According to the Zhitong Finance APP, Tianfeng released a Research Report stating that Solid State is the core technological iteration of Lithium Battery and a new productive force in the Global competition for market leadership. Since the government has pushed for the low-altitude economy from the top level, the necessity and industrial trend for large-scale mass production of all-solid-state Cells has been strengthened, given the rigid need for high-energy-density Cells for low-altitude vehicles, and the low-altitude economy has a high cost acceptance for all-solid-state Batteries, which helps promote breakthroughs in large-scale applications of all-solid-state Batteries from 0 to 1.

Tianfeng Securities' main points are as follows:

Equipment: Solving technical difficulties such as the solid-solid interface, it is an incremental device for Solid State Battery process.

The solid-solid interface can affect the battery's cycle/rate performance, and the dry process can avoid the contact and reaction of solvents with sulfide electrolytes. Nanoknor's leading position: It was the first to develop a dry roller press integrated machine in the country and has successively provided more than ten sets of dry electrode equipment to customers.

Electrolyte: The core lies in lithium sulfide, which can be described as the 'screw' among the devices.

The importance of sulfide electrolytes is reflected in: 1) it is a new material from 0 to 1; 2) it has a high cost share in all-solid-state Batteries. The core raw material in sulfide electrolytes is lithium sulfide, and from the long-term cost reduction logic, manufacturers that can produce both lithium sulfide and sulfide electrolytes are expected to be the long-term leaders. Among different process routes, the cost reduction potential of the solvent method is more favored.

Carbon nanotubes: increase in value and profit margin.

The significant increase in the amount of solid carbon nanotubes used is due to Solid State Batteries requiring a large amount of electrolyte that only conducts ions, needing CNT to provide electron conduction. The single watt-hour value and high-margin product profit rate has increased.

Manufacturing processes: the strong will continue to be strong, bullish on Contemporary Amperex Technology.

Contemporary Amperex Technology has fully proven its absolute advantages in material systems and engineering manufacturing in the field of Lithium Batteries, which is also a key point for breakthroughs in Solid State Batteries.

Investment advice: Domestic production is difficult + large marginal increments (compared to Lithium Batteries) + favorable layout (high product barriers).

1) Dry method electrode equipment - one of the largest marginal change increments is Nano Core (832522.BJ);

2) The value increment compared to liquid is significant + the difficulty of domestic substitution is high. Electrolytes (lithium sulfide) - the cost reduction potential of solvent processes in the liquid category is even greater at Guangzhou Tinci Materials Technology (002709.SZ). Next, it is recommended to pay attention to Xiamen Tungsten New Energy (688778.SH), Grinm Advanced Materials (600206.SH), and Ningbo Ronbay New Energy Technology (688005.SH) (joint coverage with the basic chemical team), etc.;

3) Increased usage + competitive advantage of single-walled tubes - Jiangsu Cnano Technology Co.,Ltd. (688116.SH);

4) Finally, returning to Cell manufacturing - Contemporary Amperex Technology (300750.SZ).