Guotai Haitong: The pace of the solid-state battery industry continues to accelerate, with equipment and materials benefiting first.

Guotai Haitong released a research report stating that with the release of favorable policies and continuous technological breakthroughs, the industrialization process of solid-state batteries continues to accelerate. As pilot lines are successively implemented and mass production line construction accelerates, 2027 is expected to become the inaugural year of solid-state battery industrialization, with the equipment and materials segments expected to benefit first from industry volume ramp-up. On the equipment side, the accelerated construction of solid-state battery pilot and mass production lines is driving demand for new process equipment such as dry electrode, isostatic pressing, and stacking. Leading battery customers have already initiated GWh-level mass production line tenders, with orders gradually landing. Guotai Haitong's main viewpoints are as follows: Seven ministries issued the "15th Five-Year Plan" for new-type batteries, with clear development goals for solid-state batteries. On September 28, the Ministry of Industry and Information Technology and six other ministries jointly issued the "15th Five-Year Plan for the Development of the New-Type Battery Industry," proposing that by 2030, China's new-type battery industry scale will achieve steady growth, all-solid-state batteries will initially achieve large-scale application, the cycle life of long-life lithium batteries will reach 15,000 cycles, and the product defect rate of leading enterprises will reach PPB level. The plan clearly states the need to accelerate breakthroughs in all-solid-state battery technology, enhance key technologies such as interface contact, high ionic conductivity, and long cycle life, and advance standard development in key areas of new-type batteries including all-solid-state batteries and sodium batteries. 2027 is expected to become the inaugural year of solid-state battery industrialization. Currently, leading domestic battery enterprises are accelerating the layout of solid-state battery production capacity, with pilot lines being intensively implemented and the industrialization process continuing to accelerate. Contemporary Amperex Technology's Yibin all-solid-state pilot line has been connected, with the first batch of samples achieving energy density exceeding 500Wh/kg, and plans to start small-batch production in 2027; BYD Company Limited's Chongqing Bishan base's first-phase 20GWh mass production line commenced construction in 2026Q3, and is expected to achieve thousand-vehicle-level demonstration installation around 2027; Gotion High-Tech's new-generation Jinshi all-solid-state battery has achieved energy density exceeding 400Wh/kg, with vehicle range exceeding 1,000 kilometers. The company's first 0.2GWh pilot line has been completed, and the 2GWh mass production line construction is steadily advancing, with multi-scenario customer engagement already in place. The bank believes that with the continuous acceleration of product validation and capacity implementation on the industry side, 2027 is expected to become the inaugural year of domestic solid-state battery mass production. Industry pace continues to accelerate, with equipment and materials benefiting first. On the equipment side, the accelerated construction of solid-state battery pilot and mass production lines is driving demand for new process equipment such as dry electrode, isostatic pressing, and stacking. Leading battery customers have already initiated GWh-level mass production line tenders, with orders gradually landing. Wuxi Lead Intelligent Equipment has continuously secured orders from leading customers since Q3, with orders covering core process equipment including dry electrode, transfer printing, solid-state stacking, and isostatic pressing; NAKNOR has laid out four core processesdry film formation, transfer composite, lithium metal anode forming, and ultra-high pressure isostatic pressingall achieving technological breakthroughs and engineering validation. On the materials side, the industry chain has entered a window period for supporting validation and volume ramp-up. Shanghai Emperor of Cleaning Hi-Tech's hundred-ton-level lithium sulfide production line has completed commissioning; Xtc New Energy Materials(Xiamen) Co.,Ltd.'s high-purity lithium sulfide materials have entered the trial production stage, achieving continuous and stable preparation, and have passed evaluation and validation by multiple leading customers. Meanwhile, its high-capacity solid-state cathode materials have achieved stable batch supply. As the pace of solid-state battery production line construction continues to accelerate, the equipment and materials segments will be the first to benefit from industry volume ramp-up. Risk warnings: New technology progress falls short of expectations; industrialization process falls short of expectations.