According to Zhito Finance App, Tianfeng released a Research Report stating that Solid State Battery is the core technology iteration of Lithium Battery, and it is also a new productive force for global competition for leadership. Since the government began promoting low-altitude economy, the necessity and industrial trend of large-scale production of all-solid-state Cells have been strengthened due to the stringent demand for high energy density Cells from low-altitude aircraft. Additionally, the low-altitude economy has a high acceptance of Solid State Battery costs, which helps promote the breakthrough of Solid State Battery into large-scale application from 0 to 1.

Tianfeng Securities' main points are as follows:

Equipment: Solving technical difficulties such as the solid-solid interface is incremental equipment for the Solid State Battery process.

The solid-solid interface affects the battery's cycle/rate performance. The all-dry process can avoid contact and reaction between the solvent and sulfide electrolyte. Nakanor's leadership: it first developed the dry press-integrated machine in the country and has successively provided more than ten sets of dry electrode equipment to customers.

Electrolyte: The core is lithium sulfide, known as the 'screw' among devices.

The importance of sulfide electrolyte is reflected in: 1) it is a new material from 0 to 1; 2) it has a high cost ratio in Solid State Battery. The core raw material in sulfide electrolyte is lithium sulfide. From the perspective of long-term cost reduction logic, manufacturers that can simultaneously produce lithium sulfide and sulfide electrolyte are expected to be long-term leaders. Among different process routes, the solvent method's potential for cost reduction is looked upon more favorably.

Carbon tubes: Increase in value and profit margins.

The significant increase in the usage of solid state carbon tubes is due to the fact that Solid State Battery has a large amount of electrolyte that only possesses ionic conductivity, requiring CNT to provide electronic conductivity. The value per wh and the profit margin of high-end products have increased.

Manufacturing Process: The strong will continue to be strong, Bullish on Contemporary Amperex Technology.

Contemporary Amperex Technology has fully proven its absolute advantage in the material system and engineering manufacturing in the Lithium Battery field, and it is also a key point for breakthroughs in Solid State Battery.

Investment Advice: Domestic difficulty is high + marginal increment is large (compared to Lithium Batteries) + positive landscape (high product barriers).

1) Dry electrode equipment - one of the largest marginal changes increment is from Nanoconol (832522.BJ);

2) Compared to liquids, the value has increased + the difficulty of domestic substitution is high, electrolyte (lithium sulfide) - the cost-reduction potential of liquid solvent method is greater at Guangzhou Tinci Materials Technology (002709.SZ), followed by suggestions to pay attention to Xiamen Tungsten New Energy (688778.SH), Grinm Advanced Materials (600206.SH), Ningbo Ronbay New Energy Technology (688005.SH) (covered in conjunction with the basic chemical team), etc.;

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

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