Bank of China International: Vehicle-end applications accelerate, solid-state battery industry chain is expected to usher in transformation

According to the Zhitong Finance APP, BOC International has released a research report stating that solid-state batteries, as the next-generation technology for power batteries in new energy vehicles, have significant advantages in safety and energy density, and are strongly supported by policies. As solid-state battery technology and industrialization continue to mature, the demand for them in new energy vehicles is expected to grow rapidly. Driven by policies and the market, the mass production of solid-state batteries will accelerate, and technological and industrial upgrades are expected to replace existing production equipment. Solid-state battery production line equipment, as a pioneer in the industrial chain, is expected to benefit first. It is recommended to prioritize attention on new demands such as dry process electrodes and isostatic pressing, as well as equipment segments like stacking and laser cutting, where penetration rates are expected to increase rapidly. BOC International's main viewpoints are as follows: Dual drive of policies and markets, mass production of solid-state batteries continues to accelerate Since 2024, central ministries and local governments have successively listed solid-state batteries as a key development direction for strategic emerging industries, encouraging collaborative efforts across the industrial chain, with many regions introducing special support policies to support solid-state battery research and production line construction. At the same time, the internal synergy within the industrial chain has strengthened, with equipment and material manufacturers actively promoting mass production. Under the joint promotion of multiple parties, solid-state batteries are showing a dual drive pattern of policies and markets, with verification and mass production progress gradually accelerating. Solid-state battery equipment orders precede terminal demand realization, market space is expected to grow rapidly Equipment investment is a prerequisite for the industry to take root, and its orders and revenue recognition naturally occur earlier than the volume production of complete vehicles. Currently, the solid-state battery industry is in a transitional phase from pilot testing and process path establishment to production line capacity construction. Some companies have completed laboratory breakthroughs in key materials and electrochemical systems and are accelerating the construction of pilot or mass production lines. According to EVTank data, the global solid-state battery equipment market size will reach 4 billion yuan in 2024, with the semi-solid battery equipment market size at 3.84 billion yuan and the all-solid-state battery equipment market size at 160 million yuan. EVTank expects that as the industrialization process of solid-state batteries advances, the market size of the solid-state battery equipment industry will significantly increase, reaching 107.94 billion yuan by 2030. New equipment needs to be introduced and upgraded in the front and middle sections, while the back section focuses on performance and parameter upgrades There are significant changes in solid-state battery production line equipment compared to traditional liquid batteries. In the front section of solid-state batteries, there is new demand for dry process electrode equipment; in the middle section, the penetration rate of stacking machines is expected to increase, adapting to multi-layer solid-state structures, and isostatic pressing equipment will become standard for production lines; in the back section, the liquid injection process will be eliminated, and the capacity formation equipment will undergo upgrades. Thermal management requirements for solid-state battery packs are increasing, related equipment and materials are expected to benefit The high-temperature stability of solid-state electrolytes has significantly improved, with a higher upper working temperature, leading to increased thermal management requirements, which also drives changes in battery pack structural components, with an expected increase in the use of thermal insulation materials. In addition, solid-state batteries need to be pressurized to ensure their performance, requiring pressure to be applied to the cells at the battery pack level, and related equipment and materials are expected to benefit. Attention should be paid to the closed loop from delivery to verification of solid-state battery equipment Unlike traditional liquid batteries, the new processes for solid-state batteries have higher thresholds in terms of material systems, process complexity, and stability requirements, resulting in a longer verification cycle from R&D prototypes to stable mass production. Attention should be paid to the batch delivery and verification progress of equipment manufacturers, as those who complete equipment verification and obtain orders first will be the first to enjoy the dividends of solid-state battery industrialization Investment Advice With the acceleration of solid-state battery technology and industrial progress, the application nodes for vehicles are approaching, which raises higher requirements for the mass production of solid-state batteries. In the solid-state battery production line, dedicated equipment for solid-state batteries represents a certain dividend in the industrialization process, possessing high growth potential, strong competitive advantages, and new opportunities for value chain reconstruction. It is recommended to prioritize attention on new demands such as dry process electrodes and isostatic pressing, as well as equipment segments like stacking and laser cutting, where penetration rates are expected to increase rapidly. It is advisable to pay attention to companies such as XianDao Intelligent (300450.SZ), Yinghe Technology (300457.SZ), Honggong Technology (301662.SZ), Xianhui Technology (688155.SH), Naconor (920522.BJ), Lyric Robot (688499.SH), Haimuxing (688559.SH), and Delong Laser (688170.SH). Main Risks Facing the Rating New energy vehicle industry policies do not meet expectations; new energy vehicle product capabilities do not meet expectations; industry chain demand does not meet expectations; technological progress does not meet expectations