【国金电新】钧达股份公司点评：掘金万亿市场，打造太空光伏引领者

Core Viewpoint - The company has signed a strategic cooperation framework agreement with Shangyi Optoelectronics, aiming to invest in equity and collaborate on perovskite battery technology for space energy applications, establishing a synergistic mechanism for technical research, in-orbit verification, industrialization, and application scenario expansion [1][6]. Industry Insights - The space orbit is becoming a competitive area, with space applications expected to recreate ground-level market scales. The International Telecommunication Union's "first come, first served" rule amplifies the urgency of competition in the commercial satellite sector, leading to explosive growth in global low Earth orbit satellite network construction and space computing industries. The market's core demand for photovoltaic solutions is evolving from mere "reliability and efficiency" to a comprehensive system capability of "high efficiency, lightweight, low cost, and flexibility." It is estimated that the global space photovoltaic market will reach a trillion-dollar scale by 2030 [2][6]. Company Developments - The company has been deeply engaged in photovoltaic battery technology for nearly 20 years, evolving through various technological iterations such as BSF, PERC, and TOPCon. The laboratory efficiency of the perovskite tandem battery developed in collaboration with external institutions has reached 32.08%, leading the industry. The partnership with Shangyi Optoelectronics will deepen the company's research on perovskite and tandem batteries in different space scenarios, potentially enhancing industrialization efforts and positioning the company advantageously in the space photovoltaic industrialization track [2][7]. - The company's A+H platform supports both organic and external growth. In May 2025, the company listed its H shares on the Hong Kong Stock Exchange, becoming the first A+H listed company in the industry. This international financing platform will provide strong long-term financial support for the research and industrialization of the space photovoltaic project, accelerating technology implementation and scale expansion. Additionally, the company is actively promoting global capacity layout, with the upcoming release of high-profit battery capacity in Turkey expected to contribute significantly to performance growth [3][7].