Huafu Securities: An important competition point for battery transformation, new disruptions in materials and equipment

The Zhitong Finance App learned that Huafu Securities released a research report saying that the development of solid-state batteries has become an industry consensus and a competitive global competition point: solid-state battery systems that can theoretically achieve high specific energy and high safety are globally recognized as disruptive technology. Reducing the liquid electrolyte content, increasing the proportion of solid electrolytes, and gradually achieving solidification is an industry development consensus. The resulting disruption of material systems and equipment systems has forced global companies and research teams to launch a new round of innovation competition to avoid the risk of being left behind in the direction of new technologies. Achieving small-batch production and process finalization in 2027 is basically an important time point for domestic and foreign companies to agree on expectations.

The main views of Huafu Securities are as follows:

Material side: Solid-state batteries disrupt the material process, focusing on increments, upgrades, and bottlenecks

All-solid-state batteries disrupt existing systems. The core incremental link is sulfide/oxide/halide/polymer solid electrolytes. Among them, cost reduction and mass production bottlenecks are lithium sulfide (high cost, difficult process expansion). Furthermore, the increase in energy density depends on performance breakthroughs and applications of high-nickel/lithium-rich manganese-based cathodes and lithium metal/silicon-carbon anodes; in process implementation, the application of conductive agents, aluminum-plastic films, etc. will also improve.

Equipment side: Pilot line equipment first, focus on incremental and transformational equipment

Starting from the first principle, dry electrodes can achieve thick electrodes, reduce energy consumption, increase compaction density, and reduce side reactions with sulfide electrolytes. They are the preferred solution for solid-state batteries, disrupting traditional front-end equipment processes. Isostatic pressure equipment solves the interface contact problem, which is different from the high barrier incremental process of traditional lithium battery equipment. In addition, there are also incremental changes in cutting, lamination, plastic frame printing, laser cutting, welding, chemical composition, and inspection processes. 2026 will enter a critical period of equipment targeting and sizing, focusing on equipment companies bound to core batteries and OEMs.

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Main Line 1: Key Materials: [Sulfide Electrolytes] Dangsheng Technology, China Porcelain Materials, Rongbai Technology, Titan, Dow Technology, etc.; [Lithium Sulfide] Shanghai Xiba, Xiamen Tungsten Xinneng, Enjie Co., Ltd., Haichen Pharmaceutical, Huasheng Lithium Battery, Guanghua Technology, etc.; [Lithium Metal Anodes] Zhongyi Technology, Tiantie Technology, Dow Technology, etc.; [Auxiliary materials] Yuan Co., Ltd., Nippon Broadcasting Fashion, Haichen Pharmaceutical, Matsui Co., Ltd., Tiannai Technology, etc.; [Fluid collectors] Telford Technology, Nord Co., Ltd., Jiayuan Technology, Zhongyi Technology, aerospace precision, etc.

Main line 2: Equipment first, focus on solid-state battery incremental equipment: Pilot Intelligence, Naknol, Honggong Technology, Lianying Laser, Litong Technology, Tin Packaging Co., Ltd., Kexin Electromechanical, Rongqi Technology, Haimu, Xingyun Co., Ltd., Xinyu Ren, Delong Laser, Mannst, Putailai, Li Yuanheng, Yinghe Technology, Autoway, etc.

Main line 3: Differentiated and competitive battery companies: Ningde Era, Everweft Lithium Energy, Guoxuan Hi-Tech, Sunwoda, Funeng Technology, Jinlongyu, Haopeng Technology, Zhuhai Guanyu, Dell Co., Ltd., Guansheng Co., Ltd.;

Risk warning: Solid-state battery technology development, solid-state battery mass production falls short of expectations, etc.