EB SECURITIES has released a research report stating that automakers show strong motivation to advance solid-state batteries, leading to a gradual release of demand for pilot production lines. The manufacturing process for solid-state batteries is fundamentally different from existing liquid battery production systems, indicating new demand for core production equipment. In the medium term, the industrialization process of solid-state batteries is accelerating significantly, with increasing demand for higher-capacity pilot lines and mass production lines. Equipment companies capable of delivering complete production lines will be the first to benefit. The report recommends WUXI LEAD (00470) and Li Yuanheng. The main viewpoints of EB SECURITIES are as follows:

Rise of Solid-State Batteries Spurs Technological Upgrade in Equipment

Solid-state battery production can be divided into three main stages: front-end (material preparation), mid-end (cell formation), and back-end (performance activation). Compared to traditional liquid lithium batteries, the equipment changes for all-solid-state systems are primarily concentrated in the front and mid-processes, creating new incremental demand for equipment. According to EVTank data, the global solid-state battery equipment market size in 2024 is approximately 4 billion yuan, with current all-solid-state production lines mainly in the laboratory and pilot stages. It is projected that by 2030, the market size will grow to about 107.9 billion yuan, with semi-solid-state and all-solid-state equipment accounting for approximately 62.4 billion yuan and 45.5 billion yuan, respectively.

Marginal Changes in Equipment: Focus on Front and Mid-Processes

The equipment transformation path for all-solid-state batteries is clear. The front-end emphasizes "enhanced dry processes," the mid-end involves "upgrading from winding to stacking, adding new processes like frame printing and isostatic pressing equipment," and the back-end "upgrades to high-voltage formation." This drives the evolution of the equipment system from traditional lithium battery equipment towards high-precision and high-voltage directions. Overall, solid-state battery equipment manufacturers can be broadly categorized into three types: 1) Full-line platform manufacturers, such as WUXI LEAD, Li Yuanheng, Mannasite, and Yinghe Technology, whose advantages lie in multi-process coverage and full-line delivery capabilities; 2) Key single-equipment manufacturers, such as Naconor's strength in rolling/isostatic pressing, Putailai's (subsidiary Jiatuo Intelligent) and Keheng Shares' (subsidiary Haoneng Technology) advantages in coating, and Hangke Technology and Jingshi Electromechanical's strengths in formation and capacity grading; 3) Specialized process equipment manufacturers entering the market with new processes like frame printing and laser/TUV printing.

Key Company: WUXI LEAD

In 2025, with the recovery of the lithium battery industry, the company's net profit achieved a significant rebound. In 2026, the overall industry demand growth rate is expected to continue, and the company, as an industry leader, will directly benefit, with its lithium battery business projected to maintain rapid growth. The company has already achieved mass-production-level delivery of complete all-solid-state battery production line solutions. As a full-line solution service provider with complete independent intellectual property rights for all-solid-state batteries, it has successfully integrated all process steps for mass production of all-solid-state batteries, with core equipment covering the entire process from electrode preparation, electrolyte film preparation, isostatic pressing densification, to back-end testing. Currently, the company has successfully entered the supply chains of leading domestic and international battery manufacturers and renowned automakers, completing batch deliveries and securing repeat orders. Initiated with a "Buy" rating.

Key Company: Li Yuanheng

In 2025, with the recovery of the lithium battery industry, the company's operations bottomed out and rebounded, achieving a turnaround to profitability. In Q1 2026, the company's new order intake showed steady growth alongside the industry's intensive bidding period. For the full year, the company's new order intake is expected to maintain quality growth. In the solid-state battery equipment field, the company has already delivered a complete pilot production line for solid-state batteries and has established deep cooperation with multiple enterprises including Qingtao Energy, GAC Group, Farasis Energy, and Shanghai Yili. The company has also established strategic partnerships with well-known domestic and international companies, combining advanced isostatic pressing technology with intelligent automated full-line capabilities to accelerate breakthroughs in key processes. Furthermore, the completion of its fundraising projects is expected to significantly broaden its revenue and profit growth space, aiding its transformation from a single lithium battery equipment supplier to a core solid-state battery equipment integrator. Initiated with an "Add" rating.

Risk Analysis

Risks include slower-than-expected advancement of solid-state battery technology, uncertainty in technological pathway evolution, slower-than-expected release of downstream demand, slower-than-expected industrialization progress, and risks associated with raw material price fluctuations.