According to the Zhitong Finance APP, WanLian Securities has released a research report stating that the industrialization process of solid-state batteries is accelerating, and investments from downstream battery manufacturers are expected to increase, driving demand for equipment. Compared to conventional lithium battery equipment, the front-end and mid-stage processes are the core stages for the upgrade of solid-state battery equipment. Among them, the dry electrode process in the front-end stage is expected to be applied, with new dry mixing and dry coating equipment, and higher requirements for roller pressing equipment, which is expected to promote equipment performance upgrades. In the mid-stage, isostatic presses are expected to be introduced to solve interface gaps and impedance issues. At the same time, the compatibility of stacking equipment with solid-state battery assembly is higher, and the penetration rate is expected to increase. It is recommended to pay attention to equipment manufacturers with leading product technology, complete layouts, and first-mover advantages in core stages.
<h2>The main viewpoints of WanLian Securities are as follows:</h2>
Conventional lithium battery equipment: High value proportion of front-end and mid-stage equipment, with coating and winding machines as core equipment
From the process flow perspective, the lithium battery production process is mainly divided into three stages: the front-end sheet-making stage, the mid-stage assembly stage, and the back-end testing stage. In terms of the market scale structure distribution of segmented stages, the market shares of front-end, mid-stage, and back-end equipment in China's lithium battery equipment are 44.05%, 35.71%, and 20.24%, respectively, with the front-end equipment having the highest market share, followed by mid-stage equipment. Specifically, in the front-end equipment, the coating machine has the highest value, accounting for about 75% of the front-end equipment; the key mid-stage equipment is the winding machine, which accounts for 70% of its value.
Solid-state battery equipment: Differences from conventional lithium battery equipment are concentrated in the front-end and mid-stage
(1) Front-end equipment: Dry electrodes are expected to be applied, and roller pressing equipment is key. Dry electrodes are a new type of electrode preparation technology that, compared to wet processes, has core advantages of low cost, high efficiency, environmental friendliness, and improved energy density. For solid-state battery preparation, the dry electrode process does not require the use of organic solvents, reducing the risk of side reactions with solid electrolytes and enhancing compatibility with electrolytes. Additionally, the dry process achieves tight contact between the electrode material and solid electrolyte through high-pressure compaction, which can reduce interface impedance and improve ion transport efficiency, aligning well with the manufacturing process of solid-state batteries. In the preparation process, dry electrode preparation is mainly divided into four steps: dry mixing, dry coating, calendering, and slitting, where the calendering and slitting steps are basically consistent with wet electrode preparation methods, while the equipment for dry mixing and dry coating differs. In the dry electrode process, calendering is the core step that determines the density, uniformity, and mechanical strength of the electrode film, significantly impacting the performance of the electrode sheet. The dry electrode process has higher requirements for the compaction pressure, precision, and uniformity of roller pressing equipment. Roller pressing equipment is expected to become a core device, achieving upgrades in equipment performance and precision requirements.
(2) Mid-stage equipment: Solid-state batteries are suitable for stacking, and the role of isostatic presses is significant. Solid-state batteries face &#34;solid-solid&#34; interface issues that affect battery performance. The preparation of solid-state batteries requires pressure to achieve ideal performance, while traditional lithium battery production methods such as hot pressing and roller pressing provide limited pressure and cannot apply uniform pressure. Isostatic presses are expected to be introduced to enhance material density and solve interface gaps and impedance issues. Currently, isostatic presses are in the early research and development stage, with overseas companies making more progress, while domestic companies are accelerating their R&amp;D. Additionally, in the assembly stage, the winding process has advantages of high efficiency and low cost, while stacking assembly is more compatible with solid-state battery assembly, capable of accommodating various solid electrolytes and adapting to high-pressure densification processes
The penetration rate of future solid-state battery stacking machines is expected to increase, gradually replacing the winding machines in conventional lithium battery production lines.
(3) Backend equipment: The differences in the backend processes of solid-state batteries compared to conventional lithium batteries are relatively small, mainly involving upgrades in equipment performance parameters. In solid-state battery production lines, backend equipment such as formation machines and capacity grading machines are expected to be upgraded to high-voltage formation machines and high-voltage capacity grading machines as the voltage platform of solid-state batteries changes, while the liquid injection machines in conventional lithium battery equipment will be eliminated.
Equipment manufacturers accelerate layout, competition in dry electrode segment is fierce
As major automakers and battery manufacturers continue to invest in solid-state battery research and development, lithium battery equipment manufacturers are accelerating their layouts and achieving rapid technological breakthroughs. Currently, the core layout segments for equipment manufacturers include complete line equipment and dry electrode equipment. Among them, LEAD INTELLIGENT and Lyric Robot have mastered the manufacturing processes for solid-state battery complete line equipment and possess multiple core technologies; companies such as Naconor, Manstein, and Kanhoo are actively laying out the dry electrode equipment segment, with main products under development including dry mixing, dry coating, and dry rolling equipment.
Risk factors: Industrialization progress not meeting expectations, downstream demand not meeting expectations, risks of technological route substitution, policy change risks, etc

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WanLian Securities released a research report indicating that the industrialization of solid-state batteries is accelerating, and investments from battery manufacturers will increase equipment demand. The upstream and midstream segments are the core of the equipment upgrade for solid-state batteries, and the introduction of dry electrode processes in the upstream and isostatic presses in the midstream will drive equipment performance upgrades. It is recommended to pay attention to equipment manufacturers that are technologically advanced and have a comprehensive layout

Zhitong

Lyric Robot

Kanhoo

WUXI LEAD

Environment Protection

Lithium Battery

WanLian Security: Key Links in Solid-State Battery Equipment, Core Breakthroughs in the Front and Middle Stages