Solid-state batteries have been catalyzed recently, and we continue to be optimistic about the phased opportunities that continue to emerge in the industrialization process.
The Zhitong Finance App learned that Orient Securities released a research report saying that the solid-state battery material system has been fully optimized, and there are many potential opportunities in the industry chain. Electrolytes are a key innovation point for solid-state batteries; positive and negative electrode materials are iterated in the direction of high performance, opening up application space for high-nickel ternary, silicon-based anodes, and even lithium metal anodes; packaging mostly uses soft packaging routes, and demand for aluminum-plastic films is expected to increase. Solid-state batteries have been catalyzed recently, and we continue to be optimistic about the phased opportunities that continue to emerge in the industrialization process. It is recommended to focus on: Shanghai Xiba (603200.SH) (solid electrolyte), Yuanli (300174.SZ) (silicon carbon anode), Dangsheng Technology (300073.SZ) (three yuan high nickel), Fengyuan Co., Ltd. (002805.SZ) (participating in the solid-state battery company Zhongke Shenlan Huize).
Orient Securities's views are as follows:
Solid-state batteries are a typical example of new quality productivity and have a high level of national strategy.
According to the 2024 government work report, “Actively cultivating emerging industries and future industries” is one of the important grippers for developing new quality productivity. It is necessary not only to consolidate the leading edge of dominant industries, but also to accelerate the development of cutting-edge emerging industries and new growth engines. Compared with traditional liquid batteries, solid-state batteries have obvious advantages in energy density and safety. They are considered the next generation of innovative technology in the lithium battery industry. They will also enter the stage of attacking key core technologies and cultivating industrialized applications, which is very in line with the development direction of new quality productivity. On the one hand, as a lithium battery technology route, solid-state batteries can consolidate the leading position of lithium batteries in China's current dominant industry. On the other hand, car companies, R&D institutions, and battery companies from China, the US, Japan, South Korea and other countries around the world are actively deploying, and have formed a competitive trend. As a cutting-edge emerging technology, solid-state batteries are of great strategic importance in the development of their industry.
The entire industry chain has been vigorously laid out, and the trend of solid-state battery industrialization has been determined.
Automakers are actively embracing new technology. International car companies, including Toyota, Nissan, BMW, and Ford, all plan to launch electric models equipped with all-solid-state batteries between 2025 and 2030, and cooperate deeply with battery companies to accelerate the implementation of solid-state batteries. Domestic: Weilan New Energy shareholders include NIO Auto, Geely, Huawei, Xiaomi, etc.; Qingtao Energy received investment from SAIC, BAIC, and GAC; Changan Automobile signed a Memorandum of Cooperation with Ganfeng Lithium. Overseas: Solid Power received investment from BMW, Ford, and Hyundai; Quantum Scape received investment from the public. On the battery side, leading domestic companies such as Ningde Era, BYD, and overseas LG, Samsung, and SK On all have relevant layouts in technology research and development and patent reserves. The material side has also seen supporting supplies. For example, Dangsheng Technology revealed in its annual report that the supply share of ultra-high nickel products among solid-state battery customers such as Huineng, Qingtao, Weilan New Energy, and Ganfeng Lithium Battery has been successfully used in solid-state models of first-tier global car companies such as SAIC Motor Group and Vietnam's VinFast. With the full cooperation of car companies, battery companies, and material companies, the development trend of solid-state batteries has been determined, and the industrialization process is also expected to accelerate.
The news sector continues to catalyze, bringing new technology window opportunities.
Since the end of last year, there have been continuous catalytic events in technological advancement and commercial application of semi-solid state batteries. In the automotive sector, in December '23, NIO Li Bin tested ET7 equipped with a Weilan semi-solid state battery to achieve 1000 km battery life; in February '24, Huineng announced the construction of a solid-state battery mass production line; GAC Aian Haobo announced the latest development progress of solid-state batteries. The energy density has already exceeded 350 Wh/kg, and mass production and installation of all solid-state batteries will be achieved in 2026; in early March, Funeng Technology and FAW Jiefang signed an agreement to import semi-solid state batteries into commercial vehicle products; at the end of March, QuantumScape announced the start of delivery of prototype Alpha-2 solid-state batteries The ultimate goal is to achieve commercial automotive use; SAIC Motor announced that the upcoming Zhiji L6 will be equipped with the industry's first mass-produced quasi-900V ultra-fast rechargeable solid-state battery. In addition, consumer electronics and eVTOL require high safety and energy density, and are not sensitive to cost, and may also become a breakthrough point in the application of solid-state batteries. Vivo launched the next-generation folding flagship vivo X Fold 3 in March, which uses semi-solid state battery technology with silicon anode materials.
Risk warning: solid-state battery industrialization progress falls short of expectations, risk of technological route innovation, risk of raw material price fluctuations