Core Viewpoint - The company, HaiMuxing, is a pioneer in the solid-state battery equipment sector, simultaneously developing two technological routes: "lithium metal anode + oxide electrolyte" and "silicon-carbon anode + sulfide electrolyte" [1] Group 1: Technological Development - The company possesses intellectual property and a large R&D team to support the development, testing, mass production, and after-sales service of solid-state battery technologies [1] - It has successfully established a complete process for the mass production of lithium metal solid-state batteries and received orders for 2 GWh of production equipment valued at 400 million yuan, marking the first commercial order for high-energy lithium metal solid-state battery equipment in the industry [1] Group 2: Equipment and Production - In the sulfide all-solid-state battery route, the company has achieved comprehensive coverage of key manufacturing equipment, including solid-state electrode preparation, solid-state electrolyte film preparation, and bare cell assembly [1] - The company has made several technological breakthroughs in core processes and 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 in succession [1]

Core Viewpoint - The solid-state battery equipment sector is witnessing significant growth, with companies like Liyuanheng and XianDao Intelligent achieving substantial stock price increases following the release of a government action plan supporting advanced technologies, including solid-state batteries [1][7]. Group 1: Company Performance - Liyuanheng's stock price surged by 20% on September 5, with a trading volume of 1.717 billion yuan, indicating strong market activity and demand [2][3]. - XianDao Intelligent also experienced a 20% increase in stock price, with a total trading volume of 16.1 billion yuan, reflecting high investor interest [4][5]. - Both companies have successfully delivered solid-state battery equipment, positioning them as key players in the emerging market [1][8]. Group 2: Market Dynamics - The recent government action plan emphasizes the importance of solid-state battery technology and aims to enhance the supply chain's resilience and safety [7]. - Institutional investors show mixed sentiments, with some aggressively buying shares while others are taking profits or reallocating their portfolios [6]. - Foreign investment is notable, with major international firms like Goldman Sachs, UBS, and Morgan Stanley participating in the buying of Liyuanheng shares [2][3].

Core Viewpoint - The company, Haosen Intelligent (688529.SH), currently has no orders for solid-state battery equipment but is actively developing its technology and market presence [1] Group 1: Company Status - The company has not received any orders for solid-state battery equipment at this time [1] - It has made progress in process equipment and technology reserves, indicating readiness for future production [1] - The company possesses planning and technical capabilities for module PACK mass production lines [1] Group 2: Market Development - The company is actively engaged in market development efforts to secure orders [1] - Specific updates regarding order acquisition will be disclosed in the company's temporary announcements and regular reports [1]

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].

Group 1: Company Insights - The company Liyuanheng anticipates that the domestic power battery equipment market will experience structured growth over the next 1-2 years, with incremental space primarily coming from the equipment upgrades and iterations demanded by leading battery manufacturers, as well as the need for new production equipment [1] - The company aims to enhance its competitiveness through research and development, global operations, and the establishment of a service network, while also focusing on the synergistic development of consumer and power battery businesses [1] - A major client strategy has improved the company's operational quality and financial performance, including an increase in gross margin and a decrease in expense ratio [1] - The company will continue to promote refined management and efficient operations, focusing on next-generation continuous production isostatic equipment and collaborating with battery material companies and cell manufacturers for technical breakthroughs [1] - The mass production of solid-state batteries faces several technical challenges that need to be addressed, including issues related to the process route, electrode and electrolyte composite technology, glue frame printing and packaging, and high-voltage formation [1] - The company's competitive advantage is based on the accumulation of technical standards, the depth of cooperation with clients, and the trust established through technical validation [1] - The decrease in period expenses is attributed to improved operational efficiency and organizational optimization, with plans to enhance client fund management, project operation, and capital turnover efficiency, while optimizing research and development strategies and focusing on core clients and flagship products [1] Group 2: Industry Overview - The overall market for power battery equipment is expected to evolve, driven by the demands of leading manufacturers for updated and innovative production technologies [1]

Core Viewpoint - The recent surge in the delivery of dry electrode equipment for next-generation battery manufacturing indicates a significant acceleration in the industrialization process of high-energy-density batteries, particularly solid-state batteries [4][10]. Group 1: Equipment Deliveries - Multiple domestic and international equipment companies have recently delivered dry electrode equipment, marking a transition from research validation to production line implementation [3]. - Li Yuanheng announced the delivery of a complete solid-state battery production line, including dry electrode equipment, to a leading domestic company [4]. - Qingyan Electronics and Qingyan Nako successfully delivered high-speed wide-format dry electrode equipment to a major domestic automotive company [5]. - LiCAP Technologies in the U.S. has completed the acceptance testing of its 300 MWh roll-to-roll production line, producing self-supporting positive electrode films [6]. Group 2: Technological Advancements - Qingyan Electronics' equipment can achieve a dual-sided composite film speed of 80 m/min for the negative electrode and 50 m/min for the positive electrode, with plans to increase the width to 1.2 meters [5]. - The dry electrode process eliminates solvent coating, drying, and recovery steps, significantly reducing energy consumption and manufacturing costs while avoiding solvent residue issues [7]. - The core technology of dry electrode production, fiberization equipment, accounts for over 30% of the equipment cost and faces challenges in achieving uniform powder mixing and mechanical strength [8]. Group 3: Future Prospects - The recent deliveries of solid-state battery equipment extend beyond dry electrodes, with Huacai Technology delivering core front-end equipment to a solid-state battery company [9]. - Huacai's equipment addresses the challenge of achieving uniform mixing of solid electrolytes and active materials, indicating advancements in the field [9]. - The overall trend of equipment deliveries suggests that the development of next-generation batteries is moving from laboratory settings to pilot lines and engineering validation, paving the way for mass production [10].

Investment Rating - The investment rating for the company is upgraded to "Buy" [7] Core Views - The company has made significant breakthroughs in dry electrode equipment, positioning itself as a leading player in the solid-state battery sector [7] - The solid-state battery industry is expected to see accelerated development, with key manufacturers beginning to lead the evolution of dry equipment [7] - The company's dry electrode equipment has a competitive advantage, with a projected value of over 30 million per GWh, significantly higher than traditional liquid equipment [7] Financial Projections - Total revenue is projected to reach 1,053.51 million in 2024, with a year-on-year growth of 11.42% [1] - Net profit attributable to the parent company is expected to be 161.84 million in 2024, reflecting a year-on-year increase of 30.69% [1] - The earnings per share (EPS) is forecasted to be 1.03 in 2024, with a corresponding P/E ratio of 55.41 [1] Market Data - The closing price of the stock is 57.21, with a market capitalization of 8,967.71 million [5] - The company has a price-to-book ratio of 5.95 and a total circulating A-share market value of 7,400.06 million [5][6] Financial Health - The company has a debt-to-asset ratio of 52% and total assets amounting to 2,061 million [6] - The net asset value per share is 9.62, indicating a solid financial foundation [6]

Group 1 - The core viewpoint of the news is that a well-known private equity firm, Shenzhen Red Chip Investment, has conducted research on a listed company, Liyuanheng, which specializes in all-solid-state battery solutions [1] - Liyuanheng covers a full range of equipment compatibility for sulfide, oxide, polymer, and halide systems, with core advantages including customized solutions, safety control for sulfides, full-process implementation capabilities, and modular single-machine equipment [1] - The company aims to enhance its multi-technology route compatibility, overcome large-scale production process bottlenecks, and form collaborative solutions across the industrial chain [1] Group 2 - Liyuanheng has secured orders from leading domestic automotive companies and has delivered front-end equipment to clients in the United States, while also advancing cooperation with customers in North America, Southeast Asia, and Europe [1] - As of May 31, 2025, Liyuanheng's total order backlog amounts to 4.921 billion yuan, with a diversified order structure driven by demand for new consumer lithium battery production lines, optimization of customer structure, and intelligent warehousing business [1]

Summary of the Conference Call Company and Industry Overview - The conference call discusses **Liheng Company**, which operates in the **lithium battery equipment** sector, particularly focusing on **solid-state batteries** and **consumer lithium battery equipment** [2][3][32]. Key Points and Arguments - **Order Growth**: As of the end of May, Liheng Company reported total orders of approximately **5 billion yuan**, with **consumer lithium battery equipment** accounting for over **30%** (around **1.5 billion yuan**) and **smart warehousing** orders at **650 million yuan**. These two segments represent nearly half of the total orders [2][3][32]. - **High Gross Margin**: The gross margin for the consumer lithium battery sector reached **34%** in the first quarter, attributed to the increased revenue share from this segment [2][3]. - **Major Clients**: Key clients include **ATL**, **BYD**, **CATL**, and **Guoxuan**, which collectively account for **80%-90%** of the orders. The support from client A's new production line is expected to lead to substantial future orders [2][3][32]. - **Solid-State Battery Equipment**: Liheng provides complete equipment for **sulfide-based solid-state batteries**, which pose challenges due to the toxic gas **hydrogen sulfide** produced when sulfides encounter water. Effective gas control is critical [2][4][5]. - **Production Challenges**: The production of solid-state batteries requires increased pressure, which can lead to the generation of toxic gases. Collaboration among equipment manufacturers, material suppliers, and end-users is essential to develop solutions [5][18]. - **Market Forecast**: The solid-state battery market is expected to begin mass production between **2025 and 2027**, with a projected market share of **1%-5%** by **2030**. Initial breakthroughs are anticipated in sectors such as **aerospace**, **humanoid robots**, and **consumer electronics** [3][31]. - **Cost Considerations**: The cost of solid-state batteries is currently **4-5 times** that of liquid batteries, primarily due to the high price of solid electrolyte materials. Equipment costs are also elevated but are not the main factor [3][16]. - **Client Segmentation**: Approximately **two-thirds** of solid-state battery clients are battery manufacturers, while **one-third** are automotive companies. There is ongoing communication with overseas clients, but no formal orders have been placed yet [6][7][8]. - **GAC Aion Project**: The GAC Aion project is the primary solid-state battery order, with expected completion of the production line by the end of Q3 and installation planned for the first half of **2025**. The project is valued at several million yuan [8][12][21][23]. - **Future Orders**: Successful operation of the GAC Aion line is anticipated to lead to more orders and increased production scale [22][24]. Additional Important Insights - **Production Techniques**: The company offers both **dry** and **wet** mixing methods for the initial material preparation, with the choice depending on client requirements. Dry methods are more environmentally friendly and energy-efficient [13][30]. - **Technical Innovations**: The company is actively researching solutions to the solid-solid interface issues in solid-state batteries, which remain a significant challenge in the industry [27][28]. - **Market Dynamics**: Larger companies like BYD and CATL prefer specialized equipment rather than complete line purchases, while newer entrants are more inclined towards full line solutions [25][26]. This summary encapsulates the critical aspects of Liheng Company's conference call, highlighting its operational performance, market positioning, and future outlook in the lithium battery equipment industry.

Core Viewpoint - Hangke Technology is actively engaged in the research and manufacturing of solid-state battery equipment, having collaborated with multiple domestic and international manufacturers to deliver prototypes for pilot production lines [1] Group 1 - The company emphasizes the importance of solid-state battery equipment development [1] - Collaboration with various manufacturers has been established for the pilot production of solid-state batteries [1] - Prototypes of solid-state battery equipment have already been delivered [1]