CICC: Space photovoltaics ushered in a period of accelerated commercialization of technological achievements, and commercialization of domestic enterprises progressed actively

The Zhitong Finance App learned that as satellite manufacturing enters the “industrial” large-scale production era, the increase in demand for low-orbit satellites and space computing power is driving new demand for space solar cell arrays (solar wings) to reduce costs and increase efficiency. In the short term, the perovskite-crystalline silicon laminated battery model (co-powered with existing cells) is the mainstream development direction for space applications. In the long run, the bank believes that perovskite technology is expected to accelerate the transformation to independent space power supply scenarios. Furthermore, the commercialization of space photovoltaic scenarios by domestic manufacturing companies has recently progressed actively.

CICC's main views are as follows:

Recent developments in the industry

From December 1 to 29, 2025, the iFind Perovskite Battery Index (886006.TI) closed up 6.6% vs. the PV Industry Index (931151.CSI) closed 2.7%; due to space photovoltaic-related concepts, manufacturing companies Junda Co., Ltd., Dongfang Risheng, and Shanghai Harbour rose 47.4%, 48.1%, and 49% over the same period, with significant increases.

The space economy has become the core racetrack for technological competition, and photovoltaics is the preferred energy source for the space environment

Solar energy is an efficient and long-term energy supply method in space, and solar cells are the key to power supply capacity. The power supply system accounts for about 20-30% of the total weight of the satellite, and the cost accounts for about 22%. Of these, solar cells account for more than 50%, which determines the power supply capacity and power. As satellite manufacturing enters the “industrial” large-scale production era, growing demand for low-orbit satellites and space computing power is driving new demand for space solar cell arrays (solar wings) to reduce costs and increase efficiency.

Perovskite batteries meet the needs of low-orbit commercial satellites in terms of energy to quality ratio, flexibility, and irradiation resistance

Satellite power supply technology is evolving from early crystalline silicon (radiation resistance, poor foldability) → gallium arsenide (high cost) → to perovskite or crystalline silicon-perovskite lamination routes. Perovskite technology can meet the large-scale, low-cost requirements of commercial aerospace. Considering the current stage of development of perovskite technology, in order to reduce the risk of payload costs, the bank believes that the perovskite-crystalline silicon laminated battery model (joint power supply with existing cells) is the mainstream development direction for space applications in the short term. Currently, the conversion efficiency of domestic companies' ground-based perovskite lamination technology laboratories is generally 30% +, and the efficiency level is comparable to that of gallium arsenide photovoltaic cells. In the long run, the bank believes that perovskite technology is expected to accelerate the transformation to independent space power supply scenarios.

Recently, commercialization of space photovoltaic scenarios by domestic manufacturing companies has progressed actively

1) Junda Co., Ltd.: Formally signed a strategic cooperation agreement with Shangyi Optoelectronics to invest in shares in Shangyi Optoelectronics as strategic shareholders. The two sides will deeply integrate industry and scenario resources and cooperate on the application of perovskite battery technology in space energy; 2) Dongfang Risheng: The company announced that its P-type HJT series products have comprehensive comparative advantages in ultra-thin silicon wafer applications, production costs, specific power, and rolling solar wing (flexible solar wing) adaptation and radiation resistance, and this series of products already has small-batch delivery experience in overseas regions; Heterojunction - calcium titanium Technical cooperation for mine laminated batteries. 3) Shanghai Port: The Group's Fuxixinkong products cover gallium arsenide solar cell arrays, perovskite solar arrays, etc., and have served 12 aerospace customers. 49 sets of core products continue to operate in orbit, and the performance continues to be good.

risk

Technological progress falls short of expectations, and the financing environment falls short of expectations.