Investors should refer to Jin Qilin analyst research reports for stock trading, which are authoritative, professional, timely, and comprehensive, helping you uncover potential thematic opportunities! This week, the commercial aerospace concept stocks continued their explosive run, with the "Space-Based Photovoltaics" sub-sector beginning to emerge and potentially becoming the leading growth主线 for the commercial aerospace theme next week, making related listed companies worth watching. This week, companies within the commercial aerospace sector's "Space-Based Photovoltaics" sub-sector, such as Gan Zhao Photonics (300102), Hangxiao Steel Structure (600477), Junda Stock (002865), Guosheng Technology (603778), Aerospace Hongtu (688066), and Liansheng Technology (300051), have stood out. Considering all indications, the rise of this Space-Based Photovoltaics sub-sector suggests it may become the leading主线 direction for the commercial aerospace concept in the A-share market next week.
Looking at the A-share market this week, the commercial aerospace concept was undoubtedly an unavoidable hot topic. The commercial aerospace concept continued its full-scale explosive growth this week, with the number of concept stocks hitting the daily limit-up or gaining over 10% maintaining a volume of 30 to 50 companies each trading day! It must be said that since the timeline of the intensified tariff war in early April last year, no other conceptual sector in the A-share market has been as explosively popular as the commercial aerospace sector has been recently! It is no exaggeration to say that even the persistently active AI computing power sectors like CPO, PCB, and liquid cooling from last July and August appear significantly less fervent in comparison to the current commercial aerospace sector. Notably, while the market is still cheering for rocket recovery and the large-scale deployment of low-earth orbit satellite internet within commercial aerospace, a track with even greater explosive potential is quietly rising! This week, the "Space-Based Photovoltaics" sub-sector within the commercial aerospace板块, represented by stocks like Gan Zhao Photonics (300102), Hangxiao Steel Structure (600477), Junda Stock (002865), Guosheng Technology (603778), Aerospace Hongtu (688066), and Liansheng Technology (300051), has distinguished itself. In fact, this "Space-Based Photovoltaics" sub-sector had already produced several leading stocks in the previous phase of the commercial aerospace rally, namely Shanghai Gangwan (605598), Guosheng Technology (603778), and Aerospace Electromechanical (600151). The cumulative share price increases for these three listed companies since early November last year have reached as high as 133%, 370%, and 151%, respectively! However, the related stocks involved in "Space-Based Photovoltaics" were mostly表现为 individual stock performances in the earlier phase. It wasn't until the beginning of this week, when Guosheng Technology's (603778) stock price hit consecutive limit-ups, followed immediately by joint limit-ups for Junda Stock (002865), Hangxiao Steel Structure (600477), and Gan Zhao Photonics (300102), that the "Space-Based Photovoltaics" sub-sector of commercial aerospace began to form a clear联动效应! Synthesizing signs from various aspects, the rise of this Space-Based Photovoltaics sub-sector indicates it is poised to become the leading主线 direction for the commercial aerospace concept in the A-share market next week.
The sustained explosion of commercial aerospace concept stocks this week: The emergence of the "Space-Based Photovoltaics" sub-sector suggests it will become the leading growth主线 for the commercial aerospace concept next week.
It must be said that the rise of the "Space-Based Photovoltaics" sub-sector within commercial aerospace this week is directly linked to the catalysis from related significant events.
Firstly, the world's richest man, Elon Musk, recently publicly unveiled an ambitious blueprint for space-based photovoltaics, announcing plans to deploy a 100GW solar-powered AI satellite energy network into space annually in the future. He explicitly called the sun a "huge, free fusion reactor in the sky" and strongly endorsed this solution as far surpassing ground-based nuclear fusion power generation.
He直言 stated that building small nuclear fusion reactors on Earth is "extremely foolish" because the sun itself is a "huge, free fusion reactor in the sky" capable of meeting the entire solar system's energy needs. The core logic lies in addressing the voracious energy demands of future exponentially growing AI computing power. Musk envisions space-based AI computing centers, planning to deploy a 100GW to 500GW-level solar satellite network relying on Starship rockets, aiming to directly utilize the inexhaustible solar energy in space to provide continuous, stable power for computing clusters in orbit.
Musk's space-based photovoltaic plan essentially opens a new track for the energy industry to move "into space," upgrading photovoltaics from a ground-based new energy source to a strategic space resource.
As the saying goes, it never rains but it pours. Shortly before Musk unveiled his grand space-based PV blueprint, Google also announced a plan named Project Suncatcher: sending TPUs (Tensor Processing Units) into space, collaborating with satellite company Planet Labs to build AI computing clusters in low Earth orbit at an altitude of 650 kilometers.
According to the concept, this cluster will consist of 81 satellites distributed within a radius of 1 kilometer, with spacing between them仅为 100 to 200 meters, making it much denser than any existing satellite constellation. The first two experimental satellites are planned for launch in early 2027.
In fact, just days before Google announced its plan, the startup Starcloud launched the Starcloud-1 satellite equipped with NVIDIA H100 chips, proclaiming the intention to build a space-based data center spanning a 4-kilometer solar array with a power capacity of 5GW.
Additionally, former Google CEO Eric Schmidt's acquisition of rocket company Relativity Space was also for this goal. Companies like Axiom Space, NTT, Ramon.Space, and Sophia Space are all planning similar projects.
China's movements in this field are also accelerating. On May 14, 2025, the first batch of 12 computing satellites for the "Three-Body Computing Constellation," a collaboration between之江实验室 and Guoxing Astronautics, were successfully launched from the Jiuquan Satellite Launch Center, becoming the world's first successfully orbited and networked space computing satellite constellation.
Thus, just as the AI computing power revolution relies on电力供应 for support, the future development of commercial aerospace同样 faces an unavoidable ultimate bottleneck: the energy system. Consequently, "Space-Based Photovoltaics,"凭借 its ability to provide sustained power with high energy conversion efficiency, is becoming the key to solving this core bottleneck.
Clearly, the core logic of "Space-Based Photovoltaics" is rooted in the energy demand leapfrog behind the functional upgrade of commercial aerospace. As satellite functions evolve from simple communication to AI computing power and space data centers, the demand for energy power will increase by more than 10 times. The area of solar wings needs to grow from the current average of 20 square meters to the hundred-square-meter level, which will directly drive the expansion of the space-based photovoltaic market.
In the future, "Space-Based Photovoltaics" will no longer be merely "supporting components" for satellites, but rather the core lifeline concerning the implementation of commercial aerospace scenarios. Its market size will also welcome a golden window of opportunity alongside satellite功能 upgrades and increased network density.
Currently, space-based photovoltaics primarily refers to solar cell arrays (also called solar wings) applied in space, also known as space solar cell arrays. Composed of many solar cells arranged in an array, they convert sunlight energy in space orbit into electricity for use by spacecraft, serving as the primary power source for a spacecraft's power subsystem. Unlike ground-based PV cells that pursue mass manufacturing and low cost, the core value of space solar cells lies in极致 performance and reliability,堪称 the "lifeline" for various spacecraft like satellites, space stations, and deep space probes.
Currently, the space-based photovoltaics field is exhibiting a pattern of parallel development for three generations of technological routes: The first generation, Gallium Arsenide (GaAs), offers efficiency greater than 30% and high reliability, but is costly. The second generation, crystalline silicon HJT, has relatively lower costs and has achieved small-scale shipments.
What truly leverages industry transformation and holds greater commercial potential are Perovskite and Perovskite/Crystalline Silicon Tandem cells. Currently, domestic and international research institutions and companies are accelerating efforts to overcome the challenge of perovskite stability in the space environment, rapidly moving towards commercial application.
Although named perovskite, it contains neither calcium nor titanium, nor is it a mineral; it simply uses materials with a perovskite-like structure. The original "perovskite" referred to the mineral calcium titanate (CaTiO3). Nowadays, perovskite refers to a class of compounds possessing the same crystal structure (perovskite structure) as CaTiO3. The materials actually used in solar cells are metal halides.
The photoelectric properties of perovskite were only verified in 2009, a mere 16 years ago. At that time, Japanese scientists first used lead iodide methylammonium perovskite in photovoltaic devices, demonstrating its feasibility for PV cell applications. By then, silicon-based solar cell technology was already maturing, with the industry booming, and it remains the mainstream technology in mass production today, collectively referred to as crystalline silicon solar cells.
Subsequently, through continuous technological breakthroughs, perovskite solar cells have been proven to have a higher theoretical conversion efficiency than crystalline silicon: 27.0% for single-junction cells and up to 43% for tandem cells, compared to 29.4% for crystalline silicon cells.
Space-based PV applications favor perovskite核心在于 its combination of ultra-high photoelectric conversion efficiency, lightweight nature, and flexibility, perfectly suited to the extreme conditions of space and the stringent requirements of satellite payloads. Perovskite cells also possess high radiation resistance and excellent weak-light power generation performance. Empirical data shows that under 200W/m² irradiance, perovskite's weak-light发电效率 reaches 128% of crystalline silicon's, and power generation in high-temperature environments can be 20%-30% higher.
Thus, the advantages of perovskite are quite evident: besides high conversion efficiency, they include being lightweight, flexible, easy for tandem stacking, low raw material cost, and strong weak-light conversion capability, greatly expanding the application scenarios and imagination for solar cells.
In recent years, news of perovskite cell efficiency breaking records has frequently emerged, especially when combined with crystalline silicon in tandem cells.
Professionals explain that all-perovskite tandem photovoltaic technology offers three major advantages for aerospace applications: high specific power, adaptable flexibility, and outstanding cost-effectiveness. Its specific power (power-to-mass ratio) can reach up to 50W/g, far exceeding traditional PV materials like silicon (0.38W/g) and Gallium Arsenide (3.8W/g). Its lightweight特性 is highly compatible with spacecraft weight reduction requirements. Furthermore, it can be combined with flexible substrates, easily adapting to the curved structures of high-altitude platform satellites and deep-space probes, expanding installation scenarios. Moreover, its performance is higher than crystalline silicon PV, yet its theoretical manufacturing cost is lower, favoring future large-scale deployment.
Regarding China's current development status, "Space-Based Photovoltaics," as the core track for breaking through the energy bottleneck in commercial aerospace development, is attracting leading companies to engage in comprehensive, multi-dimensional strategic布局.
For example, Guosheng Technology (603778) has already conducted technical adaptations针对 Musk's proposed "100GW Space-Based Photovoltaics Plan." Its HJT cells have been listed as the preferred solution for satellite energy systems by several commercial aerospace companies, particularly suitable for low-orbit satellite constellations.
Fuxixin Kong, under Shanghai Gangwan (605598), has provided perovskite cells for in-orbit testing on multiple satellites. Currently, the perovskite cells on the Juntian-1 03 satellite have undergone in-orbit testing for over a year, the longest duration so far.
Gan Zhao Photonics (300102) has long maintained deep cooperation with the 811th Research Institute and has now begun technological breakthroughs in Perovskite/Gallium Arsenide tandem solar cells.
Hangxiao Steel Structure (600477), through its subsidiary Hete Photovoltaics, is布局 the perovskite赛道, planning to put a pilot production line for crystalline silicon thin-film + perovskite tandem cells into operation, targeting a conversion efficiency above 28%.
Aerospace Hongtu (688066) signed a strategic cooperation agreement with Zhongneng Guangchu on December 8 last year, initiating deep cooperation focused on perovskite technology for space computing power and space energy, and established a joint venture named Aerospace Super Energy.
Junda Stock (002865), as one of the earliest domestic companies focused on the PV cell field, recently made significant breakthroughs in perovskite and is collaborating with Shangyi Photovoltaics on research and development for space energy technology.
Liansheng Technology (300051) has been advancing the mass production of heterojunction (HJT) cells in recent years and is dedicated to research on HJT/Perovskite tandem-related technologies, having achieved a laboratory efficiency of 32.99% and currently promoting pilot-scale production.
From the chart above, we can see that the Space-Based Photovoltaics concept within commercial aerospace has already entered the main upward wave stage. So, which other listed companies might be involved in related concepts?
It is reported that Baoxin Technology is the only domestic company possessing both core HJT technological capabilities and reserves of perovskite tandem technology and intellectual property rights: it has rapidly become a leader in the field of Perovskite/Heterojunction tandem cells. Since initiating its strategic transformation in 2021, the company has continuously increased investment in its two core tracks—photovoltaics and charging/battery swapping—promoting the integrated development of "PV + storage + charging/swapping."
After years of accumulation and沉淀, the company possesses a comprehensive energy industry chain layout encompassing "PV + Charging/Swapping" and continuously strengthens R&D in HJT and perovskite technologies. The company's core competitive advantage lies first and foremost in the advancement of its technology.
As a leader in the Perovskite/Heterojunction tandem cell field, the company boasts two major advantages: a foundation in HJT cell industry布局 and R&D capabilities in tandem cell technology. It has planned and is constructing HJT cell and module capacity exceeding 10GW. In September 2022, the company established a joint venture, Xi'an Baoxin Guangneng Technology Co., Ltd., with the team of Professors Zhang Chunfu and Zhu Weidong from Xidian University and Dayu Industrial, to conduct R&D and promote the industrialization of Perovskite/Heterojunction tandem cell technology, leading the industry's technological迭代升级.
Company representatives stated that due to perovskite's unique structure, tandem combination with HJT cells is comparatively more suitable, and the tandem structure is more reasonable. Compared to tandem combinations with other cell types, the R&D cycle and difficulty are relatively smaller, making the commercialization and mass production process of Perovskite-HJT tandem cells more competitive.
Industry experts indicate that the biggest obstacle to the current industrialization of perovskite photovoltaics is the relatively weak material stability and shorter battery lifespan. The Perovskite-Heterojunction tandem cell developed by the company will be the new generation of photovoltaic technology replacing the current mainstream crystalline silicon products. It is far superior to current crystalline silicon cells both in terms of efficiency and cost, while maintaining consistency with crystalline silicon cells in terms of lifespan and degradation indicators. Once industrialized, this will undoubtedly be a revolutionary technological advancement with immense market potential.
As a standout in the HJT cell and Perovskite tandem cell fields, the company has garnered widespread market attention. The company recently disclosed receiving visits from multiple institutional investors, including Guohai Securities and Fullgoal Fund, and provided detailed introductions to its latest progress in the fields of photovoltaic HJT and tandem cells. Particularly noteworthy is that the company's self-tested laboratory efficiency for its Perovskite/Heterojunction tandem cell has reached an impressive 30.91%, and it has already initiated the upgrade to GW-level mass production within 2025.
It is worth mentioning that the current world record efficiency for perovskite tandem cells is 33.7%. Not long ago, LONGi Green Energy Technology (601012) also achieved an efficiency breakthrough of 33.5%, ranking second. As a newcomer in the photovoltaic field, achieving close to 31% efficiency in the perovskite tandem cell domain in less than two years has exceeded market expectations.
Regarding industrial conversion, the company is actively promoting the落地 implementation of related projects. The company is investing in production bases in places like Huaiyuan, Anhui. Currently, the Phase I 2GW cell and module project at the Huaiyuan base is in the equipment installation and debugging stage and is即将投产. The preliminary 2GW of Phase II in Huaiyuan and the Phase I 2GW HJT project at the Otog基地 are also advancing in an orderly manner. The推进 of these projects will provide a solid capacity foundation for the company's development in the PV cell field and create favorable conditions for the industrial application of Perovskite + HJT tandem cell technology. The company is also continuously exploring new business models and application scenarios, strengthening cooperation with upstream and downstream enterprises, and promoting the widespread application of Perovskite + HJT tandem cell technology in fields like PV power plants and distributed energy, especially exploring how to对接 the application scenarios of space-based photovoltaics under the new development trend of space computing power.
Since cross-border entering the photovoltaic industry in 2021, the company has targeted the next-generation HJT technology route and jointly initiated R&D on perovskite technology. Consequently, the tandem technology of HJT and perovskite has become an important R&D direction for the company in the PV field.
The company emphasizes that among current mainstream crystalline silicon cells, only HJT cells can perfectly combine with perovskite tandem technology. The company firmly believes that perovskite technology will be the key development direction for the next generation of photovoltaics, while the tandem technology of perovskite and crystalline silicon represents a significant upgrade based on the existing photovoltaic industry. Compared to other perovskite technology paths, the prospects for mass production and scaling of this tandem technology are more optimistic, particularly suitable for application in current mainstream crystalline silicon power plants.
Furthermore, the company also points out that the crystalline silicon substrate of its Perovskite/Crystalline Silicon cell possesses excellent stability, a mature industry chain, and profound technical积淀. The complementary light absorption wavelength ranges of perovskite and crystalline silicon cells further promote progress towards scale.
In terms of technical compatibility, HJT cells, due to the properties of their Transparent Conductive Oxide (TCO) layer, can be perfectly combined with perovskite tandem technology, offering low modification difficulty,简洁 processes, and low upgrade optimization costs. Their symmetric structure is more compatible with both n-i-p and p-i-n perovskite cell technologies, while their high open-circuit voltage characteristic ensures output voltage when串联 with perovskite, thereby enhancing the overall efficiency of the tandem cell.