for 2024 [3] - Shangshui Intelligent is an expert in micro-nano material automation, having achieved multiple first-unit recognitions and driving industry development through innovative equipment [3] Market Dynamics - The lithium battery equipment market in China is expected to reach 85 billion yuan by 2027, with global slurry feeding equipment projected to reach 5.7 billion, 6.5 billion, and 9 billion yuan in 2025, 2026, and 2027 respectively, reflecting a CAGR of approximately 26% [3] - The demand for lithium battery materials, which are micron/nano-level materials, requires high efficiency and low energy consumption during processing, necessitating advancements in equipment [3] Competitive Landscape - The market share of Liqi increased from 27% to 43%, indicating a trend towards concentration among leading companies [3] - The solid-state innovation cycle is accelerating, with dry electrode processes expected to replace wet processes, leading to significant changes in upstream processes and higher equipment quality requirements [3] Investment Recommendations - It is suggested to focus on leading companies in the lithium battery slurry mixing segment that benefit from downstream expansion and have advanced dry/solid-state layouts, specifically Macro Technology, Liqi Intelligent, and Shangshui Intelligent [3]