The Zhitong Finance App learned that Orient Securities released a research report saying that solid-state batteries are considered an ideal solution for solving lithium battery safety problems and improving energy density, and have been placed as a key industrial route for next-generation battery technology. Since 2022, solid state battery development and industrialization have made obvious progress. In particular, the technological progress and cost reduction of domestic companies in the field of semi-solid batteries have greatly exceeded expectations. Semi-solid state batteries represented by Weilan New Energy and Ganfeng Lithium will be mass-produced and loaded in 2023, marking that semi-solid batteries have entered the first year of industrialization. With the implementation of battery companies' production capacity plans and the loading application of more car companies' models, the industrialization process of solid-state batteries is expected to accelerate.

Orient Securities's views are as follows:

Solid-state batteries have progressed beyond expectations, and semi-solid-state batteries have taken the lead in speeding up loading.

Solid-state batteries have obvious advantages over traditional liquid batteries in terms of energy density and safety, and are considered one of the most promising next-generation battery technologies. However, since the technology is still immature and the cost is still high, the industry generally believes that the time point for commercial application is as far back as 2030. However, since 2022, domestic companies have taken the lead in industrializing loading applications using the semi-solid state solution as the intermediate route of transition. As the number of models loaded increases, the scale of application of semi-solid state batteries expands, and the economy is expected to improve, driving the simultaneous development of the industrial chain, or accelerating the evolution process to the final form of all-solid-state batteries.

The material system has been fully optimized, and electrolytes have opened up a new track.

Electrolytes are a key innovation point for solid-state batteries. Each of the three major technology routes has advantages and disadvantages: sulfide ion conductivity is high, but the stability is poor and the cost is high; oxide conductivity is moderate and good stability, and R&D and verification progress is fast; polymer conductivity is limited, but application is less difficult, making it a short-term choice for semi-solid state solutions. The iteration of positive and negative electrode materials for solid-state batteries in the direction of high performance is expected to open up application space for high-nickel ternary and silicon-based anodes. In the long run, lithium metal anodes and novel cathode materials such as lithium nickel-manganate and lithium-rich manganese bases have good prospects.

Domestic and foreign companies actively plan to seize new technology opportunities.

Currently, there are many domestic and foreign companies involved in solid-state batteries. Car companies, R&D institutions, battery companies including many startups, and midstream materials companies are all investing in new technology research and development. Innovation in process technology and changes in material systems have brought new opportunities to the entire industry chain. Looking at various aspects, domestic independent brands and new-power car companies are at the forefront of semi-solid state loading. The overall production capacity plan of supporting battery manufacturers has reached the 100 GWh level, and the development and mass production progress of electrolyte materials is lagging behind. High-nickel ternary cathodes already have mature mass production capacity in China, while silicon-based anodes are still small and need to be deployed.

Solid-state batteries are considered an ideal solution for solving lithium battery safety issues and improving energy density, and have been placed as a key industrial route as the next-generation battery technology route.

Since 2022, solid state battery development and industrialization have made obvious progress. In particular, the technological progress and cost reduction of domestic companies in the field of semi-solid batteries have greatly exceeded expectations. Semi-solid state batteries represented by Weilan New Energy and Ganfeng Lithium will be mass-produced and loaded in 2023, marking that semi-solid batteries have entered the first year of industrialization. With the implementation of battery companies' production capacity plans and the loading application of more car companies' models, the industrialization process of solid-state batteries is expected to accelerate.

It is recommended to focus on battery companies with semi-solid state layouts such as Ningde Times (300750.SZ), Everweft Lithium Energy (300014.SZ), and Ganfeng Lithium (002460.SZ).

Compared with liquid lithium-ion batteries, the core variable of solid-state batteries on the material side is the solid electrolyte, and it is expected to improve the permeability of high-performance positive and negative electrode materials and soft package packages. It is recommended to focus on leading companies with advanced layout in related materials: Electrolyte Shanghai Xibao (603200.SH), Jinlongyu (002882.SZ), positive and negative electrode materials Rongbai Technology (688005.SH), Dangsheng Technology (300073.SZ), Betray (835185.BJ), Putailai (603659.SH), Tianqi Lithium (002466.SZ), Ganfeng Lithium, Shanshan Co., Ltd. (), new aluminum plastic film materials (002341.SZ), Mingxinguan (688560) 600884.SH .SH).

Risk warning: solid-state battery industrialization progress falls short of expectations, risk of technological route innovation, risk of raw material price fluctuations