东兴证券：太空光伏或成行业第二成长曲线 利好HJT、钙钛矿新技术等方向

Core Viewpoint - The report from Dongxing Securities highlights that solar energy is the preferred energy source for space activities, with the potential for significant growth in the space photovoltaic market driven by the concept of space data centers and advancements in technology [1][2]. Market Demand - Solar energy is identified as the primary energy source for space activities, with current demand mainly for satellite solar wings. The industry is small but rapidly expanding. If the concept of space data centers is realized, it could lead to over 800GW of space photovoltaic installation demand, surpassing current global ground photovoltaic annual additions [2]. - Leading domestic companies are focusing on the space photovoltaic market, accelerating technology research and scenario exploration, indicating a shift from concept validation to explosive growth in the sector [2]. Technology Development - The main requirements for space photovoltaic technology include high efficiency, lightweight, and adaptability to extreme temperatures and strong radiation. The current mainstream technology on the ground is TOPCON, which faces limitations in radiation resistance and lightweight modifications [3]. - Gallium arsenide (GaAs) is the current mainstream technology for space photovoltaics, achieving over 30% efficiency but with high production costs due to the scarcity of gallium, leading to prices around 1000 RMB/W, significantly higher than ground photovoltaic systems [3]. - P-type HJT batteries are seen as a potential replacement for GaAs due to their compatibility with space conditions, offering lightweight and excellent low-temperature performance [3]. Future Prospects - Perovskite tandem batteries are expected to become a significant option for next-generation space photovoltaics, with theoretical efficiencies reaching 45%, surpassing GaAs. They are lightweight and flexible, which could lead to substantial weight reductions for satellites and lower launch costs [4]. - Perovskite's flexibility allows for diverse solar wing designs, making it suitable for the unique requirements of space equipment [4]. Related Companies - Companies to watch include Junda Co., Ltd. (02865), Dongfang Risheng (300118.SZ), Mingyang Smart Energy (601615.SH), and GCL-Poly Energy (03800) [5].