Q&A 固态电池设备行业的配置逻辑和后续催化因素有哪些？ 固态电池设备深度报告 20250825 摘要 锂电设备行业基本面显著改善，一线厂商自 2024 年 Q4 起订单量大增， 二线厂商于 2025 年 Q1 跟进，预示行业业绩拐点或在 2025 年 Q4 至 2026 年 Q1 出现。 行业经历 2022 年以来的下行周期后，企业已充分计提减值，2025 年 原材料储备及库存减值压力释放，若利润端修复，将带来显著业绩弹性。 2020 年起上马的锂电设备项目进入 3-5 年更新换代周期，叠加国内外 市场需求增加，为行业发展提供支撑。 固态电池技术发展前景广阔，头部公司预计 2025-2026 年实现量产， 工信部设立 60 亿元专项基金，明确 2027 年和 2030 年时间节点，为行 业发展奠定基础。 固态电池商业化进程加速，头部公司或于 2027 年小规模量产，预计 2030 年左右完成全面商业化，期间供应链培育和成本下降至关重要。 当前配置思路包括：整线布局企业（如先导智能），细分领域龙头企业 （如宏工科技、纳克诺尔），以及跟踪下游厂商进展，反向配置上游设 备公司。 预计 2030 年全球固态电池需求 ...

公司在应收账款和存货跌价方面有哪些变化？ 2025 年上半年，公司客户回款尤其是长周期客户回款明显改善，因此对坏账 准备进行了冲回，对利润产生了积极影响。存货跌价主要集中在原材料部分， 新形态电池（如折叠屏）设备性能和工艺要求更高，价值量提升，盈利 能力更强。固态电池设备预计 2025 年三季度完全交付头部客户，2026 年上半年装车，目前已开始调试。 专注大客户战略提升经营和财务质量，毛利率、费用率及回款情况良好。 未来将继续推进该战略，提升人均产值至 80 万-100 万元，并与 C 公司 在液态和固态电池焊接设备方面积极合作。 利元亨 20250821 摘要 2025 年上半年经营现金流净流入超 2 亿元，营业收入和利润逐季度大 幅增长。通过控本降费，整体费用率和费用总额均下降超 20%，二季度 费用率环比下降超 11 个百分点，显著提升经营业绩。 客户回款改善冲回坏账准备，原材料存货跌价计提基本完结，减少了对 利润的负面影响。二季度毛利率因产品结构变化略有下降，动力锂电占 比提升，但整体毛利率仍保持在 30%左右。 上半年新签订单约 25 亿元，主要来自 ATL、比亚迪、国轩等核心客户， 在手订单维持 ...

Core Viewpoint - Solid-state batteries are recognized as the next-generation high-performance battery technology, gaining significant market attention due to their high energy density and safety advantages [1] Industry Summary - The solid-state battery industry is currently experiencing a critical period of industrialization, driven by policy support, technological advancements, and increasing downstream demand [1] - The market is characterized by rapid growth in scale, a gradual focus on technological routes, and the expansion of application scenarios [1] Company Summary - Solid-state battery equipment, as the most crucial upstream segment of the supply chain, is expected to be the first to benefit from the significant development of the solid-state battery industry [1]

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry [1] Core Insights - The solid-state battery equipment and robotics industries are expected to benefit from frequent catalysts, with a recommendation for undervalued engineering machinery and semiconductor equipment [1] - The solid-state battery is projected to achieve small-scale production by 2027, with commercial viability expected by 2030, leading to increased demand for related equipment [2] - The robotics sector is experiencing rapid advancements, with significant improvements in motion control capabilities and new application scenarios being demonstrated [3] Summary by Sections Recommended Companies - A comprehensive list of recommended companies includes Northern Huachuang, SANY Heavy Industry, Zhongwei Company, Hengli Hydraulic, CIMC, and others across various sectors [1][4] Investment Highlights - In the lithium battery equipment sector, leading manufacturers are expected to benefit from the solid-state battery timeline, with equipment vendors poised for growth due to increased demand [2] - The robotics industry is seeing advancements in motion control and application scenarios, with companies like Yushu Technology and Zhiyuan showcasing new capabilities [3][4] - The engineering machinery sector is set to benefit from large-scale projects like the Yajiang hydropower project, which is expected to significantly boost domestic machinery demand [5] Industry Trends - The solid-state battery industry is transitioning towards commercialization, with significant changes in manufacturing processes that will create new demand for equipment [39][40] - The robotics industry is evolving towards more intelligent systems, with AI-driven technologies enhancing operational capabilities [36][38] Financial Projections - The report projects significant profit growth for companies involved in solid-state battery equipment, with expected net profits for the company "Xinyuren" reaching 8.5 million, 54.7 million, and 79.4 million yuan from 2025 to 2027 [24] - The engineering machinery sector anticipates annual profit increments of 30-40 billion yuan due to the adoption of electric and unmanned machinery [5]

Group 1 - The mechanical equipment industry is experiencing increased demand for specialized equipment such as drilling and blasting equipment, shield machines, and hard rock tunneling machines due to the core engineering volume of long-distance deep-buried water diversion tunnels, which is significantly higher than traditional hydropower projects [1] - High-altitude complex geological conditions are raising the requirements for equipment tunneling efficiency, intelligence level, and cold adaptability, which is expected to drive the verification and volume production of high-end domestic equipment technology [1] - The solid-state battery equipment industrialization process is accelerating, with semi-solid batteries achieving GWh-level shipments and all-solid-state batteries entering the pilot verification stage [1] Group 2 - The Robot Industry ETF (159551) tracks the Robot Index (H30590), focusing on companies involved in the research, production, and application of robotics and automation, reflecting the overall performance of listed companies in intelligent manufacturing and industrial automation [1] - The index exhibits strong characteristics of technological innovation and growth, effectively reflecting the development trends and market movements of the related industries [1] - Investors without stock accounts can consider the Guotai Zhongzheng Robot ETF Initiated Link A (020289) and Guotai Zhongzheng Robot ETF Initiated Link C (020290) [1]

Investment Rating - The report rates the lithium battery equipment industry as "Overweight" due to its expected outperformance compared to the overall market [4]. Core Insights - Solid-state batteries are anticipated to drive increased equipment demand due to their multiple performance advantages, including high energy density, safety, and long cycle life. The market for semi-solid batteries is projected to reach 10GWh in shipments by 2024, with full solid-state batteries expected to enter the GWh application stage by 2028 [4]. - The application of lasers in solid-state batteries is more extensive than in traditional lithium batteries, leading to an expected increase in the value per GW. Key processes include laser insulation of electrode sheets, preheating of dry electrodes, ultra-fast laser cutting, online cleaning with lasers, and laser welding [4]. - Key companies in the sector include Lianying Laser, Delong Laser, Haimu Star, and Jieput. These companies are actively developing equipment suitable for solid-state battery production and have secured orders or partnerships with industry leaders [4]. Summary by Sections Industry Overview - Solid-state batteries are gaining traction due to their superior characteristics, which are expected to accelerate equipment demand [4]. Technology Application - Laser technology is increasingly utilized in various stages of solid-state battery production, enhancing efficiency and reducing costs compared to traditional methods [4]. Key Companies - Lianying Laser has developed equipment for solid-state battery production and has increased its delivery of devices compared to previous years [4]. - Delong Laser focuses on key technologies such as laser insulation and has received orders for its equipment [4]. - Haimu Star is collaborating with leading firms in solid-state battery technology and has signed significant procurement contracts [4]. - Jieput continues to deliver laser products to battery clients, improving production efficiency and quality [4]. Financial Metrics - The report includes a valuation table for laser companies in the solid-state battery sector, highlighting market capitalization and projected net profits for the years 2024 to 2027 [5].

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **photovoltaic (PV) industry** and **solid-state battery** technology, highlighting ongoing supply-side reforms and their implications for market dynamics and investment opportunities. Key Points on Photovoltaic Industry 1. **Supply-Side Reforms**: Continuous supply-side reforms in the PV industry are expected to streamline the pricing across the industry chain, promoting healthy development. The rise in polysilicon futures prices and silicon wafer prices indicates cost transmission, with polysilicon prices potentially stabilizing around 60,000 RMB based on a five-year investment recovery period [1][2][6]. 2. **Demand Concerns**: Market concerns regarding PV demand for the second half of the year and 2026 may be overestimated. Historical trends suggest that significant demand growth often follows periods of low demand, as seen in 2012 and 2018. Key macro factors, such as overseas solar-plus-storage projects, are likely to catalyze demand [4][5]. 3. **Overseas Projects**: The Abu Dhabi 5.2 GW solar and 19 GWh storage project demonstrates competitive levelized cost of electricity at 3 cents per kWh, indicating strong demand for large-scale solar-plus-storage projects in overseas markets [4][5]. 4. **Investment Focus**: Recommendations include focusing on the main chain and auxiliary materials within the PV sector, as these areas may experience price recovery during the ongoing anti-involution process [7]. Key Points on Solid-State Batteries 1. **Market Position**: Solid-state batteries are still in the early stages of industrial development, with a positive outlook for equipment and materials sectors. Major companies like CATL and BYD are already making procurement moves in solid-state equipment [9]. 2. **Technological Innovations**: Innovations such as semi-solid batteries are enhancing solid electrolyte performance while reducing electrolyte usage, which significantly impacts equipment requirements [9]. 3. **Comparison with Liquid Batteries**: Liquid lithium batteries have made significant safety advancements, while solid-state batteries are still evolving. Liquid batteries currently offer cost advantages and have improved safety standards following new regulations [10]. Additional Insights - **Emerging Technologies**: New PV technologies, including BC (Back Contact) cells and silver reduction techniques, are critical for competitive positioning in the market. The inverter and storage sectors are also highlighted as areas of potential investment [3][8]. - **AIDC Sector Dynamics**: Developments in the AIDC sector, particularly NVIDIA's potential resumption of H20 sales to China, could drive growth in related markets, including HVDC and server power systems [13]. - **Long-Term Trends**: The long-term outlook for humanoid robots remains strong despite recent fluctuations, with upcoming events expected to catalyze interest and investment in this area [14]. Conclusion The conference call emphasizes the resilience and growth potential of the photovoltaic industry and solid-state battery technology, driven by supply-side reforms, technological advancements, and favorable macroeconomic factors. Investors are encouraged to focus on key areas within these sectors for potential opportunities.

Group 1 - The mechanical equipment industry is showing a trend of multi-field collaborative development, with solid-state battery equipment transitioning from technology validation to pilot and small-scale production, benefiting companies with integrated system capabilities [1] - The construction pace in the controllable nuclear fusion field is accelerating, with the Chinese Academy of Sciences' Institute of Plasma Physics recently adding four new bidding projects related to magnetic systems and auxiliary heating equipment, indicating a continuous release of key technology demands [1] - The commercialization of humanoid robots is accelerating, with Zhiyuan and Yuzhu Technology winning a record order of 124 million yuan, driven by the integration of AI and robotics for large-scale applications [1] - Other automation equipment sub-sectors performed best this week, with an increase of 4.09%, reflecting a simultaneous advancement in technological upgrades and industrialization [1] Group 2 - The robot industry ETF tracks a robot index compiled by China Securities Index Co., Ltd., selecting listed companies involved in industrial robots, service robots, and related automation technology development from the Shanghai and Shenzhen markets [1] - This index comprehensively covers the upstream and downstream enterprises of the robot industry chain, including core component manufacturers, system integrators, and intelligent solution providers, aiming to reflect the overall performance of listed companies in China's robot industry [1] - The industry allocation mainly focuses on high-end manufacturing and intelligent technology services [1]

Investment Rating - The report maintains an "Overweight" rating for the engineering machinery and shipbuilding sectors, emphasizing the importance of new technology iterations in lithium battery equipment opportunities [1]. Core Insights - The engineering machinery sector shows resilience in domestic sales and continued high demand for exports, with excavator sales in June 2025 reaching 18,804 units, a year-on-year increase of 13% [2]. - The shipbuilding industry is experiencing a recovery in sentiment, with a significant increase in the order backlog, and Chinese shipbuilding companies are expected to see substantial profit growth in the first half of 2025 [3]. - The solid-state battery equipment sector is in a trial production phase, with equipment manufacturers actively validating and iterating technologies, anticipating a large-scale verification period in the second half of 2025 [3][20]. - The railway transportation sector is benefiting from steady growth in fixed asset investment, with China Railway's profits expected to increase significantly in the first half of 2025 [4]. Summary by Sections Engineering Machinery - Domestic excavator sales in June 2025 reached 8,136 units, a 6% year-on-year increase, while exports totaled 10,668 units, up 19% [2]. - The sector is expected to maintain considerable growth due to government funding and increasing demand from emerging markets [2]. Shipbuilding Industry - The new ship price index remains high, with a 20% year-on-year increase in the order backlog [3]. - Chinese shipbuilding companies are projected to achieve net profits of 2.8 to 3.1 billion yuan in the first half of 2025, marking a year-on-year growth of 98% to 119% [3]. Solid-State Battery Equipment - The solid-state battery sector is expected to enter a large-scale verification phase in late 2025, with significant demand for new equipment arising from the transition to dry processing methods [20][21]. - Key players in the solid-state battery equipment market include leading suppliers like Xian Dao Intelligent and Hangke Technology [22]. Railway Transportation - As of May 2025, China's railway fixed asset investment reached 242.1 billion yuan, a 6% year-on-year increase [4]. - China Railway is expected to report a net profit of 6.72 to 7.56 billion yuan in the first half of 2025, reflecting a year-on-year growth of 60% to 80% [4].

Summary of Key Points from the Conference Call of Xingyun Co., Ltd. Industry and Company Overview - **Company**: Xingyun Co., Ltd. - **Industry**: Solid-state battery equipment and electric vehicle insurance services Core Insights and Arguments - **Revenue Generation**: Xingyun has achieved revenue from solid-state battery equipment, collaborating deeply with companies like Weilan, Qingtai, and Ganfeng, and working with leading manufacturers like CATL through PO orders, positively impacting company performance [2][6] - **Core Competitiveness**: The company's strength lies in automation testing and overall technical capabilities, having built the first automated testing line for GAC Aion, which has established a foundation for securing more complete line orders [2][4] - **Strategic Partnerships**: A strategic cooperation agreement with Ganfeng Lithium has been signed to deepen collaboration in the solid-state battery sector, indicating potential future binding in battery business development [2][9][10] - **Insurance Collaboration**: Partnership with Pacific Insurance to apply battery health detection models in commercial vehicles aims to reduce insurance payout risks and may expand into the passenger vehicle market, presenting new growth opportunities [2][11][12] - **AI Integration**: The use of AI technology to enhance testing capabilities has been recognized nationally, improving competitiveness in battery detection [2][13] Additional Important Content - **Client Base**: Xingyun's strategic clients include early-stage companies like Tailan, Weilan, and Qingtai, as well as larger enterprises like GAC, Dongfeng, and Ganfeng, indicating a broad market presence [3] - **Delivery Volume**: The cumulative delivery volume has exceeded the million-level consumption threshold, with an increase in delivery volume expected in 2025 compared to previous years [8][21] - **Insurance Business Model**: The insurance business involves technical services, including pre-insurance health checks and regular monitoring, which can help prevent severe issues and enhance safety [22][23] - **Revenue Sources**: Revenue streams include fleet purchases of detection services and insurance companies purchasing detection services, with existing clients like public transport groups already utilizing these services [26] - **Future Expansion**: The business model is expected to expand from commercial vehicles to the passenger vehicle market, leveraging the large and rapidly growing passenger vehicle sector [16] Regulatory and Market Dynamics - **Regulatory Changes**: Current industry regulations encourage companies to publicly share positive progress, contrasting with previous practices where delivery stages were not publicly communicated [7] - **Market Demand**: The demand for solid-state battery technology is increasing due to the emergence of new technologies, presenting positive development opportunities for equipment manufacturers [5] This summary encapsulates the key points discussed in the conference call, highlighting the strategic direction, partnerships, and market opportunities for Xingyun Co., Ltd. in the solid-state battery and insurance sectors.