Core Viewpoint - The company, Lianpeng Intelligent, focuses on the production of lithium battery manufacturing equipment and has made technological breakthroughs in solid-state battery equipment, although its current order scale is limited and primarily supports customer R&D and pilot testing needs [1] Group 1: Company Overview - Lianpeng Intelligent specializes in the mid-to-late stage production equipment for lithium batteries, including die-cutting and stacking equipment, cell assembly lines, and pack line automation equipment [1] - The company has achieved technological breakthroughs in solid-state battery equipment, with ultrasonic welding process equipment already shipped to customers [1] - The overall business is still in the early stages of market development, with a focus on adapting to industry demand changes and seizing market opportunities [1] Group 2: Product and Technology - Some products require the use of robotic technology during the design phase to provide specialized, high-performance high-end intelligent equipment and solutions for customers [1] - The company currently does not engage in the production or sales of robots [1]

Core Viewpoint - The company ST Yifei (688646.SH) has successfully overcome key technical challenges in the manufacturing of cylindrical all-tab batteries, leading to a strong order situation for its equipment and recognition from domestic and international clients [2]. Group 1: Technical Challenges - The main technical difficulties in the manufacturing process of cylindrical all-tab batteries include precision and flatness control of the positive and negative electrode current collectors, welding of high-reflectivity materials, control of welding penetration thickness, and control of temperature rise during welding [2]. Group 2: Market Outlook - The market prospects for large cylindrical all-tab batteries are promising, with the company’s strategic partner, Jinyu New Energy, having launched the "Wuji" all-solid-state lithium metal cylindrical battery, which has been officially delivered to a leading international client [2]. Group 3: Equipment Orders - The company currently has a robust order situation for its cylindrical cell equipment, indicating strong demand and confidence in its technology [2].

Core Viewpoint - The company has successfully established a complete production process for lithium metal solid-state batteries and received significant orders for production equipment, marking a milestone in the industry [1] Group 1: Technology Development - The company is the first in the industry to pursue dual technology routes: "lithium metal anode + oxide electrolyte" and "silicon-carbon anode + sulfide electrolyte" [1] - The company has achieved multiple technological breakthroughs in key manufacturing processes for solid-state batteries, including the preparation of all-solid-state electrodes and the assembly of bare cells [1] Group 2: Production and Orders - The company has secured a 2GWh production equipment order valued at 400 million yuan, which is the first commercial order for high-energy lithium metal solid-state battery equipment in the industry [1] - The company has provided pilot line equipment for sulfide solid-state batteries to several leading global new energy technology companies, with the equipment receiving high recognition from customers and being shipped continuously [1]

Core Viewpoint - The company has successfully achieved full-process production capabilities for lithium metal solid-state batteries and received a significant order for production equipment, marking a milestone in the industry for commercial viability of high-energy lithium metal solid-state batteries [1] Group 1: Production Capabilities - The company has completed the entire production process for lithium metal solid-state batteries, including key manufacturing equipment [1] - The company has received a 2GWh production equipment order valued at 400 million yuan, which is the first commercial order for high-energy lithium metal solid-state battery equipment in the industry [1] Group 2: Technological Breakthroughs - The company has made multiple technological breakthroughs in critical areas of solid-state battery manufacturing, including the preparation of solid-state electrodes and electrolytes, as well as assembly processes [1] - The company is providing trial production line equipment for sulfide solid-state batteries to several leading global new energy technology companies, which have recognized the equipment's quality and are beginning to receive shipments [1]

Core Viewpoint - The company has accumulated multiple billion orders in the semi-solid battery equipment sector and has provided pilot line equipment for two leading clients in the all-solid-state battery equipment area, entering the trial production phase [1] Group 1: Orders and Revenue - The company has signed new orders this year, showing a significant year-on-year increase, surpassing the total orders of the previous year [1] - The annual target for orders is set at 4.5 billion yuan (including tax), which is expected to be achieved, with approximately 70% of this coming from the lithium battery sector, primarily from leading clients [1] Group 2: Equipment and Technology - The equipment provided by the company includes laser welding, laser cleaning (scoring), and glue dispensing equipment [1] - Currently, the all-solid-state battery technology is still in the research and development stage, focusing on pilot and pilot production lines, and has not yet entered large-scale mass production [1] Group 3: Future Prospects - More clients and products are expected to materialize in 2026 as the company continues technical integration with other battery manufacturers [1]

Group 1 - The company has announced a collaboration with a well-known solid-state battery manufacturer and has already shipped solid-state battery equipment [1]

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 report maintains a "Buy" rating for the company [1] Core Views - The company is expected to recover its main business performance and stabilize its orders, with a target of 220-230 billion yuan in orders for 2025, showing a significant increase in overseas orders [7] - The company is the only global manufacturer capable of delivering a complete line of solid-state battery production equipment, which has gained recognition from major clients in Europe, America, Japan, and South Korea [7] - The stock option incentive plan aims to bind team interests and attract core talent in new technology fields, particularly in solid-state battery research and development [7] - The company has set ambitious revenue growth targets of at least 20% for 2025 and 2026, with performance assessments based on these targets [7] Financial Projections - Total revenue is projected to be 11,855 million yuan in 2024, with a growth rate of -28.71%, and is expected to recover to 19,000 million yuan by 2027, with a growth rate of 19.87% [1][8] - The net profit attributable to the parent company is forecasted to be 286.10 million yuan in 2024, with a significant rebound to 2,484 million yuan by 2027 [1][8] - The latest diluted EPS is expected to be 0.18 yuan in 2024, increasing to 1.59 yuan by 2027 [1][8] - The current price-to-earnings ratio (P/E) is projected to be 340.60 in 2024, decreasing to 39.23 by 2027 [1][8]

Industry Overview - The CINE Solid-State Battery Exhibition and CINE Sodium Battery Exhibition is the first professional exhibition focusing on the entire industry chain of new battery technologies, scheduled for November 6-8, 2025, in Guangzhou [2] - The exhibition will feature over 200 exhibitors, 2000 participating companies, and 20,000 professional attendees, along with a new battery technology forum and the Solid-State Battery Golden Ding Award ceremony [2] Company Profile - Shenzhen Huapusen Technology Co., Ltd. was established in 2010, specializing in ultrasonic metal welding equipment [5] - The company has over 20 years of experience in the lithium battery industry and focuses on new product development and technology application, holding multiple invention and utility model patents [6][7] Product Highlights - The company will showcase its globally unique cylindrical cell ultrasonic needle-point welding machine, developed in 2021, at the exhibition [11] - This machine utilizes a 40.0K frequency ultrasonic generator and a unique needle welding head design, allowing for precise welding in cylindrical battery cells [13] Competitive Advantages - The ultrasonic needle-point welding machine does not rely on torque welding, reducing the risk of material cutting around the weld point [18] - The machine operates at a lower amplitude (1/5 of torque welding), allowing for better control of welding material debris [18] - It is compatible with various cylindrical batteries, including sodium batteries, and addresses issues such as sticking needles [15][18]

Group 1 - The company has completed the initial layout of dry and wet dual-line products in the solid-state battery field [1] - The company has shipped multiple devices and received customer recognition for the debugging and validation results [1]