According to the Futu Finance APP, solid-state batteries are currently one of the most attention-grabbing concepts in the field of new energy. On August 28th, Guangzhou Great Power Energy and Technology released the first generation of solid-state batteries, with a cycle life of 600 times and an energy density of 280Wh/kg. It is expected that the energy density will reach over 300Wh/kg by 2025. Guangzhou Great Power Energy and Technology stated that there are currently three main technical routes for solid-state batteries: polymer, sulfide/halide, and oxide. They have chosen the oxide route and claimed to have achieved a two-way breakthrough in the process and materials of solid-state batteries, solving the technological problems of oxide solid-state electrolytes. By using oxide composite solid-state electrolytes to build solid-state batteries, the intrinsic safety of the batteries is realized, and the cost of solid-state batteries is significantly reduced.

The company also stated that within the next 3 to 5 years, with continuous optimization and innovation in processes and further reduction in material costs, the cost of their solid-state batteries is expected to be on par with conventional lithium batteries.

Since the beginning of this year, solid-state batteries have been in a hot period of growth in the reverse lithium battery industry. According to GGII, it is expected that by 2024, solid-state batteries (semi-solid) will achieve large-scale installation, with an annual installed capacity expected to exceed 5GWh. CITIC Securities pointed out in its research report that solid-state batteries, due to their high safety and high energy density, are expected to usher in a new round of electrification innovation cycle.

Recently, several companies have successively released the latest progress in solid-state battery technology, indicating that the industrialization of solid-state batteries is accelerating. Materials and equipment companies that have layout in related fields are expected to benefit.

Ganfeng Lithium stated on the interactive platform that the company is currently actively producing and operating according to the production plan, actively researching and developing new processes for solid-state batteries. At present, the solid-state batteries produced by Ganfeng Lithium's subsidiary have been installed on Dongfeng E70 model automobiles in 2022 and delivered in Xinyu City, Jiangxi Province. This is the world's first demonstration operation project for solid-state battery vehicles. 50 Dongfeng Fengshen E70 vehicles equipped with solid-state batteries will be put into demonstration operation in four provinces: Jiangxi, Guangzhou, Zhejiang, and Jiangsu. They are also used in various types of engineering vehicles, such as forklifts and mining trucks.

Gotion High-Tech (002074.SZ) recently stated that the company has achieved the preparation and basic performance verification of automotive-grade solid-state batteries, realizing a breakthrough from 0 to 1 in solid-state batteries. They have successfully passed the extremely rigorous 200-degree Celsius thermal box test.

Volkswagen's battery company PowerCo, under the Volkswagen Group, has reached an agreement with QuantumScape to jointly promote the industrialization of next-generation solid-state lithium metal battery technology. Under a non-exclusive license, PowerCo can use QuantumScape's technology to produce up to 40GWh of batteries annually, with the option to expand to 80GWh per year, which is enough to supply batteries for approximately 1 million autos per year.

Samsung SDI previously mentioned that the company's first batch of solid-state batteries has been delivered to electric autos manufacturers and has undergone about 6 months of testing. It is understood that Samsung SDI has developed the Super-Gap solid-state battery technology, which will increase energy density by 40% to 900Wh/L.

Contemporary Amperex Technology (CATL) has disclosed that the company is continuously increasing investment in solid-state batteries, with the potential for small-scale production in 2027. Sunwoda Electronic, Fuxin Dare Automotive Parts, and Mengguli have also successively disclosed the progress and expected production time of solid-state battery-related products.

Huaxi Securities stated that recently, many companies have made continuous breakthroughs in performance improvement and production progress of solid-state batteries, which is expected to accelerate the industrialization process of solid-state batteries. Gaogong Industrial Research Institute predicts that by (mid) 2024, there is the potential for large-scale deployment of solid-state batteries, with an expected annual installation capacity of over 5GWh.

China Securities Co., Ltd. pointed out that if solid-state batteries can leverage and strengthen the advantages of safety, strive to occupy the advantage of energy density, optimize the rate, cycle life, and process further, then it can consolidate its core potential customers in the advantageous scenarios. If there are breakthroughs in performance and cost, then its market space will expand and become a key technological route for lithium batteries, with the global solid-state battery market expected to reach hundreds of billions by 2025.

Related concept stocks:

Guangzhou Automobile Group (02238): Recently, Guangzhou Automobile Group stated on the investor interaction platform that the R&D achievements of the Guangzhou Automobile Group's full solid-state battery have been released in April 2024 and have achieved key technological breakthroughs in mass production for vehicle-grade high safety and large-capacity full solid-state power batteries. It possesses ultra-high energy density, ultra-high safety, and the core advantages of large capacity full solid-state cell. The company is actively promoting deployment in 2026.

BYD Company Limited (01211): BYD started the R&D work on solid-state lithium batteries as early as before 2016 and currently holds numerous relevant patents in the country, ranking among the top domestically.

Ganfeng Lithium (01772): On August 16th, Ganfeng Lithium announced that its subsidiary Ganfeng Lithium Battery has signed a cooperation framework agreement with YIGIT AKU, a company in Turkey. The two parties will jointly expand their business in Turkey and globally. It is reported that YIGIT AKU has 4 production bases, 2 battery research centers, and the largest research and development team in Turkey, providing services to more than 500 cooperative customers in over 100 countries on five continents. The two parties plan to establish a joint venture company in Turkey, with a planned investment of $0.5 billion to build a lithium battery project with an annual output of 5 GWh, including the design of a lithium battery production line and a battery pack production line with a capacity of 5 GWh, the actual capacity will be determined based on market conditions. The joint venture company plans to establish a research and development center focusing on new technology development, research projects, and intellectual property rights application in the areas of solid-state batteries, high-power batteries, ships, and aviation and aerospace batteries.