证券日报网讯12月15日，锡装股份（001332）在互动平台回答投资者提问时表示，公司主业为非标金属 压力容器产品的研发、设计、制造、销售及相关技术服务。公司重视等静压设备在固态电池生产中的市 场需求与应用前景，目前该类产品正处于研究开发阶段。需特别说明的是，后续市场开拓受技术转化、 客户需求、行业环境等多重因素影响，存在不确定性，敬请注意投资风险。 ...

在固态电池的生产中引入等静压工艺，可以精准控制电极密度、厚度以及孔隙率等关键参数，并使得固 态电池的电极和电解质材料紧密的结合在一起，优化界面接触，同时降低内部电阻，提高固态电池的离 子电导率和机械强度等，同时也可减少固态电池生产工序，降低生产成本。 等静压设备的核心壁垒在于钢丝预应力缠绕结构的搭建、高压密封与超高压容器的匹配以及安全认证与 资质的考量，而应用于固态电池量产中目前仍存在难点，包括1)一次升压、保压、卸压循环可能长达数 十分钟，当前阶段难以非连续性，2)能否通过提升腔体大小或者改变产线等静压设备节拍降低核心设备 门槛等方式降低成本。 智通财经APP获悉，方正证券发布研报称，等静压成型技术核心原理为帕斯卡原理，高压容器中的粉体 在各个方向上受到的压力是均匀的和大小一致的。在固态电池应用中，较难使用辊压设备或后道加压化 成设备替代等静压设备。海外等静压机企业经验较丰富，国内企业紧随其后积极布局，目前已有成功研 发的厂商，建议重点关注先导智能(300450.SZ)、荣旗股份、纳科诺尔(920522.BJ)等厂商情况 方正证券主要观点如下： 等静压设备分为热等静压、温等静压和冷等静压 固态电池在室温下的 ...

Investment Rating - Industry rating is "Recommended," indicating that the industry is expected to perform better than the benchmark index over the next 12 months [41]. Core Insights - Isostatic pressing technology is crucial for solid-state battery production, allowing precise control over key parameters such as electrode density and thickness, which enhances ionic conductivity and mechanical strength while reducing production costs [2][16]. - The report highlights the advantages of warm isostatic pressing (WIP) over cold and hot methods, particularly in terms of cost-effectiveness and higher achievable pressure, making it more suitable for solid-state battery applications [2][17]. - The report identifies key players in the isostatic pressing equipment market, with overseas companies like Quintus Technologies and Hana Technology leading, while domestic companies such as Xian Dao Intelligent and Rongqi Technology are accelerating their R&D efforts [2][36][37]. Summary by Sections 1. Isostatic Pressing Equipment - Isostatic pressing relies on Pascal's principle, ensuring uniform pressure distribution in high-pressure containers, which is essential for solid-state battery applications [2][8]. - The equipment is categorized into hot isostatic pressing (HIP), warm isostatic pressing (WIP), and cold isostatic pressing (CIP), with WIP being more suitable for solid-state batteries due to its ability to enhance ionic conductivity at lower costs [17][18]. 2. Application in Solid-State Batteries - Isostatic pressing significantly improves electrode density and reduces internal resistance, leading to enhanced battery performance [20][29]. - The technology is positioned in the middle of the solid-state battery production line, connecting the stacking machine and high-pressure formation equipment [30]. 3. Key Challenges - The report outlines challenges such as the non-continuous production cycle of isostatic pressing, which can take several minutes for pressure cycles, hindering automation in battery production lines [33]. - Cost control remains a critical issue, with the current investment per GWh for solid-state batteries being significantly higher than for liquid batteries, necessitating cost reduction strategies [33]. 4. Relevant Companies - Key international players include Quintus Technologies and Hana Technology, while domestic firms like Sichuan Lieneng and Zhonghang Jikong are making strides in the isostatic pressing equipment sector [36][37].

Group 1: Core Viewpoints - The article aims to introduce isostatic pressing equipment, a key device in the production of solid-state batteries, highlighting its importance in addressing production challenges and enhancing material density [2][3][6]. Group 2: Isostatic Pressing Equipment Overview - Isostatic pressing equipment operates based on Pascal's law, allowing uniform pressure application in all directions, which significantly improves material densification compared to traditional unidirectional pressing methods [2]. - The process involves five steps: filling the powder material into a mold, placing it in a high-pressure container filled with a pressure medium, applying pressure, maintaining pressure for a period, and finally releasing pressure to obtain the formed component [2]. - The technology has a history of several decades and is traditionally used in powder metallurgy, ceramics, plastics, and permanent magnets, with new applications emerging in lithium battery production due to the rise of solid-state batteries [2]. Group 3: Relationship with Solid-State Battery Production - The core pain point in solid-state battery mass production is the solid-solid interface contact issue, which can lead to increased internal resistance and safety hazards [2]. - Isostatic pressing equipment plays a crucial role in eliminating gaps and voids at the solid-solid interface, ensuring a stable battery matrix for subsequent packaging and formation processes [2][6]. - The equipment is estimated to account for approximately 13% of the total value of solid-state battery equipment, making it a critical component in the industry [3][6]. Group 4: Key Manufacturers - Notable overseas manufacturers include Quintus Technologies from Sweden, which offers a full range of isostatic pressing equipment, and Hanna from South Korea, which specializes in equipment for sulfide solid-state battery production [6]. - Domestic companies include Liyuanheng, which has partnered with Quintus for joint development, Naconor, and Xiandai Intelligent, all of which are actively involved in the development of isostatic pressing technology [6].

等静压连签两项重磅合作，重资本投入该喜该忧？ 在固态电池静待产业化突破的关键时间点，利元亨连出两步棋：先与中原特钢签约共研等静压设 备，再与瑞典高压技术公司 Quintus达成战略合作。 12月8日，利元亨股价盘中一度上涨逾19%，被市场直接归因于"携手全球高压龙头推动固态电池 等静压技术"。 表面上看，这是典型的 "利好消息＋概念催化"。但如果把这两则合作放到全球固态电池工艺分歧 的坐标系里，值得探讨的是一个更核心的问题： 固态电池当前已经发展到"非等静压不可"的阶段了吗？在这一节点上大规模押注等静压，是在提 升产业化信心，还是在管理关于未来成本和节拍上限的预期？ 利元亨连续 "加码"等静压：国内压力容器＋海外工艺标准同时绑定 10月底，利元亨宣布与河南中原特钢签署战略合作协议，双方将在固态电池等静压设备领域共建 联合实验室，共同推动等静压设备发展，提升固态电池整线及设备交付效率。 中原特钢具备近30年的超高压容器生产积淀，是国内规模最大的大型高品质特殊钢自由锻件制造 企业。 不到一个月后的12月7日，利元亨又对外披露与瑞典 Quintus达成战略合作，计划围绕固态电池 等静压装备展开联合开发与深度创新，试 ...

交易所数据显示，固态电池概念今日盘中震荡走强，利元亨涨超15%，纳科诺尔、先惠技术、德福科 技、铜冠铜箔、万顺新材等个股跟涨。 市场炒作的点在于固态电池产业化进程加速的预期升温。等静压技术作为固态电池规模化生产的核心工 艺之一，其设备技术突破直接关系到固态电池量产可行性，利元亨与国际高压技术巨头的合作，让市场 看到关键设备技术壁垒有望被攻克，固态电池从实验室走向量产的步伐加快，吸引资金布局相关概念 股。 消息面上，近日利元亨与全球高压技术领域的奠基者与领导者瑞典Quintus正式签署战略合作协议。双 方将聚焦固态电池等静压装备的联合开发与深度创新，携手攻克行业技术壁垒，共同推动全球固态电池 产业化进程迈入新阶段。等静压技术对固态电池的能量密度、一致性及安全性起着决定性作用， Quintus拥有超过七十年的高压技术积淀和世界顶尖的等静压解决方案，已向全球45个国家交付1900余 套设备；利元亨则凭借在锂电智能制造领域深厚的工艺理解、研发能力及产线集成经验，为合作注入动 能，此次携手有望加速固态电池量产关键设备的成熟。 受影响板块分析： 固态电池装备制造板块：等静压设备是固态电池规模化生产的核心工艺设备，随着利元 ...

证券研究报告：机械设备|深度报告 行业投资评级 行业基本情况 | 收盘点位 | | 1988.9 | | --- | --- | --- | | 52 | 周最高 | 2110.66 | | 52 | 周最低 | 1420.7 | 行业相对指数表现（相对值） 2024-12 2025-02 2025-04 2025-07 2025-09 2025-11 -12% -8% -4% 0% 4% 8% 12% 16% 20% 24% 28% 机械设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 近期研究报告 《商业化项目持续落地，行业迅速扩 容》 - 2025.09.30 固态电池系列专题：什么是等静压设备？ 强于大市 |维持 l 投资要点 问题一：何为等静压设备？ 等静压技术是基于 "帕斯卡定律"，与传统单向或双向机械压机 不同，等静压设备的技术精髓在于"等静"二字，即样品在各个方 ...

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry, specifically recommending AI equipment, humanoid robots, and related sectors [1]. Core Insights - The expansion of AI data centers in the U.S. is driving increased demand for power generation, particularly benefiting domestic equipment manufacturers [2]. - The introduction of Google's Gemini 3 model indicates a sustained growth in AI computing infrastructure, leading to increased demand for PCB and liquid cooling equipment [3]. - The humanoid robot sector is expected to experience a significant upward trend, particularly with upcoming catalysts in December and early 2026 [4]. Summary by Sections Recommended Companies - The report suggests a focus on companies such as North China Huachuang, SANY Heavy Industry, Zhongwei Company, and others across various segments including semiconductor equipment, engineering machinery, and automation [1][13]. Investment Highlights - **Gas Turbines**: The U.S. AI data center expansion is expected to boost demand for gas turbine power generation, with significant opportunities for domestic brands like Jereh and Haomai Technology [2]. - **AI Equipment**: The performance of Google's Gemini 3 has exceeded expectations, indicating a robust demand for AI computing infrastructure, particularly in PCB and liquid cooling solutions [3]. - **Humanoid Robots**: The humanoid robot sector is poised for a major rally, driven by key developments from Tesla and other domestic players [4]. Industry Trends - The mechanical equipment sector is projected to recover, with a focus on electric forklifts and automation solutions driven by labor shortages and technological advancements [17][49]. - The global market for warehouse automation solutions is expected to grow significantly, with AMR solutions leading the way due to their efficiency and flexibility [49]. Financial Projections - The report forecasts substantial growth in net profits for various companies within the sector, with specific projections for 2025-2027 indicating a positive outlook for companies like Zhongli and Jereh [19][25][32].

Group 1 - The company is currently advancing its research and development of isostatic pressing equipment [2] - The company expressed gratitude for investor interest in the progress of this project [2]

Summary of Solid-State Battery Industry Conference Call Industry Overview - The solid-state battery industry is developing in a coordinated manner both domestically and internationally, with significant collaborations such as Samsung SDI partnering with BMW and Solid Power, and Solid Power working with SK On on pilot lines [1][2][6] - Domestic manufacturers like the Chinese Academy of Sciences, Seiko Power, and leading companies C and B have made progress, with some achieving 60-80 Ah products and pilot line capacities reaching gigawatt-hour levels [1][2][6] Key Developments - The Ministry of Industry and Information Technology (MIIT) is providing subsidies for solid-state battery R&D, with mid-term review results expected in November, indicating that leading companies have met core indicators [1][4] - The second batch of subsidies is anticipated to be released in the first half of next year, with amounts expected to be similar to the previous year [1][4] Technological Advancements - The shift to dry processing in solid-state battery manufacturing significantly impacts equipment companies, increasing demand for dry mixing and fiberization equipment, as well as rolling machines, which have seen price increases [1][5] - Isostatic pressing equipment is crucial for addressing interface contact and conductivity issues in solid-state batteries, with companies like Sweden's Quintus and China's Chuanxi Machinery leading in this area [1][5][7] Equipment and Manufacturing Processes - There are four main process routes for insulation glue frames: screen printing, pre-fabricated glue frame transfer, dispensing, and UV printing, with companies like Liyuanheng and DeLong Laser making advancements in these areas [1][9] - The demand for high-pressure forming and filling equipment has increased due to the need for extreme pressures (60-80 tons) in solid-state batteries, with companies like Hangke Technology being key players in this segment [1][10] Company Performance and Outlook - XianDao Intelligent secured over 400 million yuan in solid-state orders in the first half of the year, expecting to exceed 1 billion yuan for the full year, reflecting successful R&D investments [3][11] - Liyuanheng and Haimuxing are progressing well, with Haimuxing's new order growth doubling, although they expect losses this year but anticipate profitability starting next year [3][12] - Naknor's new rolling press equipment addresses material bonding issues and is participating in tenders from leading battery manufacturers [3][13] - Lianying Laser is positioned to benefit from increased precision requirements in solid-state welding, with potential for significant growth if breakthroughs are achieved [3][14] Market Trends - The lithium battery industry is recovering from previous downturns, with several catalysts for growth including policy reviews, subsidy follow-ups, and increasing demand for power and energy storage [1][15] - Most lithium battery companies have overcome their most challenging periods, with expectations for continuous improvement in financial reports [1][15]