Hong Kong Stock Concept Tracking | The solid state battery industry chain has reached an inflection point, leading companies seize the opportunity (with concept stocks)

The Zhitong Finance App learned that according to incomplete statistics, 8 battery manufacturers have already set up a 0.3 GWh pilot line.

What bothered everyone before was the scientific question — can sulfides make it? Now that ionic conductivity, particle size, and purity have all reached the level of liquid electrolytes, the science is basically over. Next is an engineering problem — how to mass produce. As soon as the pilot line was launched, orders, equipment, and materials all had catalysts.

The agency expects that once GWh goes live next year, there will be another wave of new markets, so next year will probably be more lively than this year.

Material side:

Electrolytes are the only addition process: 1 GWh solid-state batteries have an electrolyte value of 600 million. Even if the electrolyte value drops 90% in the future, it will still be 60 million, which is three times more expensive than the current electrolyte. According to the 4,000 GWh global market, that is the big pool of 240 billion dollars. Whoever runs out first will not double or double the market capitalization elasticity.

Sulfide electrolytes are currently the two most recognized processes: wet method (Huasheng lithium battery, Tianci materials) and gas-solid separation method (Shanghai Xiba). The wet method is continuous and the cost is low. As long as Huasheng sends samples to Ningde, the logic will be fine; the washing machine has already shipped tonnage, and progress is the fastest. 5 tons last year were completed in the second quarter of this year, and the sample delivery scale was the largest. From a valuation perspective, Xiamen Tungsten Xinneng is cheap, but the flexibility is average; once Huasheng and Tianci are on track, the odds are very impressive.

Copper foil was replaced along with the electrolyte, and nickel-plated copper foil, porous copper foil, and HVLP high-frequency foil took turns on the market. The Luxembourg plant acquired by Telford Technology had a low operating rate last year. HVLP sold 200 tons in March this year, and 3,000 tons contributed 200 million in profit for the whole year. Next year, 10,000 tons would be 800 million dollars in net profit. The elasticity is visible to the naked eye; NORD shares also relied on ultra-thin+nickel plating to reverse losses. However, copper foil is still ranked behind electrolytes, and the increase in value is not as large as that of electrolytes.

The cathode showed a signal that exceeded expectations this year: Rongbai Technology said that by the end of 2026, Ningde will use a lithium-rich manganese-based cathode, and the voltage will be directly pulled to 4.45V, reducing the cost in one step. Lithium-rich manganese-rich bases have always been the hardest. The current schedule is being implemented. Sooner or later next year, Rongbai's traditional main business is dragging down the valuation, but putting down both sulfide electrolytes and lithium rich cathodes is the purest cathode standard in solid-state batteries.

Device side:

Equipment stocks cannot think of the end of the game; they enjoy the urgency premium in the early stages of expanding production. The most popular thing now is fibrosis equipment — in the dry process, carbon nanotubes and adhesives are formed into a spider web conductive network. Honggong Technology can do 6 hours of work in other factories in 2 hours, and Ningde and Wanhua are all named.

Roller presses and laser equipment also cannot be circumvented. Naknol, Li Yuanheng, and Xianhui Technology are all old faces; Delong Laser has the deepest bond with Ningde. It has a one-stop laser marking insulation, drying, cutting, and cleaning. Orders jump from 10 million to 100 million, and elasticity is visible to the naked eye.

CITIC Construction Investment released a research report saying that as the next generation of high-performance battery technology, solid-state batteries have received great attention from the market due to their remarkable advantages such as high energy density and high safety. Currently, the solid-state battery industry, driven by factors such as policy support, technological progress, and downstream demand, is entering a critical period of industrialization, showing characteristics such as rapid growth in market size, gradual focus on technology routes, and beginning to expand application scenarios. As the most important upstream link in the industrial chain, solid-state battery equipment will definitely benefit first in the development of the solid-state battery industry.

CICC released a research report saying that solid-state batteries have high safety and high energy density, and are expected to become the next generation lithium battery technology direction. Along with material innovation and process iteration, the solid-state battery industrialization process is accelerating, and we are optimistic about investment opportunities under solid-state battery technology breakthroughs and industrial transformation. The solid-state battery industry chain is expected to open up the main market, and battery, material, and equipment manufacturers with related layouts are expected to usher in sloping upward investment opportunities.

Hong Kong stocks related to the solid-state battery industry chain:

Ningde Times (03750), Ganfeng Lithium (01772), Tianqi Lithium (09696), Longpan Technology (02465), Ruipu Lanjun (00666), China Airlines (03931), BYD (01211), Guangzhou Automobile Group (02238), etc.