证 券 研 究 报 告 证券分析师：马天一 A0230525040004 李冲 A0230524070001 王艺儒 A0230523110003 刘宏达 A0230524020002 太空能源心脏，开启商业航天万亿蓝海 太空光伏系列报告（一） 2026.3.27 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 商业航天已进入规模化、产业化发展的"大航天时代"，在政策、资本与技术共振下，市场规模正朝万亿元 级别迈进。在这一浪潮中，太空光伏（太阳翼） 作为航天器主要可靠的长期能源系统，其需求预计将迎来 爆发式增长，技术路线正从高可靠向高性价比迭代，有望催生新的产业链投资机会。 ◼ 技术格局：太空光伏正沿"砷化镓 → P型HJT晶硅 → 钙钛矿/叠层"三梯队演进：短期三结砷化镓牢牢占据 高轨/深空与高价值任务；中期P型HJT凭借更佳抗辐照与成本优势接棒低轨商业星座；长期钙钛矿叠层凭借 高比功率+低成本，有望在低轨星座、太空算力及空间太阳能电站中成为主力路线。 ◼ 需求与空间：低轨星座+太空算力构成"确定性底盘+高弹性天花板"：2030年前仅低轨卫星光伏市场 约290亿元人民币，而在100G ...

J P M O R G A N 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Asia Pacific Equity Research 21 March 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China solar and wind What's new in the space solar theme? A media report indicated that a U.S. developer may procure appro ...

机械行业太空光伏深度报告 双轨驱动：商业航天+算力革命，太空光伏迎新纪元 glmszqdatemark | 重点公司盈利预测、估值与评级 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | | | （元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | | | 300751.SZ | 迈为股份 | 294.05 | 3.06 | 3.87 | 4.92 | 96 | 76 | 60 | 推荐 | | 300776.SZ | 帝尔激光 | 75.67 | 1.89 | 2.35 | 2.85 | 40 | 32 | 27 | 推荐 | | 300724.SZ | 捷佳伟创 | 127.30 | 8.45 | 5.49 | 4.93 | 15 | 23 | 26 | 推荐 | | 688516.SH | 奥特维 | 79.62 | 1.41 | 1.87 ...

Group 1: Space Photovoltaics and Computing - The TERAFAB project aims to establish a chip manufacturing facility with a target annual capacity of 1 terawatt (1TW), with 80% of production dedicated to space missions[9] - The demand for solar power is expected to surge due to the deployment of AI satellites and the need for high-efficiency solar systems in space[10] - The transition of space photovoltaics from auxiliary power units to essential energy infrastructure for space computing is anticipated to drive significant growth in this sector[10] Group 2: 3D Printing Advancements - The 3D printing industry is experiencing growth due to improved equipment efficiency and reduced material costs, particularly in aerospace and consumer electronics[11] - Metal 3D printing is becoming a key technology for intelligent manufacturing, with applications expanding in various fields including AI computing and aerospace[11] - The price of titanium alloy powder for 3D printing has halved from 600 yuan/kg to below 300 yuan/kg, opening new application scenarios[33] Group 3: Home Products and AI Integration - Companies like Gujia Home and Mousse are focusing on smart and functional home products, with Gujia's new product line achieving over 15,000 orders within 24 hours of launch[44] - Mousse is collaborating with Huawei to create a comprehensive sleep solution, integrating AI technology into their product offerings[49] - The home furnishings sector is witnessing a shift towards smart, functional products that address consumer pain points, enhancing market competitiveness[44]

尽管在两个月之内太空光伏概念板块已经发生过两轮受市场传 闻驱动的上涨行情，但到目前为止，还没有一家A股上市公司 公开确认拿到了来自SpaceX或特斯拉的太空光伏订单。那 么，在市场传闻的背后，太空光伏到底走到了哪一步？ 作者：郑晨烨 封图：图虫创意 3月20日下午，A股太空光伏板块再次集体拉升。 至当日收盘，上能电气（300827.SZ）20%涨停，每股报44.93元；捷佳伟创（300724.SZ）涨 9.41%，每股报129.11元；迈为股份（300751.SZ）涨9.19%，每股报273.60元；拉普拉斯 （688726.SH）涨7.41%，每股报64.64元；钧达股份（002865.SZ）涨2.23%，每股报84.77 元。 盘面拉升前，市场上出现了两则传闻。一则称SpaceX已向国内一家异质结设备企业采购了一批设 备，按计划将在5月初交付。另一则称特斯拉计划从中国采购总价29亿美元的光伏制造设备，正在 与多家中国企业谈判。 经济观察报记者当天下午就此分别致电捷佳伟创、钧达股份、迈为股份、拉普拉斯四家涨幅靠前的 公司，四家公司均未正面确认上述传闻。 其中，捷佳伟创相关工作人员表示，不清楚相关消息，公司会 ...

Group 1 - Tesla plans to procure photovoltaic manufacturing equipment worth $2.9 billion from China, primarily for T-chain ground applications, with negotiations involving multiple TOPCon equipment manufacturers [5] - Key photovoltaic equipment manufacturers include Maiwei, Jiejia Weichuang, Aotewei, and others, while material manufacturers include Tongwei, Daqo Energy, and TCL Zhonghuan [6] - The article lists various companies involved in different segments of the photovoltaic industry, including battery and component manufacturers like Trina Solar and JinkoSolar, as well as inverter and energy storage system companies like Sungrow and GoodWe [6]

Core Viewpoint - The photovoltaic industry chain stocks experienced significant gains, with multiple companies reaching their daily limit up, driven by market dynamics and news related to major players like Tesla and SpaceX [1][2][3]. Photovoltaic Industry Chain - On March 20, photovoltaic stocks surged, with companies like Shangneng Electric and Shouhang New Energy hitting the 20% limit up, while Jinlang Technology rose over 15% [3][4]. - The market saw a strong performance from several photovoltaic stocks, including Dongfang New Energy and Zhongli Group, which also reached their daily limit up [3][4]. - Tesla is reportedly planning to procure solar panels and battery manufacturing equipment worth $2.9 billion from Chinese suppliers, which may involve several listed companies [5]. - Musk's team is working on photovoltaic orders for both SpaceX and Tesla, with plans to establish 100GW of photovoltaic capacity in the U.S. over the next three years [6]. Electric Power Sector - The electric power sector showed strong performance, with companies like Jiuzhou Group and Huadian Liaoning achieving significant gains, including a 20% limit up for Jiuzhou Group [8][9]. - Huadian Liaoning has seen five consecutive days of limit up trading, with the company confirming stable operational conditions and no significant changes in its business environment [10]. - Huadian Energy has reported a cumulative increase of over 100% in its stock price since March, although it has warned of potential market overheating and irrational speculation risks [11]. Market Dynamics - The A-share market displayed a mixed performance, with the Shanghai Composite Index falling by 1.24% while the ChiNext Index rose by 1.3% [1]. - The overall trading volume in the Shanghai and Shenzhen markets reached approximately 2.3 trillion yuan, an increase of about 175 billion yuan from the previous day [1]. Notable Events - Chuangxin Data experienced a sharp decline, hitting a near 15% drop, attributed to market rumors regarding the compliance of its server procurement [12][13][15].

证券代码：300724 证券简称：捷佳伟创 公告编号：2026-003 深圳市捷佳伟创新能源装备股份有限公司董事会 2026 年 3 月 17 日 深圳市捷佳伟创新能源装备股份有限公司 关于完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 深圳市捷佳伟创新能源装备股份有限公司（以下简称"公司"）于 2025 年 11 月 12 日召开了 2025 年第五次临时股东大会，审议通过了《关于变更公司注 册资本并修订<公司章程>的议案》；于 2025 年 12 月 29 日召开 2025 年第六次临 时股东会，审议通过了《关于增选第五届董事会非独立董事的议案》，并于同日 召开职工代表大会，选举公司第五届董事会职工代表董事。具体内容详见公司在 巨潮资讯网（www.cninfo.com.cn）上披露的相关公告。 近日，公司已完成了相关的工商变更登记手续，并取得了深圳市市场监督管 理局下发的《登记通知书》，本次变更完成后，公司的工商登记信息如下： 1、统一社会信用代码：91440300662677723N 2、名称：深圳市捷佳伟创新能源装备股份有限公 ...

Summary of Shenzhen SC New Energy Technology Conference Call Company Overview - **Company**: Shenzhen SC New Energy Technology (300724.SZ) - **Industry**: Solar Energy Equipment Manufacturing Key Points Order Outlook - Management guided for total order value to exceed Rmb4 billion in 2026, up from Rmb3.5 billion in 2025, indicating a year-over-year increase of over 14% [2] - Overseas Topcon orders are expected to rise to over Rmb3.5 billion in 2026 from Rmb2 billion in 2025 [2] - Discussions are ongoing with multiple US customers for a potential addition of over 40GW capacity in 2026, which could elevate FY26 order value to Rmb8 billion, assuming a unit capex of Rmb200 million per GW and a 50%-60% global market share in Topcon cell equipment [2] Perovskite Capex Demand - Management anticipates that China's tender volume for perovskite cell equipment will at least double from 600-700MW in 2025 to approximately 1.5GW in 2026, potentially increasing order value from Rmb250-300 million to over Rmb500 million in 2026, assuming a stable market share of 40% [3] - There is an accelerating trend in PSC capex demand from various industry leaders, driven by diverse applications and ongoing cost reduction plans [3][6] Customer Profile - PSC customers are diversified across industries such as lithium batteries, electric vehicles (EV), OLED, and solar, differing from Topcon capex primarily driven by solar cell players [6] Cost Reduction Strategy - Management aims to reduce equipment capex for perovskite by half from the current level of Rmb600-700 million per GW by 2028 through the development of large-capacity equipment and automation to enhance production efficiency [7] Investment Thesis and Risks - Investment thesis suggests that Shenzhen SC is the largest TOPCon equipment manufacturer with over 50% global market share, but the company is rated as "Sell" due to perceived market over-optimism regarding near-term order potential and the impact of an ongoing anti-involution campaign, which may weaken long-term order outlook [8] - Price target methodology is based on a 7X 2027 EV/EBITDA, with a target price of Rmb51.8, discounted back to 2026E at a 10.6% cost of equity [9] - Key risks include faster-than-expected developments in overseas manufacturing and potential rapid migration to perovskite technology beyond 2030 [9] Conclusion - The conference call highlighted a positive short-term outlook for order values driven by overseas demand and diversification into perovskite technology, while also cautioning about long-term risks associated with market dynamics and technological shifts [2][3][8]

Investment Rating - The report maintains a "Recommended" rating for the space photovoltaic industry [1]. Core Insights - The report addresses key issues such as China's commercial aerospace policies, satellite launch history and forecasts, and the progress of major listed companies and research institutions in space silicon and perovskite battery layouts [6]. - The commercial aerospace sector in China has transitioned from "policy encouragement" to "strategic positioning," with significant policy support and regional collaboration forming a spatial economic landscape [9][12]. - The report highlights the rising demand for satellite power, predicting an increase in satellite launch volumes and advancements in space energy technology, particularly in silicon and perovskite solar cells [8][60]. Summary by Sections Industry Overview - The report outlines the strategic elevation of commercial aerospace to a key emerging industry, with policies increasingly focusing on capital, industry, and regulatory collaboration [12]. - Local governments are competing to develop commercial aerospace, with significant plans emerging from regions like Beijing-Tianjin-Hebei, the Yangtze River Delta, the Greater Bay Area, and the western region [15]. Cost Analysis - Current rocket launch costs in China range from $5,000 to $8,000 per kilogram, significantly higher than SpaceX's $1,500 to $3,000 per kilogram [16][17]. - The cost of a 50-kilogram small satellite in China is approximately 8 million RMB, which is 2.67 times higher than similar products abroad [16][17]. Satellite Launch and Development - In 2025, China is expected to conduct 92 launches, with commercial launches accounting for 54% and 311 commercial satellites entering orbit, representing 84% of total launches [9][42]. - The report forecasts that from 2025 to 2030, the power of communication satellites will increase from 0.69 kW to 1.93 kW, and computing satellites from 1.04 kW to 3.43 kW, with corresponding increases in solar wing area [60]. Technological Advancements - The report indicates that gallium arsenide remains the mainstream technology for space photovoltaic cells, with ongoing advancements in silicon and perovskite technologies [60][63]. - The industry is expected to see a gradual increase in satellite launches, driven by the need for cost reduction and scale expansion, which are critical for the industry's future competitiveness [9][17]. Key Companies - Notable companies in the space photovoltaic sector include Maiwei Co., Aotwei, High Measurement Co., Jingsheng Mechanical & Electrical, Jiejia Weichuang, Laplace, Dier Laser, and Shanghai Port [9].