Space photovoltaic concept is on the rise, with many companies clarifying no related revenue

On February 9th, the space photovoltaic concept surged again. According to Wind data, as of the close on February 9th, the Wind Space Photovoltaic Index (8841929.WI) rose by 5.72%, with a nearly one-month increase of 23.33%, making it one of the most关注 tracks in the capital market.

In terms of news, driven by reports of Elon Musk’s team investigating Chinese photovoltaic companies and the acceleration of commercial space development, space photovoltaic concept stocks continued to strengthen. Wind data shows that in the past month, Topray New Energy surged by 70.09%, while companies like CEC Holdings, Mingyang Smart Energy, and Junda Holdings each increased by over 40%.

As the market enthusiastically discusses the space photovoltaic concept, many listed companies included in this concept, such as JinkoSolar, Trina Solar, and GCL System Integration, responded intensively, clarifying that they have not made related arrangements or emphasized that their relevant businesses currently have no substantial impact on their performance.

On February 4th, JinkoSolar announced, “There are market rumors that Elon Musk’s team recently visited several Chinese photovoltaic companies in secret, and the company has had contact with Musk’s inspection team. After verification, as of now, the company has not engaged in any cooperation with the relevant team, nor has it signed any framework or formal agreements, and has no orders on hand.”

On February 5th, Trina Solar stated in its announcement that the company has not engaged in any cooperation with SpaceX, nor has it signed any framework or formal agreements, and has no orders on hand. On February 9th, Zhongli Group responded on the interactive platform that its photovoltaic business has not yet involved the space photovoltaic field. Space photovoltaic is still in the initial exploration and research stage, and the company will continue to monitor its research progress and industrialization process.

Several other photovoltaic industry chain companies, such as Gaotu Shares, Shuangliang Eco-Energy, Jingsheng Mechanical & Electrical, and Guosheng Technology, also issued announcements regarding abnormal stock trading fluctuations, clarifying that they have not engaged in related businesses, nor have they cooperated with relevant teams or generated related orders and revenue. These concepts do not impact the company’s operational performance.

Meanwhile, many listed companies emphasized that space photovoltaic is still in the early development stage. Shuangliang Eco-Energy stated in its February 4th announcement that “space photovoltaic” remains in the technical exploration and ground verification phase. Its path to commercialization, cost structure, and in-orbit operation and maintenance systems all face significant uncertainties, and a scalable industrial closed loop has not yet formed. GCL Integration, which previously saw continuous涨停, also announced on February 5th that “space photovoltaic” is still in the technical exploration stage, with uncertainties in its technical route, industry model, and commercialization prospects.

Additionally, regarding technical route choices, CICC analysts noted that space photovoltaic technology is still in the early stages of development. In the specific scenarios of space photovoltaic, various technical routes including gallium arsenide, crystalline silicon, and perovskite have not yet converged, making it difficult to predict the industry’s ultimate development at this stage.

According to the China Photovoltaic Industry Association, from practical applications, GaAs (Gallium Arsenide) cells, with their high conversion efficiency and excellent radiation resistance, remain the mainstream choice for current commercial space and space station applications. Although costly, they have been verified in orbit over a long period and are highly reliable. In contrast, the heterojunction (HJT) perovskite technology favored by the capital market is still in the laboratory or early validation stage, far from large-scale commercialization.

However, some brokerages are optimistic about the long-term prospects of space photovoltaics, believing it could become a new growth blue ocean for the photovoltaic industry.

“Demand for space photovoltaics is expected to see exponential growth,” according to a CITIC Securities research report, which states that Musk’s investment in photovoltaic manufacturing paves the way for powering orbital computing and AI. Leading Chinese photovoltaic equipment manufacturers possess strong capabilities in efficient iteration and rapid response, and are expected to join the supply chains of Tesla (TSLA) and SpaceX, securing high-value orders and opening new growth opportunities.

GF Securities also believes that space photovoltaics could create new demand in the industry. The firm pointed out in its report that satellite power supply, space computing, and ground data centers’ increasing energy needs could drive continuous growth in global photovoltaic demand. Based on previous forecasts, it is expected that by 2026, global new photovoltaic installations will reach about 580 GW, a year-on-year increase of 6%. Considering this additional demand, global photovoltaic demand could reach 645 GW, an 18.6% increase year-on-year.

How far is the photovoltaic industry from reaching the “stars and the sea”? Galaxy Securities predicts that with decreasing costs of commercial space launches and breakthroughs in battery technology, space photovoltaics could gradually commercialize over the next 10 to 15 years.

(Compiled from listed company announcements, investor interaction platforms, CITIC Securities, GF Securities, Galaxy Securities, Bank of China Securities, etc.)