In the past decade, lithium batteries have boosted the explosive growth of new energy vehicles by increasing their energy density from 100Wh/kg to 300Wh/kg. Today, for higher energy density and higher safety, liquid batteries can no longer meet downstream demand, and solid-state batteries have already started a new round of battery technology competition.
However, the real leader is never in the spotlight.
From the development of the lithium battery industry in the past decade, battery equipment manufacturers are the key driving factor, and the accuracy of equipment determines the upper limit of battery performance. Since the Ministry of Industry and Information Technology issued the new national standard for power batteries in April this year, it has shown a positive attitude on the policy side. With the superposition of market demand, the concept of solid-state batteries has become a key sector for big funds to hunt.
In recent trading days, a number of stocks such as Tiantie Technology, Longpan Technology, Guoxuan High-tech, Liyuanheng, and Pioneer Intelligence have risen strongly, and the sector's popularity has risen sharply.
At the same time, catalytic factors on the news side are constantly superimposed. The Gaogong Solid-State Battery Summit on June 10, the International Solid-State Battery Technology Conference on June 19, the Electrolyte Forum in July and the Shanghai International Solid-State Battery Conference will be held one after another, which will form a continuous theme stimulation to the market. Some research institutions predict that the commercialization of solid-state batteries will achieve a synergistic breakthrough in 2025, and equipment pioneers will dominate a new round of technology-driven industrial cycle.
There are many solid-state concepts, and mass production is the touchstone
In the A-share market, there are not many companies capable of getting involved in the field of solid-state battery equipment. Liyuanheng, Pioneer Intelligent, and Haimuxing are currently the three companies with the highest attention.
In terms of recent market performance, Liyuanheng is undoubtedly the most eye-catching. However, the company is a concept pioneer, and the speed of equipment delivery and mass production is relatively lagging. It is understood that although the company delivered a solid-state battery pilot production line to Guoxuan High-tech in 2022, it was aimed at semi-solid-state batteries. As for all-solid-state batteries, its sulfide electrolyte coating equipment is still in the verification stage, and the installation and testing of production line equipment has also been delayed until 2026. Judging from the company's performance report, the company has suffered a huge loss of 1 billion yuan in 24 years, and there are already many problems within the company. According to market sources, due to the performance loss, the company has undergone a major reshuffle, and a large number of R&D technicians have left. Whether normal equipment delivery can be achieved needs to be paid attention to.
As the leader in traditional liquid lithium battery equipment manufacturing, although Lead Intelligent also claims to have full solid-state full-line production capabilities, its core equipment relies on foreign imports. In 2024, the yield of the equipment delivered to Korean customers was only 65% due to interface impedance problems, requiring secondary transformation, and the actual order collection cycle was extended. The technical level and delivery capabilities were also questioned by the market. However, as the leader in the new energy equipment industry, Lead Intelligent's technical strength, management capabilities, strong financial strength and R&D strength have made good endorsements for its future development.
In its 2023 annual report, Haimuxing mentioned that it completed the delivery of the solid-state battery pilot line in August 2023, and completed the mass production of the oxide plus lithium metal negative electrode technology route and the sulfide plus silicon-carbon negative electrode pilot line in 2024. It is the first company in the industry to complete the mass production and delivery of solid-state battery equipment and complete the commercial verification of downstream application scenarios. It is also the first equipment supplier in the industry to deliver different solid-state battery technology solutions to two battery manufacturers at the same time. Its technical capabilities are more than two years ahead of its peers, which shows its strong technical strength. In addition, the company has exclusively mastered the lithium metal negative electrode interface processing technology. The Falcon high-energy lithium metal solid-state battery developed in cooperation with Xinjie Energy has passed the Ehang Intelligent eVTOL manned flight test. Its energy density has reached 480-500WH/KG, the cycle has reached 800-1000 times, and the endurance time has reached 1 hour, breaking the international record for similar tests. However, its stock was dragged down by the 2024 annual report performance and the 2025 first quarter report performance. It is understood that the company's orders on hand have exceeded 10 billion, and the newly signed orders have doubled compared with 24 years. Combined, this year may be the lowest point of Haimuxing's stock price.
In a horizontal comparison, the current market has seriously misjudged the solid-state battery equipment targets: Liyuanheng and Pioneer Intelligent have attracted financial attention due to early concept speculation, but the actual technical level and mass production capacity are questionable; Haimuxing has built a high competitive barrier with its two-year industrialization first-mover advantage, but it has been ignored by the market due to the short-term pressure of annual report and first quarter report data. Rather than saying that this is a market miss, it is better to say that it may be a good investment opportunity given by the market.
The technical advantages in the subdivided fields are significant, and the valuation repair expectations are strong
The industrialization of solid-state batteries follows the law of "equipment first, materials follow up, and complete vehicles land". The industry expects that the peak period of equipment bidding will come in 2025-2026. Equipment manufacturers with mature full-line mass production delivery capabilities and mastering core process technologies will lead this round of industrial upgrading and enjoy a significant valuation premium. The trillion-dollar market is about to explode again. Let us wait and see which company will become the next dark horse in the trillion-dollar solid-state battery equipment market with its leading industrialization pace and deep technical barriers.
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