【hcdx】钧达股份：与S开展Cpi膜合作和钙钛矿叠层联合研发，抢占深空制高点 公司拜访S，与S开展Cpi膜合作和钙钛矿叠层联合研发。 S明确晶硅钙钛矿叠层是未来方向。 HJT+钙钛矿叠层规避专利问题，能质比高。 公司国内产能预计今年6月准备完成，下半年开始供货，明年进入大规模批量期。 1量：Starlink V3卫星预计明年指引2万颗 【hcdx】钧达股份：与S开展Cpi膜合作和钙钛矿叠层联合研发，抢占深空制高点 公司拜访S，与S开展Cpi膜合作和钙钛矿叠层联合研发。 S明确晶硅钙钛矿叠层是未来方向。 按2万颗计算，年需求总量达600万平方米。 HJT+钙钛矿叠层规避专利问题，能质比高。 公司国内产能预计今年6月准备完成，下半年开始供货，明年进入大规模批量期。 1量：Starlink V3卫星预计明年指引2万颗。 单颗卫星需CPI膜面积300m2。 2价：目前卫星盖板玻璃价格约1500美元/m2，CPI膜单价约1000美元/m2。 以此测算，仅CPI膜业务对应的年市场潜力高达60亿美元（约400亿+人民币）。 国内商业航天深度布局，内生外延协同迭代。 公司战略投资国内领先的卫星制造企业巡天千河空间，持有其6 ...

2、主材方面，钧达拜访S，未来可能合作CPI膜和钙钛矿叠层电池；东方日升p-HJT电池在春节前得到S下 【长江电新】太空光伏：重视T、S设备下单催化，主辅材企业进展积极 S电池设备还会继续下单，其次是硅片设备，近期与国内企业技术交流持续进行中。 1、T电池设备下单在即，预计首批规模10GW，后续还会下单40GW，明确使用LP路线，11月前将完成交付，#下 单进展是超预期的。 S电池设备还会继续下单，其次是硅片设备，近期与国内企业技术交流持续进行中。 2、主材方面，钧达拜访S，未来可能合作CPI膜和钙钛矿叠层电池；东方日升p-HJT电池在春节前得到S下单，持续 进行技术优化，国内市场拓展亦进展积极；晶科后续可能赴美拜访T。 辅材方面，福斯特持续推进柔性砷化镓标的股权投资；海优推进硅橡胶膜产业化，年内可能有上天测试机会；永 臻对T批量供应铝边框可能3月落地，鑫铂马来工厂投产后也会有T审厂。 1、T电池设备下单在即，预计首批规模10GW，后续还会下单40GW，明确使用LP路线，11月前将完成交付，#下 单进展是超预期的。 【长江电新】太空光伏：重视T、S设备下单催化，主辅材企业进展积极 3、看好太空光伏beta投资 ...

钧达股份(02865)一度涨超14%，截至发稿，涨10.34%，报35.86港元，成交额3.29亿港元。 申万宏源认为，全球低轨卫星星座建设与太空算力产业正处爆发期，对低成本、高效率、轻量化能源方 案需求迫切。公司此前已与中科院上海光机所背景的尚翼光电（现"星翼芯能"）合作，布局晶硅/钙钛 矿叠层电池及CPI膜等核心技术，有望替代当前主流的砷化镓方案，突破成本瓶颈。该赛道技术壁垒 高、市场空间明确，且独立于地面光伏产业周期，有望为公司打开新的高毛利成长空间。 消息面上，据报道，SpaceX 正在美国打造100GW级光伏产能，预计3–4年完成。蓝色起源、谷歌、中 日欧等龙头厂家开始纷纷布局。广发证券表示，AI巨头群雄逐鹿，"算力上天"已成共识。"算力上天"的 共识推动下，太空光伏作为主要供能形式有望深度受益。预计未来有望累计为光伏设备累计带来千亿级 市场空间。 ...

申万宏源认为，全球低轨卫星星座建设与太空算力产业正处爆发期，对低成本、高效率、轻量化能源方 案需求迫切。公司此前已与中科院上海光机所背景的尚翼光电(现"星翼芯能")合作，布局晶硅/钙钛矿叠 层电池及CPI膜等核心技术，有望替代当前主流的砷化镓方案，突破成本瓶颈。该赛道技术壁垒高、市 场空间明确，且独立于地面光伏产业周期，有望为公司打开新的高毛利成长空间。 钧达股份（002865）(02865)一度涨超14%，截至发稿，涨10.34%，报35.86港元，成交额3.29亿港元。 消息面上，据报道，SpaceX正在美国打造100GW级光伏产能，预计3–4年完成。蓝色起源、谷歌、中日 欧等龙头厂家开始纷纷布局。广发证券表示，AI巨头群雄逐鹿，"算力上天"已成共识。"算力上天"的共 识推动下，太空光伏作为主要供能形式有望深度受益。预计未来有望累计为光伏设备累计带来千亿级市 场空间。 ...

智通财经APP获悉，招商证券发布研报称，马斯克在达沃斯论坛上表示Tesla和SpaceX将在三年内在美 国分别建设100GW光伏产能。本轮北美光伏扩产，将给相关国产辅材、设备及头部制造公司带来价值 重估，尤其需要重视辅材机会，其持续性强，且技术路线分歧较小。其中地面辅材确定性高，太空辅材 市场空间大;同时，部分掌握核心专利的主链公司也有望受益。 招商证券主要观点如下： 马斯克在达沃斯论坛上表示Tesla和SpaceX将在三年内在美国分别建设100GW光伏产能 北美地面扩产预计沿用中国成熟技术路线和辅材供应链，而太空设备、辅材需要针对性开发、设计，价 值量将明显高于地面。本轮北美光伏扩产，将给相关国产辅材、设备及头部制造公司带来价值重估，尤 其需要重视辅材机会，其持续性强，且技术路线分歧较小。 北美地面光伏将给中国相关供应链带来机会，太空方案还在迭代 据产业反馈，SpaceX目前方案有可能倾向P-HJT路线，钙钛矿及钙钛矿叠层也在积极尝试，预计HJT与 钙钛矿装备厂会受益。同时，考虑太空复杂环境，超薄硅片和组件封装对相关环节提出更高要求。北美 地面光伏，从经济性出发可能选择N型TOPCon，但专利、工艺掌握在中 ...

Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Insights - The company has recently become the controlling shareholder of Shanghai Fuyou Xinghe Aerospace Technology Co., Ltd., holding a 60% stake, which enhances its capabilities in the satellite manufacturing sector [6]. - The company is entering the space energy market, which is expected to experience significant growth, particularly in low-cost and efficient energy solutions for low-orbit satellite constellations [6]. - The company has established a partnership with a technology team from the Chinese Academy of Sciences to develop advanced solar cell technologies, aiming to replace current mainstream solutions and reduce costs [6]. - The company is transitioning from being a component supplier to a satellite manufacturer, creating synergies between its energy products and satellite platforms [6]. - The company's ground photovoltaic business remains competitive, with a significant increase in overseas sales, which accounted for 51.87% of total sales in the first half of 2025, up from 23.85% in 2024 [6]. Financial Data and Profit Forecast - The company’s total revenue is projected to decline from 9,952 million yuan in 2024 to 7,965 million yuan in 2025, with a subsequent recovery to 10,531 million yuan in 2026 and 12,743 million yuan in 2027 [5]. - The net profit is expected to be -1,312 million yuan in 2025, followed by a recovery to 493 million yuan in 2026 and 1,053 million yuan in 2027 [5]. - The earnings per share (EPS) is forecasted to be -4.21 yuan in 2025, improving to 1.58 yuan in 2026 and 3.38 yuan in 2027 [5]. - The company’s return on equity (ROE) is projected to be -30.8% in 2025, recovering to 10.1% in 2026 and 17.8% in 2027 [5].

Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Insights - The company has become the controlling shareholder of Shanghai Fuyou Xinghe Aerospace Technology Co., Ltd., holding 60% of its shares, which enhances its capabilities in satellite manufacturing and space energy solutions [6]. - The company is entering the burgeoning low-orbit satellite constellation and space computing industry, aiming to develop cost-effective and efficient energy solutions, potentially replacing current mainstream technologies [6]. - The company is transitioning from a single ground photovoltaic enterprise to a dual-driven strategy of "ground photovoltaic + space business," which is expected to provide significant growth opportunities [6]. Financial Data and Profit Forecast - Total revenue is projected to decline from 9,952 million yuan in 2024 to 7,965 million yuan in 2025, with a subsequent recovery to 10,531 million yuan in 2026 and 12,743 million yuan in 2027, reflecting a growth rate of 32.2% and 21.0% respectively [5]. - The net profit attributable to the parent company is expected to be -1,312 million yuan in 2025, followed by a recovery to 493 million yuan in 2026 and 1,053 million yuan in 2027, indicating a significant turnaround with a growth rate of 113.6% in 2027 [5]. - The company's gross margin is anticipated to improve from 0.0% in 2025 to 10.0% in 2026 and 15.0% in 2027, reflecting enhanced operational efficiency [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The controlling shareholder of Shanghai Fuyou Xinghe Aerospace Technology Co., Ltd. has changed to Jun Da Co., which holds 60% of the shares. Shanghai Xuntian Qianhe Space Technology Co., Ltd. is a wholly-owned subsidiary of Fuyou Xinghe [2][5]. - Xuntian Qianhe is a leading satellite manufacturer in China, located in the G60 Space Internet Industry Base in Songjiang District, Shanghai. The company focuses on high-quality commercial satellites through independent research and technological innovation [12]. - The company has a strong technical team with nearly a hundred commercial satellite development experiences and has developed six satellite platforms covering micro and small satellites from 10kg to 1000kg [12]. - Jun Da Co. has completed its H-share placement, raising a net amount of HKD 398 million, with 45% allocated for the research and production of space photovoltaic battery products, 45% for equity investment and cooperation in the commercial aerospace sector, and 10% for working capital [12]. - The company aims to solidify its position in the remote sensing satellite market, enhance data accuracy and timeliness, and expand into the communication satellite field [12]. Financial Data Summary - Current stock price is 97.83 CNY, with a total share capital of 31,127 million shares and a circulating A-share of 22,487 million shares [7]. - The projected total revenue for 2026 is 10,805 million CNY, with a net profit forecast of 488 million CNY [16]. - The company expects to achieve a net profit of 1,034 million CNY by 2027, with an EPS of 3.32 CNY [16].

Core Viewpoint - JunDa Co., Ltd. (002865) shares rose over 6%, reaching HKD 48.5, with a trading volume of HKD 646 million, driven by increased market interest in solar energy following Elon Musk's comments on building a space solar AI data center and a 200GW photovoltaic capacity plan [1] Group 1: Market Reaction - JunDa's stock price increased by 6.13% as of the report, indicating strong market response to recent developments in the solar energy sector [1] - The trading volume of HKD 646 million reflects heightened investor interest and activity in the stock [1] Group 2: Industry Developments - Elon Musk's team has reportedly visited multiple Chinese photovoltaic companies to explore projects related to equipment, silicon wafers, and battery components, focusing on heterojunction and perovskite technology [1] - A confirmed engagement between a photovoltaic company and Musk's team indicates potential collaborations in advanced solar technologies [1] Group 3: Company Initiatives - JunDa Co., Ltd. signed a strategic cooperation framework agreement with Shangyi Optoelectronics in December, aiming to develop and industrialize flexible perovskite technology for space applications [1] - The company plans to invest HKD 30 million for a 16.67% stake in Shanghai Xingyi Xinneng, with the joint venture focusing on CPI films and products combining CPI films with crystalline silicon batteries for low-orbit and space photovoltaic applications [1]

Core Viewpoint - The stock of Junda Co., Ltd. (02865) has increased by over 6%, reaching HKD 48.5, with a trading volume of HKD 646 million, driven by heightened market interest in the photovoltaic sector following Elon Musk's comments on building a space solar AI data center and a 200GW photovoltaic capacity plan [1] Group 1: Market Reaction - Junda Co., Ltd. experienced a stock price increase of 6.13% [1] - The trading volume reached HKD 646 million, indicating strong investor interest [1] Group 2: Industry Developments - Elon Musk's team has reportedly visited several Chinese photovoltaic companies to explore projects related to equipment, silicon wafers, and battery components, focusing on heterojunction and perovskite technology [1] - A photovoltaic company confirmed contact with Musk's team, stating that the details of the visit need to remain confidential [1] Group 3: Company Initiatives - In December of last year, Junda Co., Ltd. signed a strategic cooperation framework agreement with Shangyi Optoelectronics to collaborate on flexible perovskite technology research and industrialization for space computing and energy applications [1] - The company disclosed plans to invest HKD 30 million for a 16.67% stake in Shanghai Xingyi Xinneng, with the aim of establishing a joint venture focused on CPI films and products combining CPI films with crystalline silicon batteries for low-orbit and space photovoltaic applications [1]