光伏行业：太空光伏或成行业第二成长曲线，利好HJT、钙钛矿新技术

Investment Rating - The industry investment rating is "Positive" [6] Core Insights - The space photovoltaic sector may become the second growth curve for the industry, benefiting HJT and perovskite technologies [3] - The demand for space photovoltaics is expected to grow significantly, with potential installation demand exceeding 800 GW if the proposed space data center concept is realized [3] - Leading companies are focusing on the space photovoltaic market, accelerating technology research and scenario exploration, indicating a shift from concept validation to explosive growth [3] Summary by Sections Market Demand - Solar energy is the preferred energy source for space activities, with increasing power requirements for satellites driving demand for larger solar wings [3] - The current market size is small but expanding rapidly, with a potential for significant growth in the future [3] Technology Development - The main requirements for space photovoltaic technology are high efficiency, lightweight, and adaptability to extreme temperatures and radiation [4] - The mainstream technology for space photovoltaics is currently gallium arsenide (GaAs), which has a conversion efficiency exceeding 30% but comes with high production costs of approximately 1000 RMB/W [4] - P-type HJT batteries are seen as a potential alternative due to their compatibility with space conditions, offering reduced weight and excellent low-temperature performance [4] Future Prospects - Perovskite tandem batteries are expected to become a key option for next-generation space photovoltaics, with theoretical conversion efficiencies reaching 45% and significant weight advantages over GaAs [5] - The flexibility of perovskite batteries allows for diverse solar wing designs, making them suitable for various space applications [5] Investment Strategy - The short-term acceleration of low Earth orbit satellites is expected to drive demand for space photovoltaics, while the long-term vision of space data centers opens up new opportunities [5] - HJT and perovskite technologies are viewed as optimal solutions for extreme space environments, benefiting related battery component manufacturers and equipment producers [5]