Financial Services Association, April 6 (Editor Yu Qi) Solid-state battery technology has recently been applied at an accelerated pace in various fields, and A-share related concept stocks have once again exploded. Solid-state battery electrolyte materials and key raw materials, which have been sent samples to Qingtao Energy and other companies, closed the market and recorded 6 boards in 7 days. The highest increase in Yintu Online, which participated in the establishment of a solid/semi-solid new energy battery research and development company, rose more than 20%. Ruitai New Materials, which provides the supply of solid electrolytes or additives, rose and stopped 20 cm in the market.

According to information released by SAIC Motor Group on Friday, the Zhiji L6 was scheduled to be released on April 8. The car was the first to be equipped with the industry's first mass-produced “ultra-fast charging solid state battery 1.0,” which broke through the 1,000 km ultra-long battery life. Industry analysts believe that this move may lead the NEV industry into a new era of solid-state batteries. Also, on March 26, vivo released a new product, the X Fold3 series, which is equipped with the industry's first semi-solid “Blue Ocean Battery”. The battery was jointly developed by Vivo and the Blue Ocean Battery Innovation Research Laboratory established by the Ningde Era.

Hong Yi of Dongxing Securities and others said in the April 3 research report that with the gradual implementation of solid-state battery technology at the vehicle level and the continuous increase in technology research and development bureaus of mainstream car companies, solid-state battery technology is expected to usher in a development milestone from quantitative to qualitative change in the early stages of industrialization, and the market's expectations for the accelerated implementation of solid-state battery technology from 0 to 1 will continue to rise. According to the recent disclosure by Zhiji L6, the cost of its semi-solid state batteries is only slightly higher than that of ternary lithium batteries, and the current situation where companies such as Qingtao Energy and Huineng Technology are increasing production capacity, solid-state battery technology may enter a channel of cost reduction and acceleration. According to GGII's forecast, solid-state batteries are expected to be loaded on a large scale in 2024, and the annual installed capacity is expected to exceed 5 GWh.

It is worth mentioning that some industry analysts say that although Qingtao Energy, which supplies solid-state battery products for the Zhiji L6, is not a listed company, its influence in the industry is not small. SAIC Motor Group participated in multiple rounds of financing for Qingtao Energy, and the two sides established a joint laboratory to develop solid-state batteries in 2022. Huang Lin of Huachuang Securities mentioned in a research report on September 28 last year that the solid-state battery products jointly developed by the two sides will be installed on SAIC Zhimi, Feifan, Roewe, MG and other models, which are expected to reach 100,000 vehicles by 2025. The company also reached strategic cooperation agreements with Dangsheng Technology, Xiang Fenghua, and Li Yuanheng on positive and negative electrode materials and production equipment, respectively. Additionally, Sanxiang New Materials stated on an interactive platform on March 28 that the products provided by the company to Qingtao Energy are zirconium-based materials.

In addition, according to incomplete statistics from the Financial Association, this week, a number of listed companies including German Nano, Liwang, Zhenhua New Materials, Xinyu Ren, China Porcelain Materials, Telford Technology, Haopeng Technology, Lianwin Laser, Blue Sea Huateng, Funeng Technology, Jiangsu Cathay Pacific, Wenzhou Hongfeng, Wanshun New Materials, Wuhan Blue Electric, and Bozhong Precision Engineering have responded to the layout related to solid state batteries on the interactive platform in the past two days. For details, see the table below:

▌Behind the two carnivals of solid-state battery concept stocks during the year: the 8-day stock price of “Xinhuan” Sanxiang New Materials in the market nearly doubled to catch up with the previous “C position” Jinlongyu's top three major electrolyte segments

In the solid-state battery concept sector, Sanxiang New Materials closed up and stopped on Wednesday and reached a record high. Although the company disclosed the change announcement after the market the day before to give a risk warning, it was still difficult to resist the enthusiasm of the secondary market hype. After the market on Wednesday, Sanxiang New Materials once again announced that zirconium-based materials in the solid state battery sector are the downstream application of the company's zirconium products. The company and downstream customers are still in the product sample testing and optimization stage, and large-scale sales have not yet been formed. The business revenue in this field accounts for a small proportion of the company's main revenue, which is expected to account for less than 1%, and the impact on the company's short-term performance is limited. The biggest cumulative increase in the stock price of Sanxiang New Materials during the 8 trading days from March 25 to April 3 was about 90%, which has almost doubled.

Going back to the past, after the US solid-state battery concept stock QuantumScape surged 40% overnight in January of this year, the A-share market leader at the time, Jinlongyu became the target of a stir in the market at the time and closed the market for 7 days and 6. During this period, Jin Longyu issued a change announcement, saying that carrying out research and development of technologies related to solid-state batteries and their key materials is a cross-border investment, and there are many uncertainties about the success of the technology development and industrialization of the project. The biggest cumulative increase in Jin Longyu's stock price over the 9 trading days from January 4 to January 16 was 75%. It is worth mentioning that in this round of solid state battery concept stock speculation, Jin Longyu only gained or stopped on April 1, and is still quite far from the historical high price of 25.52 yuan/share on January 16.

Judging from the solid state battery sector growth list since this year, according to Choice data, Sanxiang New Materials ranked first, and Ruitai New Materials ranked second, all of which have caught up with Jinlongyu. According to calculations, the biggest cumulative stock price increases of the above three listed companies since January 2 are 159%, 114%, and 72%, respectively.

It is worth noting that some industry analysts say that the core advantages of solid-state batteries are safety and high energy density. Judging from material changes, compared to liquid batteries, semi-solid batteries will partially convert the electrolyte to solid electrolytes, while all electrolytes in all-solid-state batteries will be converted to solid electrolytes. The three solid-state battery concept stocks mentioned above that have been hyped up this year are all solid state battery electrolyte sector layout companies.

Specifically, according to the 2023 semi-annual report of Sanxiang New Materials, the company is developing a zirconium solid electrolyte material development project. Zirconium-containing composite oxides and zirconium-containing composite chlorides are used as new energy solid electrolytes, showing good electrochemical performance and reliable safety and low cost advantages. Currently, the company has conducted synthesis tests on solid electrolyte powders using self-produced zirconia as a raw material, mainly including LLZO, LLZTO, LALZO and other series of solid electrolyte powder materials containing zirconium oxide. Sanxiang New Materials interacted easily on February 26. The company's R&D and production of solid-state battery electrolyte materials and key raw materials has now sent samples to some companies and has met usage requirements.

As a leading supplier of lithium-ion electrolytes in China, Ruitai New Materials accounts for about 96% of the company's battery material product revenue. According to reports, the company's lithium-ion battery electrolyte additive products are at the leading level in terms of quality and technology, and some products have been used in batches in new batteries such as solid-state lithium-ion batteries. Ruitai New Materials also recently further stated on an interactive platform that the high-nickel power battery functional electrolyte development project has been approved. The goal of this project is to develop high-nickel battery electrolytes with excellent performance and high safety to meet the needs of power batteries.

Jin Longyu's layout in the field of solid-state batteries also targets the electrolyte sector. The company announced in August 2021 that it plans to invest no more than 300 million yuan within five years to jointly research and develop technologies related to solid-state batteries and their key materials, and promote the industrialization of research results. Jin Longyu said on an interactive platform on March 1 that the company's solid-state batteries and related technologies for key materials are still in the R&D stage. Among them, the LATP electrolyte material is already in a stable preparation stage, and some properties have been tested internally. At the same time, the production process and material introduction and development of semi-solid state batteries have been completed. Currently, various properties are being tested internally, and most of the internal testing performance has reached the national standard.

Furthermore, according to Huang Xiuyu of Dongguan Securities in the January 31 research report, some companies such as Ganfeng Lithium, Tianmu Pioneer, Xiamen Tungsten Xinneng, Dangsheng Technology, Betray, Shanghai Xuba, and Oak Co., Ltd. have successfully developed solid electrolytes. Some are in the pilot testing and sample delivery stage, and some have achieved small-batch delivery. Overall, the solid electrolytes industry is currently small, but it has a certain large-scale foundation.