CITIC SEC: The value of space photovoltaic equipment may achieve a significant leap in the future, with a focus on recommending leading companies.

CITIC SEC released a research report stating that Musk is betting on photovoltaic manufacturing to pave the way for track computational power and AI. Top Chinese photovoltaic equipment manufacturers have strong capabilities in efficient iteration and rapid response, with the potential to enter the supply chain of companies like Tesla and SpaceX and gain high orders, opening up new growth opportunities. In addition, space photovoltaic equipment may have significant "inflation" effects, with the value or volume expected to experience a significant increase. The focus is on recommending leading photovoltaic equipment companies. The main points of CITIC SEC are as follows: SpaceX aims for track computational power, and the growth in demand for space photovoltaics may far exceed expectations. SpaceX leads commercial Addsino Co., Ltd., accelerating the construction of Starlink and satellite upgrades, and applying for the deployment of one million satellites, officially entering the space data center industry. Space photovoltaics are currently the only energy source for satellites and track computational power, and their demand growth rate and market space are expected to experience exponential growth. It is estimated that under conservative scenarios, by 2030, global demand for space photovoltaics and market space may each reach over 1GW and 80 billion RMB; under optimistic scenarios, by 2030, global demand for space photovoltaics and market space may each reach 70GW and nearly 3 trillion RMB. It is expected that in the next 5 years, the market space for space P-type HJT and perovskite battery cells may grow by hundreds or even thousands of times. Musk bets on photovoltaic manufacturing, and leading photovoltaic equipment companies welcome significant opportunities. Musk revealed at the 2026 Davos Forum that Tesla and SpaceX may plan to build 100GW photovoltaic upstream and downstream manufacturing capacity respectively in the next few years based on ground electricity and space photovoltaic demand. It is expected that Tesla may mainly use TOPCon technology solutions, while SpaceX may choose the P-type HJT technology route. Chinese photovoltaic equipment leaders have outstanding advantages in efficient iteration and rapid response, which better align with the high standards and strict requirements of Tesla and SpaceX for equipment suppliers. Leading companies in various aspects are expected to gain higher shares in their equipment supply chains, or even dominate, further tapping into the broad growth space from ground to space. The growth space for leading photovoltaic equipment companies is opening up, and the value of equipment is expected to experience a significant increase. In addition to SpaceX clearly building its own photovoltaic production capacity, other companies at home and abroad are also expected to accelerate their production capacity planning. With the acceleration of space computational power development, and the gradual maturity of perovskite stacked battery cell technology, the demand for equipment upgrades is expected to continue to increase, potentially opening up a market of hundreds of GW/year in the long term. At the same time, space photovoltaic technology significantly surpasses traditional photovoltaics in terms of process difficulty, customization, equipment standards, and the redundancy required due to low production efficiency, which may significantly increase the value of related equipment and exceed expectations in the market space for space photovoltaic equipment. Risk factors: Satellite launch pace slower than expected; expansion progress of Tesla and SpaceX's photovoltaic production capacity slower than expected; uncertainty in the implementation of orders for domestic equipment manufacturers; development of standard systems and certification processes slower than expected; uncertainty in space computational power planning.