HuaJin Securities: Lithium metal anodes may become an important driver for breakthroughs in solid-state battery energy density, with multiple parallel routes for preparation processes

According to Zhitong Finance APP, Huajin Securities released a research report stating that lithium battery anode materials are undergoing a significant transformation from traditional graphite to a diverse high-energy density system. The theoretical specific capacity of lithium metal anodes reaches 3860mAh/g, far exceeding that of graphite (372mAh/g) and silicon-carbon anodes (3590mAh/g), and it possesses low voltage platform characteristics. All-solid-state electrolytes, with their high mechanical strength, suppress dendrites and form an optimal match with lithium metal anodes. The preparation process of lithium metal anodes is the core support for their industrial application. Currently, the industry has formed a pattern of multiple parallel routes and differentiation of high and low-end scenarios, with mainstream processes categorized into four types: mature mass production-oriented (calendering method), high-end technology breakthrough (vacuum deposition method), and cutting-edge research exploration (liquid phase method, no anode solution). The main viewpoints of Huajin Securities are as follows: Lithium Metal Anodes: Important Drivers for Solid-State Battery Energy Density Breakthrough Lithium battery anode materials are undergoing a significant transformation from traditional graphite to a diverse high-energy density system. The theoretical specific capacity of lithium metal anodes reaches 3860mAh/g, far exceeding that of graphite (372mAh/g) and silicon-carbon anodes (3590mAh/g), and it possesses low voltage platform characteristics. In terms of solid-state batteries, all-solid-state electrolytes, with their high mechanical strength, suppress dendrites and form an optimal match with lithium metal anodes. Technical Challenges and Breakthrough Paths Lithium metal anodes face key bottlenecks such as volume expansion, lithium dendrite issues, complex interfacial reactions, and high preparation process difficulties. In recent years, strategies for improving lithium metal anodes mainly include three-dimensional lithium storage matrix limits and current collectors, electrolytes and additives, modified separators, and artificial SEI, among others. These strategies focus on the growth principles of lithium dendrites and SEI components, primarily functioning to limit lithium volume expansion, reduce ionic flow and surface current density, and construct stable and fast ionic transport surface SEI. Preparation Process: Multiple Parallel Routes, Continuous Technological Breakthroughs The preparation process of lithium metal anodes is the core support for their industrial application. Currently, the industry has formed a pattern of multiple parallel routes and differentiation of high and low-end scenarios, with mainstream processes categorized into four types: mature mass production-oriented (calendering method), high-end technology breakthrough (vacuum deposition method), and cutting-edge research exploration (liquid phase method, no anode solution). Among them, the vacuum deposition method is expected to continue optimizing costs and become the mainstream process for all-solid-state batteries. Market Space Approaching 10 Billion Yuan by 2030 Currently, the lithium metal anode market is mainly participated in by three types of players: lithium companies, anode manufacturers, and foil material manufacturers. Lithium companies have cost and quality advantages in raw material preparation due to their rich lithium resources and lithium metal production capacity; anode manufacturers are also laying out in both silicon-carbon anodes and lithium metal anodes. According to the "China Solid-State Battery Industry Development White Paper (2025)," it is estimated that by 2030, global solid-state battery shipments will reach 614.1GWh, with the all-solid-state proportion nearing 30%. Based on this assumption, if the penetration rate of lithium metal anodes reaches 20% by 2030, the corresponding market space is estimated to approach 10 billion yuan. Target Aspects It is recommended to pay attention to lithium metal anodes from Yinglian Co., Ltd. (002846.SZ) and Tiantie Technology (300587.SZ). Additionally, keep an eye on Ganfeng Lithium (002460.SZ), Putailai (603659.SH), Yiwei Lithium Energy (300014.SZ), Guoxuan High-Tech (002074.SZ), and Defu Technology (301511.SZ) Dowstone (300409.SZ) and other companies related to the lithium battery industry chain. Risk Warning Technology research and development risks, raw material and supply chain risks, route iteration risks, policy and regulatory risks