Dongwu Securities: Space Computing Center Has Disruptive Advantages HJT May Be the Optimal Solution for Energy Systems

The Zhitong Finance App learned that Dongwu Securities released a research report saying that compared to traditional terrestrial data centers, space computing power has disruptive advantages such as high deployment efficiency, good energy efficiency, and low cooling costs. With the advantages of low temperature technology, flexible compatibility and weight reduction, silicon-based HJT batteries are most suitable for next-generation roll-display photovoltaic systems, and overseas manufacturers have accelerated their deployment. At the same time, HJT is also an optimal base battery for perovskite laminates, and has the potential for long-term evolution. Mainly recommend Maiwei Shares (300751.SZ) and Gaosec Shares (688556.SH).

The main views of Dongwu Securities are as follows:

Space computing power: the imbalance between supply and demand for computing power in the AI era has spawned a new paradigm of “orbital data centers”

Driven by the global AI model, the power gap in data centers is becoming more and more prominent, spawning a new form of “space computing power” where high-computing power satellites are deployed in low/medium orbits. Compared with traditional terrestrial data centers, space computing power has disruptive advantages such as high deployment efficiency, good energy efficiency, and low cooling costs. Take the “Three-Body Computing Constellation” launched by “Zhijiang Laboratory+China Star Aerospace” as an example. The first batch of 12 stars has already entered orbit and is planning a scale of 1,000 POPS computing power in the long term; StarCloud, a startup invested by overseas SpaceX, Google, and Nvidia, is accelerating the construction of a 100 GW space computing power cluster.

The weight of the energy system determines the comprehensive cost of the satellite, and roll-mounted photovoltaic arrays with flexible batteries are the key to development

Space computing power systems account for up to 22% of the energy system cost, which determines the overall economy of satellites. With its light weight and high power to quality ratio, the roll-up structure gradually replaced the traditional Z-type structure and became the mainstream solution for LEO tracks; however, the roll-up array is only suitable for flexible and thinned batteries. With their low temperature technology, flexible compatibility, and weight reduction advantages, silicon-based HJT batteries are most suitable for next-generation roll-display photovoltaic systems. Overseas manufacturers such as NexWafe and Solestial have accelerated their deployment. At the same time, HJT is also an optimal base battery for perovskite laminates, and has the potential for long-term evolution.

Orbital resources are tight, and computing power platforms are evolving to both ends of large motherships and multi-star clusters

Currently, the mainstream tracks are mainly LEO and SSO. SSO can provide stable sunshine throughout the year. It is the best choice for high-power data centers. The remaining available space is about 9617 stars, and the resources are valuable. In order to solve the orbital shortage problem, space computing power platforms are developing along two paths to achieve large-scale deployment of 100 GW: ① large-scale deployment: for example, StarCloud builds a 4 km x 4 km photovoltaic carrier platform and centrally deploys computing power modules; ② clustering: for example, Google Suncatcher plans to deploy 81 to 324 star formations to increase the computing power density per unit orbit. According to estimates, the 10GW photovoltaic production capacity can correspond to 448 Google SunCatcher clusters or 2 StarCloud motherships.

Risk Alerts

The industry is affected by policy fluctuations. New technology research and development falls short of expected risks, and space computing power development falls short of expected risks.