Drinda(SZ:002865) Guoxin Securities·2026-03-01 08:32Investment Rating - The report rates the space photovoltaic industry as "outperforming the market" [2]. Core Insights - The space photovoltaic technology involves deploying photovoltaic systems in space environments, primarily for powering spacecraft, with potential future applications. The interest in space photovoltaics has surged since 2025 due to the rapid development of commercial space and space computing, with a significant increase in low Earth orbit satellite constellations [3][6]. - The main technology currently used in space photovoltaics is gallium arsenide (GaAs) multi-junction solar cells, which are highly reliable and stable but face cost and resource limitations for large-scale applications. Future technology routes include heterojunction (HJT) silicon and perovskite solar cells, which show potential for lightweight applications [3][6]. - The estimated market value for GaAs solar cells in 2025 is over 8 billion yuan, with projections for the market to grow significantly over the next 20 years, reaching close to 100 billion yuan in the mature phase [3][79]. Summary by Sections Market Outlook - The space photovoltaic market is expected to see a significant increase in demand due to the rapid growth of commercial space and satellite deployments, with a projected market size growth from approximately 10 billion yuan to nearly 100 billion yuan in the mature phase [3][79]. - The report highlights the need for low-cost, large-scale solutions in various application scenarios, including satellite power, space station infrastructure, and deep space exploration [9]. Technology Analysis - The report identifies three main technology routes for space photovoltaics: GaAs multi-junction cells, HJT silicon cells, and perovskite cells. GaAs cells are currently dominant but expensive, while HJT and perovskite cells offer potential for cost reduction and lightweight applications [3][41]. - Perovskite cells are noted for their high efficiency and lightweight potential, making them suitable for future space applications [3][40]. Application Scenarios - The report categorizes space photovoltaic applications into five main areas: spacecraft power supply, large in-orbit infrastructure, deep space exploration, planetary surface power systems, and new space energy infrastructure [9]. - Each application scenario has specific power requirements and emphasizes the need for reliable, long-lasting, and cost-effective solutions [9].