According to the Zhitong Finance APP, Dongxing Securities Co., Ltd. released a research report stating that the pressure and temperature range of warm isostatic pressing aligns with the densification requirements of solid-state batteries, showing industrialization potential. Traditional isostatic equipment manufacturers, such as the overseas leader Quintus and domestic companies like Chuanxi Machinery and Steel Research Haopu, leverage ultra-high pressure technology barriers to achieve "capacity reuse," accelerating the conversion of technology to solid-state battery scenarios and equipment implementation; battery manufacturers and cross-industry players in lithium battery equipment, such as LEAD INTELLIGENT and Lyric Robot, redefine equipment based on downstream production line experience, promoting the industrialization of solid-state battery isostatic equipment. It is expected that the value proportion of isostatic equipment in solid-state battery production lines will be about 13%, with the market expected to reach 2.9 billion yuan by 2029.

The main points of Dongxing Securities are as follows:

Isostatic equipment has a wide range of applications, with specific applicable industries for cold/warm/hot processes

Isostatic technology was initially applied mainly in the fields of metals and ceramics. With its advantages in densification and uniform organization, it has gradually been widely used to improve metal structure, near-net shaping, high-performance ceramic densification, and defect repair. After seventy years of validation, this technology has already been maturely applied in various industrial scenarios such as aerospace, medical, automotive, and electronics. Depending on the forming and consolidation temperatures, isostatic technology is divided into three categories: cold, warm, and hot. "Cold—warm—hot isostatic pressing corresponds to increasing working temperature and decreasing required pressure, with the densification degree of the finished product and production costs increasing, while production efficiency decreases. Among them, warm isostatic pressing achieves a balance between densification performance, production efficiency, and cost.

Isostatic equipment can be used for all-solid-state batteries to achieve densification

Isostatic processes can effectively solve the solid-solid interface contact issues in solid-state batteries, achieving densification: During the cycling process of solid-state batteries, the solid-solid interface is prone to contact degradation, residual pores, and insufficient particle contact, which usually requires densification treatment. Traditional hot pressing and roller pressing have a single pressure direction and uneven distribution, making it easy to produce edge effects and interlayer sliding, making it difficult to achieve three-dimensional densification and consistency. Isostatic technology, based on Pascal's principle, can improve interface density, eliminate internal voids, and enhance component contact effectiveness.

Warm isostatic pressing is currently the optimal process path: The pressure and temperature range of warm isostatic pressing aligns with the densification requirements of solid-state batteries, enhancing interface density under medium temperature conditions while avoiding high-temperature side reactions. At the same time, the equipment's energy consumption and costs are relatively low, showing industrialization potential. In contrast, cold isostatic pressing has limited densification, and the high temperature of hot isostatic pressing leads to prominent side effects.

Domestic and foreign equipment manufacturers and cross-industry players jointly accelerate the industrialization application of isostatic equipment: Traditional isostatic equipment manufacturers, such as the overseas leader Quintus and domestic companies like Chuanxi Machinery and Steel Research Haopu, leverage ultra-high pressure technology barriers to achieve "capacity reuse," accelerating the conversion of technology to solid-state battery scenarios and equipment implementation; battery manufacturers and cross-industry players in lithium battery equipment, such as LEAD INTELLIGENT and Lyric Robot, redefine equipment based on downstream production line experience, promoting the industrialization of solid-state battery isostatic equipment. It is expected that the value proportion of isostatic equipment in solid-state battery production lines will be about 13%, with the market expected to reach 2.9 billion yuan by 2029 There are currently bottlenecks in safety and production capacity for isostatic pressing equipment used in solid-state batteries

The core challenges in the design and manufacturing of isostatic pressing equipment focus on chamber design, temperature/pressure control systems, and safety assurance, which impose extremely high requirements on structure, materials, and precision. At the same time, the processes of heating and pressurizing the isostatic equipment are time-consuming, delaying production efficiency; the automation level of vertical chambers is low, and the adaptability of production lines is insufficient. These factors limit the use of isostatic pressing equipment for the large-scale production of solid-state batteries. By optimizing pre-treatment processes to reduce temperature and pressure requirements, increasing the volume of the pressure vessel in isostatic presses, and using pre-installed fixtures, production efficiency of isostatic equipment can be improved to some extent; adopting a horizontal chamber structure facilitates integration into solid-state battery production lines, achieving automated production.

Target Aspects

We strongly recommend the solid-state battery equipment line supplier LEAD INTELLIGENT (300450.SZ) and suggest paying attention to the complete line supplier Lyric Robot (688499.SH), Naconor (832522.BJ) which is laying out isostatic pressing equipment, and the Chengdu West Machine of AVIC, as well as primary targets such as Baotou Kefa and overseas leader Quintus.

Risk Warning

Downstream application progress may be lower than expected, risks of upstream raw material price fluctuations, and risks of technological substitution