Zhongyin International released a research report, stating that solid-state batteries have received industrial attention due to their high energy density and safety. From the perspective of technology route, at present, polymer, oxide, and sulfide each have their own advantages and disadvantages. Composite electrolytes incorporating polymers and oxides are expected to be the first to realize industrialization, helping to accelerate the industrialization of solid-state batteries and gradually open up downstream applications. In the future, with the continuous maturity of the sulfide route and interface technology, all-solid-state batteries will have an industrial foundation. Maintain industry rating stronger than market rating.

The main viewpoints of CICC are as follows:

Solid-state batteries are needed for the continuous improvement of battery technology.

Liquid lithium-ion batteries are currently the most commonly used battery technology, but there are still problems in improving energy density and safety performance. Solid-state battery technology can improve battery energy density by improving the material system and achieve inherent safety of the battery. It is in line with the development trend of lithium-ion battery technology for new energy vehicles and is an important direction for the future upgrade of lithium-ion batteries.

The government attaches great importance and enterprises actively deploy, and there will be broad market space in the future.

Solid-state batteries, as an important upgrade direction for future lithium-ion battery technology, have received key support from the government. According to China Daily, China will invest about 6 billion yuan in the research and development of all-solid-state batteries, and six companies including Contemporary Amperex Technology and BYD have received government support for basic research and development. Enterprises have successively deployed research and development and production of solid-state batteries. Contemporary Amperex Technology, SAIC, and GAC have announced the research and development or industrialization progress of solid-state batteries. The government and enterprises are expected to promote the industrialization of solid-state batteries as soon as possible. Overseas, governments in Japan, the United States, Europe, and other places have also proposed development routes for solid-state batteries to promote their development. According to china market, solid-state batteries shipment will exceed 11GWh in 2025, and it will reach more than 600GWh in 2030. There will be broad market space in the future.

Different electrolyte technology routes have their own advantages and disadvantages, and the composite electrolyte route is expected to be industrialized first.

Compared with liquid batteries, the main change of solid-state batteries is solid-state electrolytes. The current mainstream solid-state electrolyte technology routes can be divided into polymer, oxide, and sulfide, each of which has its own advantages and disadvantages. Composite solid-state electrolytes combine the advantages of polymers and oxides, and have advantages in ion conductivity and processability. They are expected to be industrialized first.

Sulfide electrolyte is the ideal technical route for all-solid-state batteries, but there are still difficulties in industrialization.

Sulfide electrolyte has the advantages of high ionic conductivity and good interface performance, and is the ideal technical route for all-solid-state batteries. However, there are many problems with sulfide electrolyte. For example, it is easy to react with water or oxygen in the air to generate toxic gases, so it faces difficulties in the industrialization process. Reducing the occurrence of side reactions through surface treatment of sulfide electrolyte is the focus of current sulfide electrolyte research and development. In the future, with the continuous breakthrough of relevant technologies, sulfide still remains the preferred route for all-solid-state batteries.

The application of interface technology is crucial for solid-state batteries.

The interface contact in solid-state batteries is a solid-solid contact, which is quite different from the solid-liquid contact in liquid batteries, and it can cause a decrease in lithium ion transmission efficiency and affect battery performance. The application of interface technology can improve the solid-solid contact of solid-state batteries and improve the performance of solid-state batteries. Therefore, interface technology is crucial for solid-state batteries. There are many methods for interface technology, such as adding electrolyte in solid-state batteries, coating electrolyte on the surface of electrode materials, and doping electrolyte in electrodes, etc. , Can improve battery performance, and is expected to be scaled up in the future.

Investment advice

Solid-state batteries, as one of the important upgrade directions for the next generation of lithium-ion batteries, have the advantages of high energy density and safety, and are expected to gradually realize industrialization, with broad market space. Solid-state electrolyte is the key change of solid-state batteries. Among many solid-state electrolyte technology routes, composite solid-state electrolytes combine the advantages of polymers and oxides, coupled with the application of interface technology, are expected to be the first to achieve industrialization and land. Sulfide electrolyte is the ideal route for all-solid-state batteries. With the maturity of relevant technologies, it is expected to be mass-produced in the future.

Regarding Symbol.

Recommended companies include Contemporary Amperex Technology (300750.SZ), Eve Energy Co., Ltd. (300014.SZ), Sunwoda Electronic (300207.SZ), Hangzhou HPWINNER Opto Corporation (001283.SZ), Beijing Easpring Material Technology (300073.SZ), Ningbo Ronbay New Energy Technology (688005.SH), Shenzhen Dynanonic (300769.SZ), Xiamen Tungsten Co., Ltd. (688778.SH), Shanghai Putailai New Energy Technology (603659.SH), Hunan Zhongke Electric (300035.SZ), Yunnan Energy New Material (002812.SZ), Shenzhen Senior Technology Material (300568.SZ), Yitong Century (688733.SH), Guangzhou Tinci Materials Technology (002709.SZ), Shenzhen Capchem Technology (300037.SZ), Do-Fluoride New Materials (002407.SZ), etc. It is recommended to pay attention to Farasis Energy (Gan Zhou) Co., Ltd. (688567.SH), CNGR Advanced Material (300919.SZ), Sanxiang Advanced Materials (603663.SH), Lecron Industrial Development Group (300343.SZ), and other companies in the industry chain.

The main risks faced in rating include: the new energy automotive industry policy does not meet expectations; new energy automotive product performance does not meet expectations; industry chain demand does not meet expectations; technological progress does not meet expectations.