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<!DOCTYPE html>
<html lang="zh-CN" data-theme="night">
<head>
<meta charset="UTF-8">
<meta name="viewport" content="width=device-width, initial-scale=1.0">
<title>深度行研 | 固态电池设备</title>
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<style>
:root {
--glow-color: rgba(0, 238, 255, 0.7);
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</style>
</head>
<body class="min-h-screen p-4 sm:p-6 lg:p-8">
<div class="max-w-7xl mx-auto space-y-8">
<!-- Header -->
<header class="text-center space-y-2">
<h1 class="text-4xl lg:text-5xl font-bold title-glow bg-gradient-to-r from-sky-400 to-indigo-400 text-transparent bg-clip-text">
深度行研 | 固态电池设备
</h1>
<p class="text-sm text-slate-400">
北京价值前沿科技有限公司 AI投研agent“价小前投研” 进行投研呈现
</p>
<p class="text-xs text-slate-500">本报告为AI合成数据投资需谨慎。</p>
</header>
<!-- Main Content Grid -->
<main class="space-y-8">
<!-- Insight Bento Grid -->
<section class="bento-grid">
<div class="grid-span-8 glass-card rounded-3xl p-6 lg:p-8 min-h-[300px]">
<h2 class="text-2xl font-bold text-sky-300 mb-4">核心观点摘要</h2>
<p class="text-slate-300 leading-relaxed">
固态电池设备概念正处于从“0到1”的产业化导入期其核心驱动力源于明确的下游量产时间表2027年倒逼下“设备先行”的确定性投资逻辑。当前阶段市场已从主题炒作向订单驱动的基本面验证过渡未来潜力在于核心工艺变革干法、等静压带来的<strong class="text-green-400">设备价值量翻倍单GWh投资额从2亿提升至4-6亿</strong>和高技术壁垒下的竞争格局重塑。
</p>
</div>
<div class="grid-span-4 glass-card rounded-3xl p-6">
<h2 class="text-xl font-bold text-sky-300 mb-4">单GWh设备投资额</h2>
<div id="investmentChart" class="w-full h-56"></div>
</div>
<div class="grid-span-12 glass-card rounded-3xl p-6 lg:p-8">
<h2 class="text-2xl font-bold text-sky-300 mb-6">概念事件与时间轴</h2>
<div class="timeline space-y-6 text-slate-300">
<div class="timeline-item">
<p class="font-semibold text-sky-400">产业化目标确立</p>
<p class="text-sm">宁德时代等头部企业明确提出 <strong class="text-amber-400">2027年</strong> 实现固态电池小规模量产的目标。</p>
</div>
<div class="timeline-item">
<p class="font-semibold text-sky-400">国家政策加持</p>
<p class="text-sm">工信部启动重大项目,并于 <strong class="text-amber-400">2024年9月</strong> 对六家公司/七个项目进行中期审查。</p>
</div>
<div class="timeline-item">
<p class="font-semibold text-sky-400">设备定点关键期</p>
<p class="text-sm">市场普遍预期 <strong class="text-amber-400">2025下半年-2026年</strong> 将是中试线和GWh级产线设备招标和定点的密集期。</p>
</div>
<div class="timeline-item">
<p class="font-semibold text-sky-400">订单与交付验证</p>
<p class="text-sm">2024年起多家设备公司密集公告获得中试线订单并交付如先导智能(4-5亿)、海目星(4亿)等。</p>
</div>
</div>
</div>
<div class="grid-span-12 glass-card rounded-3xl p-6 lg:p-8" x-data="{ open: false }">
<h2 class="text-2xl font-bold text-sky-300 mb-4">核心逻辑与预期差分析</h2>
<div class="space-y-6">
<div>
<h3 class="font-semibold text-lg text-indigo-300 mb-2">核心驱动力</h3>
<ul class="list-disc list-inside space-y-2 text-slate-300">
<li><strong class="text-slate-100">技术迭代必然性:</strong>固态电池的高安全性与高能量密度优势,是下一代电池技术的终极解决方案。</li>
<li><strong class="text-slate-100">工艺变革驱动设备需求:</strong>从“涂布-烘烤-注液”到“干法成膜-叠片-等静压-高压化成”的颠覆性变革,催生了等静压设备等全新高价值市场。</li>
<li><strong class="text-slate-100">产业化时间表倒逼:</strong>2027年量产节点倒推设备采购周期为1.5-2年投资确定性与紧迫性高。</li>
</ul>
</div>
<div>
<h3 class="font-semibold text-lg text-red-400 mb-2">预期差分析</h3>
<ul class="list-disc list-inside space-y-2 text-slate-300">
<li><strong class="text-slate-100">“整线”与“核心”的预期差:</strong>市场高估整线龙头延续性,但电池厂可能为保护工艺而自研核心设备,或选择技术壁垒最高的专业设备商(如曼恩斯特),打破传统格局。</li>
<li><strong class="text-slate-100">价值量估算的预期差:</strong>单GWh投资额估算从4-6亿到15-20亿不等市场认知尚不清晰实际投资额弹性巨大高估或低估风险并存。</li>
<li><strong class="text-slate-100">产业化瓶颈的预期差:</strong>市场可能低估了等静压设备节拍慢10-30分钟/次)、连续化生产难的瓶颈,若无法突破,产业化进程可能慢于预期。</li>
</ul>
</div>
</div>
</div>
</section>
<!-- Supporting Data Tabs -->
<section class="glass-card rounded-3xl p-6 lg:p-8" x-data="{ tab: 'news' }">
<div class="tabs tabs-bordered mb-6">
<a class="tab" :class="{ 'tab-active': tab === 'news' }" @click.prevent="tab = 'news'">新闻数据</a>
<a class="tab" :class="{ 'tab-active': tab === 'roadshow' }" @click.prevent="tab = 'roadshow'">路演纪要</a>
<a class="tab" :class="{ 'tab-active': tab === 'research' }" @click.prevent="tab = 'research'">研报精粹</a>
</div>
<div x-show="tab === 'news'" class="space-y-4 prose prose-invert max-w-none prose-p:text-slate-300 prose-li:text-slate-300">
<h3 class="text-xl font-semibold text-sky-300">新闻数据摘要</h3>
<h4>一、 市场趋势与产业化进程</h4>
<ul>
<li><strong>产业化时间表:</strong>2027年小批量量产成为明确目标25H2预计为设备和材料定点的关键期。</li>
<li><strong>设备先行逻辑:</strong>技术收敛下,“设备先行”共识度提升,设备投资是未来固态投资最优先环节。</li>
<li><strong>设备价值量:</strong>半固态单GWh价值量提升30%至约2.8亿全固态至少翻倍约4-6亿。</li>
</ul>
<h4>二、 核心工艺与设备变化</h4>
<ul>
<li><strong>干法工艺成主流:</strong>干法工艺凭借成本、效率及材料适配性优势,正成为下一代前道工艺主流方向。</li>
<li><strong>半固态设备变化:</strong>主要变化在涂布机(增加固态电解质涂布)、辊压机(压力增大)、注液机(变为浸润机)、化成分容(预锂化)。</li>
<li><strong>全固态设备变化:</strong>前中道变化最大。核心设备包括<strong class="text-green-400">干法电极设备、叠片机、等静压设备</strong>。卷绕工艺被叠片取代。</li>
</ul>
</div>
<div x-show="tab === 'roadshow'" class="space-y-4 prose prose-invert max-w-none prose-p:text-slate-300 prose-li:text-slate-300">
<h3 class="text-xl font-semibold text-sky-300">路演纪要摘要</h3>
<h4>一、 工艺与设备核心变化</h4>
<ul>
<li><strong>前段:</strong>干法工艺需要定制高压混合/成膜、干法纤维化、高精度辊压设备。</li>
<li><strong>中段:</strong>主流工艺从卷绕转向叠片,并增加核心瓶颈设备——<strong class="text-red-400">等静压设备 (HIP/CIP)</strong>,用于解决固-固界面接触不良问题压力要求达100-350 MPa技术门槛高节拍慢。</li>
<li><strong>后段:</strong>化成分容压力需求从3-5吨提升至30-100吨提升10-20倍时间延长3-5倍是价值量弹性最大的环节。</li>
</ul>
<h4>二、 整线投资成本</h4>
<ul>
<li><strong>半固态:</strong>单GWh投资约2.2-2.8亿元较传统提升30%)。</li>
<li><strong>全固态:</strong>初期成本可能达4-6亿元/GWh是传统液态的2倍以上。</li>
</ul>
</div>
<div x-show="tab === 'research'" class="space-y-4 prose prose-invert max-w-none prose-p:text-slate-300 prose-li:text-slate-300">
<h3 class="text-xl font-semibold text-sky-300">研报精粹</h3>
<h4>一、 生产工艺与设备需求</h4>
<ul>
<li><strong>核心差异:</strong>固态电池采用固态电解质,生产工艺与液态电池差异巨大。</li>
<li><strong>核心变量设备:</strong>前道产线的<strong class="text-green-400">干法电极设备</strong>是核心变量;中道产线的<strong class="text-red-400">等静压设备</strong>是关键。</li>
<li><strong>新增/升级设备:</strong>新增干法电极设备、等静压设备、高压化成分容设备;升级叠片设备。</li>
</ul>
<h4>二、 各公司设备布局</h4>
<ul>
<li><strong>先导智能:</strong>具备车规级全固态动力电池整线解决方案能力,已向全球头部客户交付。</li>
<li><strong>赢合科技:</strong>覆盖湿法与干法两大工艺路径,已向国内头部客户发货。</li>
<li><strong>利元亨:</strong>掌握全固态电池整线装备制造工艺,中标国内首条硫化物固态电池整线。</li>
<li><strong>纳科诺尔:</strong>干法电极设备领域先发优势明显,已向头部客户交付。</li>
</ul>
</div>
</section>
<!-- Industry Chain & Core Companies -->
<section class="glass-card rounded-3xl p-6 lg:p-8">
<h2 class="text-2xl font-bold text-sky-300 mb-6">产业链与核心公司深度剖析</h2>
<div class="grid grid-cols-1 lg:grid-cols-2 gap-8">
<div>
<h3 class="font-semibold text-lg text-indigo-300 mb-4">产业链图谱</h3>
<div class="space-y-4 text-slate-300">
<p><strong class="text-fuchsia-400">前道 (制备):</strong> 干法混料/纤维化(宏工科技)、干法电极/成膜(曼恩斯特、华亚智能)、辊压/复合(纳科诺尔)。</p>
<p><strong class="text-emerald-400">中道 (组装):</strong> 叠片机(先导智能)、等静压(利元亨)、激光焊接(联赢激光)、制痕绝缘(德龙激光)。</p>
<p><strong class="text-amber-400">后道 (激活):</strong> 高压化成分容(杭可科技)、检测(星云股份)。</p>
<p><strong class="text-sky-400">整线供应商:</strong> 先导智能、利元亨、赢合科技、海目星。</p>
</div>
</div>
<div class="space-y-4">
<h3 class="font-semibold text-lg text-indigo-300 mb-4">核心玩家对比</h3>
<ul class="list-disc list-inside space-y-3 text-slate-300">
<li><strong>领导者 - 先导智能:</strong> 客户基础雄厚,具备整线交付能力,订单金额领先。但存在“大而不精”的风险,核心技术环节可能面临挑战。</li>
<li><strong>挑战者 - 利元亨:</strong> 在核心增量设备“等静压”和“硫化物整线”上取得突破,技术逻辑纯粹。</li>
<li><strong>细分龙头 - 曼恩斯特 & 纳科诺尔:</strong> 分别在“干法电极”和“干法辊压”领域具备深厚技术积累,是“卖铲人”逻辑的最纯粹体现。</li>
<li><strong>弹性黑马 - 杭可科技:</strong> 后道化成分容环节价值量和数量双增,业绩弹性巨大。</li>
</ul>
</div>
</div>
</section>
<!-- Stock Data Table -->
<section class="space-y-8">
<div>
<h2 class="text-2xl font-bold text-sky-300 mb-4">相关标的:固态电池设备</h2>
<div class="overflow-x-auto glass-card rounded-3xl p-4">
<table class="table table-zebra bg-transparent">
<thead class="text-base text-sky-300">
<tr>
<th>股票名称</th>
<th>股票代码</th>
<th>核心逻辑</th>
<th>细分环节</th>
</tr>
</thead>
<tbody>
<tr><td>先导智能</td><td><a href="https://valuefrontier.cn/company?scode=300450" target="_blank" class="link link-hover text-sky-400">300450</a></td><td>固态电池设备整线供应商</td><td>整线</td></tr>
<tr><td>赢合科技</td><td><a href="https://valuefrontier.cn/company?scode=300457" target="_blank" class="link link-hover text-sky-400">300457</a></td><td>固态电池设备整线供应商</td><td>整线</td></tr>
<tr><td>海目星</td><td><a href="https://valuefrontier.cn/company?scode=688559" target="_blank" class="link link-hover text-sky-400">688559</a></td><td>固态电池设备整线供应商</td><td>整线</td></tr>
<tr><td>利元亨</td><td><a href="https://valuefrontier.cn/company?scode=688499" target="_blank" class="link link-hover text-sky-400">688499</a></td><td>固态电池设备整线供应商</td><td>整线</td></tr>
<tr><td>璞泰来</td><td><a href="https://valuefrontier.cn/company?scode=603659" target="_blank" class="link link-hover text-sky-400">603659</a></td><td>固态电池设备整线供应商</td><td>整线</td></tr>
<tr><td>曼恩斯特</td><td><a href="https://valuefrontier.cn/company?scode=301325" target="_blank" class="link link-hover text-sky-400">301325</a></td><td>固态电池设备前段(干法电极)供应商</td><td>前段(干法电极)</td></tr>
<tr><td>先惠技术</td><td><a href="https://valuefrontier.cn/company?scode=688155" target="_blank" class="link link-hover text-sky-400">688155</a></td><td>固态电池设备前段(辊压)供应商</td><td>前段(辊压)</td></tr>
<tr><td>纳科诺尔</td><td><a href="https://valuefrontier.cn/company?scode=920522" target="_blank" class="link link-hover text-sky-400">920522</a></td><td>固态电池设备前中段(干法辊压成型与复合)供应商</td><td>前中段(干法辊压成型与复合)</td></tr>
<tr><td>宏工科技</td><td><a href="https://valuefrontier.cn/company?scode=301662" target="_blank" class="link link-hover text-sky-400">301662</a></td><td>固态电池设备前段(干法混料与纤维化)供应商</td><td>前段(干法混料与纤维化)</td></tr>
<tr><td>华亚智能</td><td><a href="https://valuefrontier.cn/company?scode=003043" target="_blank" class="link link-hover text-sky-400">003043</a></td><td>固态电池设备前段(干法电极)供应商</td><td>前段(干法电极)</td></tr>
<tr><td>信宇人</td><td><a href="https://valuefrontier.cn/company?scode=688573" target="_blank" class="link link-hover text-sky-400">688573</a></td><td>固态电池设备前段(干法电极)供应商</td><td>前段(干法电极)</td></tr>
<tr><td>联赢激光</td><td><a href="https://valuefrontier.cn/company?scode=688518" target="_blank" class="link link-hover text-sky-400">688518</a></td><td>固态电池设备中段(电芯焊接与封装)供应商</td><td>中段(电芯焊接与封装)</td></tr>
<tr><td>杭可科技</td><td><a href="https://valuefrontier.cn/company?scode=688006" target="_blank" class="link link-hover text-sky-400">688006</a></td><td>固态电池设备后段(化成与检测设备)供应商</td><td>后段(化成与检测设备)</td></tr>
<tr><td>星云股份</td><td><a href="https://valuefrontier.cn/company?scode=300648" target="_blank" class="link link-hover text-sky-400">300648</a></td><td>固态电池设备后段(电池性能检测系统)供应商</td><td>后段(电池性能检测系统)</td></tr>
</tbody>
</table>
</div>
</div>
<div>
<h2 class="text-2xl font-bold text-sky-300 mb-4">涨幅分析补充</h2>
<div class="overflow-x-auto glass-card rounded-3xl p-4">
<table class="table table-zebra bg-transparent">
<thead class="text-base text-sky-300">
<tr>
<th>股票名称</th>
<th>股票代码</th>
<th>异动日期</th>
<th>涨幅</th>
<th>原因分析</th>
</tr>
</thead>
<tbody>
<tr><td>德新科技</td><td><a href="https://valuefrontier.cn/company?scode=603032" target="_blank" class="link link-hover text-sky-400">603032</a></td><td>2025-09-01</td><td><span class="text-red-400">10.02%</span></td><td>固态电池产业化时间表提前+公司切叠设备获国轩4.8亿元订单,小市值高弹性引爆涨停。</td></tr>
<tr><td>野马电池</td><td><a href="https://valuefrontier.cn/company?scode=605378" target="_blank" class="link link-hover text-sky-400">605378</a></td><td>2025-08-07</td><td><span class="text-red-400">5.81%</span></td><td>受固态电池行业迎来产业化拐点、设备环节最先受益等行业整体利好消息影响。</td></tr>
<tr><td>金银河</td><td><a href="https://valuefrontier.cn/company?scode=300619" target="_blank" class="link link-hover text-sky-400">300619</a></td><td>2025-06-10</td><td><span class="text-red-400">19.98%</span></td><td>受益于固态电池产业化进程加速的市场预期,以及其在锂电池设备领域的技术优势。</td></tr>
<tr><td>天永智能</td><td><a href="https://valuefrontier.cn/company?scode=603895" target="_blank" class="link link-hover text-sky-400">603895</a></td><td>2025-09-05</td><td><span class="text-red-400">10.00%</span></td><td>公告斩获1.2亿元“半固态电池中试线”订单,切换至固态电池“卖铲人”赛道。</td></tr>
<tr><td>德龙激光</td><td><a href="https://valuefrontier.cn/company?scode=688170" target="_blank" class="link link-hover text-sky-400">688170</a></td><td>2025-07-22</td><td><span class="text-red-400">9.53%</span></td><td>券商强力推荐,公司在固态电池激光设备领域布局领先,多款设备独供头部客户。</td></tr>
</tbody>
</table>
</div>
</div>
</section>
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