Summary of Solid-State Battery Equipment Conference Call Industry Overview - The solid-state battery technology landscape is diverse, with China shifting from oxide to sulfide halide systems, although most technologies remain below pilot production levels [1][2] - Companies are establishing experimental and pilot lines based on their capabilities, with production capacities increasing sequentially [1] Key Points and Arguments - **Technology Routes**: The solid-state battery equipment technology route is not yet standardized, with disagreements on dry vs. wet methods. Leading companies prefer a holistic approach to material and preparation methods, generally favoring wet methods for anodes and dry methods for cathodes [1][4] - **Production Capacity**: Experimental lines produce a few samples daily for initial testing, while pilot lines can produce dozens of consistent samples for further performance validation. Pilot lines are close to mass production levels [4] - **Core Equipment**: Key equipment for dry processing includes air flow pulverizers, twin-screw extruders, and high mixers. Challenges include ensuring uniform material dispersion, preventing particle agglomeration, and enhancing fiber strength and process stability [5][6] - **Market Equipment**: The market lacks specialized fiberization equipment, relying on high mixers and blending machines that require extensive customization to meet battery material specifications [8] - **Dynamic Assessment**: The Ministry of Industry and Information Technology (MIIT) employs a dynamic assessment mechanism for solid-state battery projects, requiring companies to meet specific production targets by year-end to avoid elimination from funding support [3][26] Additional Important Insights - **Roll Press Machines**: These machines are used to form sheets from powders but face challenges in transitioning from constant to differential rolling speeds and enhancing roller hardness and corrosion resistance [3][10] - **Transfer Equipment**: Various techniques such as thermal transfer, rolling transfer, and 3D printing are used to create ultra-thin electrolyte films between electrodes. 3D printing is still primarily in experimental stages due to lower production efficiency [12][13] - **Gluing Frame Printing**: This technology is essential for maintaining spacing between electrodes in solid-state batteries, with several implementation routes available, including screen printing and 3D printing [14][15] - **Client Base**: The company’s main clients include automotive manufacturers, energy storage companies, and leading battery cell manufacturers, with a significant portion of orders coming from battery cell companies due to their involvement in national projects [25] Conclusion The solid-state battery equipment industry is evolving with various technological challenges and opportunities. The focus on dynamic assessments by regulatory bodies and the need for specialized equipment highlight the competitive landscape and the importance of innovation in this sector.

Summary of Solid-State Battery Industry Conference Call Industry Overview - The solid-state battery industry is currently experiencing significant growth, driven by a 6 billion RMB research fund from the Ministry of Industry and Information Technology (MIIT) aimed at promoting industrialization by 2027 [1][2][7] - The industry is at a critical phase for technology implementation and equipment introduction, indicating a substantial increase in equipment orders this year [1][2] Key Points and Arguments - **Production Process Changes**: - The solid-state battery production process has shifted to dry coating for the anode preparation, eliminating the need for wet baking, which reduces costs and solvent usage [1][4] - The integration of cell modules now utilizes stacking machines and isostatic pressing technology to enhance energy density and address interface issues [1][5] - **Equipment Value and Supply Chain**: - The value of equipment in the solid-state battery sector is increasing, with high entry barriers for new suppliers, indicating greater elasticity in equipment demand [1][6] - The investment cost for solid-state battery equipment is currently 2 to 3 times higher than traditional liquid batteries, with an estimated 300 million RMB investment per GW demand [15] - **Market Dynamics**: - The solid-state battery market is expected to see a penetration rate of approximately 4% by 2030, with demand reaching around 212 GWh [3][12] - By 2040, the penetration rate could rise to 20%, and by 2050, it may reach 45% [3][12] - **Challenges in Manufacturing**: - The manufacturing process faces challenges such as high pressure requirements for isostatic pressing equipment and difficulties in welding and packaging [10] - The formation and conditioning processes require increased temperature and pressure, which complicates the production [10] Additional Important Insights - **Investment and Order Expectations**: - From 2026 to 2030, a significant increase in production capacity is anticipated, with over 200 GWh of new capacity expected, primarily concentrated in 2029 and 2030 [14] - The overall demand for lithium battery equipment is projected to reach 53.3 billion RMB by 2030, with a compound annual growth rate of 151% [15] - **Market Segmentation**: - The lithium battery equipment market is segmented into front-end, mid-end, and back-end production lines, with front-end equipment accounting for 30% to 35% of the total value [16] - Key areas of focus include dry electrode technology and isostatic pressing equipment, which are crucial for industry advancement [16] - **Company Progress**: - Several companies, including Dazhu, Liyuanheng, and Haiwuxing, have already secured significant orders in the solid-state battery sector, indicating a shift towards large-scale production [17][18] - **Material Systems**: - Attention should also be given to material systems, particularly lithium sulfide and sulfide materials, as they are expected to play a critical role in the industry's evolution [19] This summary encapsulates the key insights and developments within the solid-state battery industry as discussed in the conference call, highlighting the ongoing transformation and future potential of this sector.

Summary of Solid-State Battery Industry Conference Call Industry Overview - The solid-state battery equipment industry is entering a new cycle, with a recovery in liquid battery demand expected in 2025, leading to a projected 50% year-on-year growth in orders for lithium battery equipment companies, with some companies seeing orders double [1][4] - Companies such as Galaxy, XianDao Intelligent, and XingYun Co. are performing well in the solid-state battery equipment sector, with positive second-quarter performance expectations and anticipated deliveries of related equipment [1][5] Key Points and Arguments - The transition to solid-state battery technology will drive a new wave of growth, with full solid-state battery solutions needing to address cost, safety, and energy density [1][7] - The production process for solid-state batteries is shifting towards dry processing, with increased precision requirements for dry rolling, which is expected to increase the number of rolls from four to as many as sixteen [1][9] - The demand for stacking machines has become essential in solid-state battery production, leading to increased needs for front-end technologies such as glue frame printing and composite transfer [1][11] - Isostatic pressing equipment is being utilized to enhance the contact between solid-state battery components, improving density and reducing lithium dendrite growth [1][12] Equipment and Technology Developments - The initial charging and discharging processes are expected to see a 3 to 5 times increase in the formation and capacity stages, necessitating higher performance testing equipment [2][14] - The solid-state battery equipment sector exhibits significant elasticity, with the value of equipment for solid-state batteries expected to at least double compared to liquid batteries during initial mass production [3] Market Dynamics - The solid-state battery industry is anticipated to see substantial advancements in 2025, with a recovery phase for liquid batteries and a new cycle for lithium battery equipment driven by technological updates [4][16] - Key companies to watch in the lithium-ion and solid-state lithium-ion supply chain include Nako, Honggong, and leading firms in traditional and emerging solid-state fields such as Lianying Laser and Galaxy Technology [15] Material Developments - Lithium sulfide and metal anodes are identified as strong long-term material development directions, with significant market potential if production costs can be reduced [17][19] - The market for lithium sulfide is projected to be lucrative, with potential profits reaching 1.5 to 2 billion yuan at lower price points [19] - The development of lithium metal anodes is gaining attention, with breakthroughs expected to allow their application in semi-solid and liquid batteries [20] Additional Insights - Emulsions as a cost-reduction strategy and rigid skeleton membranes for electrolyte film processes are emerging as potential growth areas [21] - The performance of ternary cathode materials is improving due to solid-state technology, with companies actively progressing in high-pressure samples [22]

Investment Rating - The report maintains a "Strong Buy" rating for the power equipment industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - Solid-state batteries offer significant advantages over traditional liquid lithium batteries, including higher safety and energy density, marking a crucial direction for the lithium battery industry's upgrade. With national policy support and accelerated corporate layouts, solid-state batteries are entering a rapid development phase, with a broad market space anticipated in the future. Solid-state battery equipment, being part of the upstream segment of the lithium battery supply chain, is expected to benefit first during the mass production process [1][2]. Summary by Sections Conventional Lithium Battery Equipment - The value distribution of conventional lithium battery equipment is heavily weighted towards the front and middle segments, with coating and winding machines being the core equipment. The market share of front, middle, and back-end equipment in China is 44.05%, 35.71%, and 20.24% respectively, with coating machines accounting for about 75% of the front-end equipment value and winding machines for 70% of the middle segment [2][15]. Solid-State Battery Equipment - The differences between solid-state battery equipment and conventional lithium battery equipment are concentrated in the front and middle segments. The front-end involves dry electrode technology, which is expected to be applied, with roller press equipment being critical. The middle segment is suitable for stacking processes, with isostatic presses playing a significant role [2][18]. Front-End Equipment - The dry electrode process is a new electrode preparation technology that offers low cost, high efficiency, and environmental benefits. It eliminates the use of organic solvents, reducing risks of side reactions with solid electrolytes and enhancing compatibility. The dry electrode process consists of four main steps: dry mixing, dry coating, rolling, and cutting, with rolling being crucial for the performance of the electrode sheets [3][28]. Middle-End Equipment - Solid-state batteries face "solid-solid" interface issues that affect performance. The introduction of isostatic presses is expected to enhance material density and address interface gaps and impedance issues. The stacking assembly process is more compatible with solid-state batteries, which may lead to increased penetration of stacking machines in production lines [4][22]. Back-End Equipment - The back-end processes for solid-state batteries are similar to those for conventional lithium batteries, primarily requiring upgrades in equipment performance parameters. High-voltage formation and capacity testing machines are anticipated to replace conventional liquid injection machines [8][26]. Investment Recommendations - The acceleration of solid-state battery industrialization is expected to boost demand for equipment as downstream battery manufacturers increase investments. Key segments for equipment upgrades include the front-end dry electrode process and the middle-end isostatic presses. Companies with leading technology and comprehensive layouts in these core segments are recommended for investment [9][24].

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].

Core Viewpoint - The lithium battery equipment industry in China is experiencing a significant downturn, with revenue and profits declining sharply, leading to an industry-wide adjustment phase [3][4][11]. Group 1: Overall Performance - In 2024, the total revenue of 31 major listed companies in the lithium battery equipment sector reached approximately 55.074 billion, a year-on-year decrease of 21.5% [4][10]. - The overall net profit of these companies totaled 3.374 billion, representing a dramatic decline of 50.67% year-on-year, with the loss ratio expanding to 32.3% [4][10]. - The average gross margin fell from 32.63% in 2023 to 29.18% in 2024, while the average net margin dropped from 8.13% to 3.57%, nearing the breakeven point for manufacturing [4][10]. Group 2: Structural Differentiation - Leading companies are demonstrating resilience due to technological advantages and global expansion, while second-tier companies are struggling [6]. - For instance, Xian Dai Intelligent has increased its overseas revenue share to 23.88% through strategic partnerships with top clients like CATL and Tesla [6]. - In contrast, second-tier companies are resorting to price competition, while leading firms are focusing on technological upgrades and high-margin overseas orders [6]. Group 3: Future Breakthroughs - The industry is shifting towards a model that emphasizes "technology + globalization" for survival [7]. - Companies are increasing R&D investments, with some like Xian Dai Intelligent and Hai Mu Xing allocating over 10% of their revenue to R&D in 2024 [7]. - Domestic alternatives are becoming profitable, as seen with Manns Te's core coating products achieving a gross margin of 68.40% [7]. - The trend is moving from "exporting equipment" to "localized production" to avoid trade barriers, with companies establishing production bases in Europe [7]. Group 4: Profit Model Transformation - Lithium battery equipment companies are restructuring their business models to explore new growth avenues, transitioning from hardware sales to a model that combines "technology + services + ecosystem" [8]. - As equipment ages, companies are expected to enhance lifecycle management services, including consumable replacements and software upgrades, to generate recurring revenue [8].

过去的一年里，光伏行业面临产能严重过剩，扩产速度放缓，奥特维通过开拓海外市场等措施，在行业 产能出清过程中，保持了核心产品的市场优势，呈现了较强的市场开拓能力和产品竞争力。2024年度， 公司签署销售订单101.49亿元（含税）；截至2024年12月31日，公司在手订单118.31亿元（含税）。 引人关注的是，奥特维的储能/锂电、半导体设备订单均保持增长。其中，储能/锂电设备在2023年基础 上，保持了小幅增长；半导体划片机、装片机已在客户端验证，铝线键合机、半导体AOI检测设备取得 批量订单，半导体设备订单突破1亿元，实现了半导体设备的高速增长。 报告期内，奥特维投入研发费用4.30亿元，比上年同期增加1.03亿元，增加比例为31.49%。持续的研发 投入，确保了公司科技创新活力。2024年，公司研发成功包括BC电池印胶设备、超高速0BB串焊设 备、全自动组件钝化设备等适应N型电池技术的新设备；公司首台叠片机于客户端成功通过验收，彰显 公司技术精研实力；随着半导体产业的快速发展，公司升级后的AOI量测设备不仅适用封测环节，亦适 用于光通讯模块检测。 4月21日晚间，高端装备供应商奥特维(688516)发布2 ...

Core Viewpoint - Samsung SDI is increasing the proportion of production equipment procurement from Chinese suppliers due to their improved technology and competitive pricing compared to South Korean counterparts [1][2]. Group 1: Equipment Procurement - Samsung SDI's Vice President Kim Ik-hyeon stated that the technology level of Chinese equipment suppliers has significantly improved, and their prices are 20%-30% lower than those of South Korean manufacturers [1]. - Chinese companies like Xianlead Intelligent and Hanke Technology have established subsidiaries in South Korea and are providing equipment that is close to South Korean standards, particularly in the cyclers field [1][2]. Group 2: Capital Expenditure - Samsung SDI plans to significantly increase its capital expenditure, with equipment investment reaching 6 trillion KRW (approximately 297.36 billion RMB) in 2024, of which 30% will be allocated for production equipment procurement [1]. Group 3: Market Dynamics - Although Chinese equipment manufacturers have not yet joined Samsung's Supplier Partnership (SSP), their influence in the South Korean supply chain is growing, especially as the demand for battery production capacity expands [2].

3月27日消息，韩媒The Elec今天（3月27日）发布博文，报道称韩国电池巨头三星 SDI 宣布将 增加中国生产设备采购比例。该公司副总裁Kim Ik-hyeon在股东大会上表示，中国设备商的技 术水平显著提升，且价格优于韩国本土竞争者。 尽管中企暂未加入三星供应商联盟（SSP），但其在韩国供应链中的影响力持续扩大，尤其在 叠片（cyclers）领域表现突出。 报道指出以先导智能、杭可科技为代表的中企已在韩国设立子公司，其叠片机等设备技术接近 韩国水平。例如，先导智能为三星天安工厂M生产线提供叠片组装设备，该生产线专门生产新 型小型电池。 消息人士透露，中企设备报价较韩国厂商低20%-30%，且交货周期更短。杭可科技同时为LG 新能源、SK On等三大韩企供货。 三星SDI正大幅增加资本支出，2024年设备投资达6万亿韩元（IT之家注：现汇率约合297.36亿 元人民币），其中30%用于采购生产设备。 中国设备商虽未进入SSP体系，但Kim Ik-hyeon承认其"质量已接近韩国标准"。行业预计，随 着韩国电池产能扩张，中企市场份额将进一步提升。 （ 来源：IT之家 ） 1、 前捷威动力核心团队入驻LG新 ...

Battery - BAK Battery has launched a new generation of high-safety batteries, including the PRO-M 18650 with a capacity of 2.0Ah and energy density of 170Wh/Kg, and the PRO-M 21700 with a capacity of 3.0Ah and energy density of 180Wh/Kg, both meeting stringent safety standards [2] - Lantu has initiated the third generation of solid-state battery technology, maintaining an energy density of 300Wh/kg while increasing the charging rate to 3-5C and achieving 0% electrolyte content [3] - CATL and Ford have deepened their strategic cooperation to develop next-generation power battery technology for the North American market, with CATL supplying lithium iron phosphate batteries starting in 2026 for models like F-150 Lightning and Mustang Mach-E [5] Materials - Shanxi Teva Energy Technology Co., Ltd. has officially launched the first phase of its project to produce 100,000 tons of lithium manganese phosphate cathode materials, with a total investment of 3 billion yuan and 16 fully automated production lines [6] Equipment - XianDao Intelligent has submitted an application for H-share listing on the Hong Kong Stock Exchange, being the only global provider with complete proprietary technology for lithium battery production lines, with a projected global shipment share of over 65% for core equipment in 2024 [7] - HaiMoxing has successfully shipped its self-developed 480V high-voltage electrode drying line to the U.S. market, featuring a vacuum drying system that ensures low vacuum leakage rates [9] - Chengjie Intelligent (Malaysia) has officially opened, aiming to provide advanced intelligent equipment solutions for the lithium battery and supercapacitor industries in Malaysia, leveraging its headquarters' technology and local market needs [10]