华金证券：商业航天产业快速崛起 关注轻量化高效太空光伏技术

Core Insights - The space computing sector is entering a phase of large-scale implementation, with significant growth in demand for photovoltaic technology in space applications [1][2]. Group 1: Market Growth and Demand - The global market for in-orbit data centers is projected to reach $39.09 billion by 2035, with a compound annual growth rate (CAGR) of 67.4% over the next decade [2]. - The high energy consumption characteristics of space applications create a rigid demand for "lightweight and high-efficiency" energy solutions, aligning well with the advantages of space photovoltaic technology [2]. Group 2: Technological Advancements - Gallium arsenide (GaAs) batteries are currently the core support for space photovoltaics, with over 90% of their applications concentrated in the aerospace sector [3]. - The efficiency of GaAs solar cells has achieved breakthroughs, with a six-junction cell reaching a conversion efficiency of 47.1% under concentrated conditions [3]. - P-type ultra-thin heterojunction (HJT) solar cells are particularly advantageous for low Earth orbit satellites, as they reduce launch loads and save fuel [4]. Group 3: Emerging Technologies - Perovskite solar cells are breaking traditional limitations of space photovoltaic technology, offering lightweight and high-efficiency characteristics suitable for space computing needs [5]. - The performance of perovskite solar cells has surpassed 25% efficiency, with minimal degradation under space radiation conditions [5][6]. Group 4: Investment Opportunities - The rapid growth in satellite numbers and demand for in-orbit data highlights opportunities in the photovoltaic sector, particularly for p-type ultra-thin HJT and perovskite products [7]. - Companies such as Dongfang Risheng, Aerospace Hongtu, and GCL-Poly Energy are recommended for tracking due to their potential in new technology applications [7].