Soochow Securities released a research report stating that on January 22, Elon Musk spoke at the World Economic Forum (WEF) in Davos, announcing that Tesla's ground-based photovoltaics and SpaceX's space-based photovoltaics will each build 100GW of capacity, expected to be completed by the end of 2028! The report is optimistic about the volume growth of silicon-based & perovskite battery technology in space application scenarios, highly recommending HJT turnkey equipment leader Suzhou Maxwell Technologies Co.,Ltd. (300751.SZ), low-oxygen monocrystalline furnace leader Zhejiang Jingsheng Mechanical&Electrical Co.,Ltd. (300316.SZ), 0BB stringer leader Wuxi Autowell Technology Co.,Ltd. (688516.SH), and slicing equipment leader Gaoce Co.,Ltd. (688556.SH), among others. It also suggests monitoring turnkey equipment supplier Jiejia Weichuang (300724.SZ). The number of global satellite launches is growing exponentially, with silicon-based HJT being the optimal solution for space photovoltaics. China's Radio Innovation Institute has applied to the International Telecommunication Union for rights to 200,000 low-earth orbits, while SpaceX is accelerating the construction of its 42,000-satellite Starlink system, driving gigawatt-level demand for space-based solar power. Traditional triple-junction gallium arsenide cells cannot meet gigawatt-level deployment due to issues with capacity, cost, and raw materials. Silicon-based HJT has become the best short-term alternative due to its flexibility for weight reduction, low cost, and freedom from raw material constraints, with a long-term shift towards perovskite-HJT tandem cells. Overseas ground-based photovoltaic market demand is also robust, and the expansion of equipment suppliers abroad is expected to accelerate. Customer demand in the US photovoltaic market is strong; according to Mordor Intelligence's early 2025 forecast data, the compound annual growth rate of US photovoltaic installations is expected to exceed 20% between 2024 and 2029, with installations potentially surpassing 60GW in 2025. Chinese photovoltaic equipment dominates the global market. In 2024, China's share of global capacity for polysilicon, wafers, cells, and modules exceeded 80%. In terms of equipment, Zhejiang Jingsheng Mechanical&Electrical Co.,Ltd. held an internationally leading market share for fully automatic monocrystalline silicon growth furnaces in 2024, Gaoce Co.,Ltd. had the top domestic market share for slicing machines, Suzhou Maxwell Technologies Co.,Ltd. was one of the few global manufacturers capable of supplying complete HJT production line equipment, and Wuxi Autowell Technology Co.,Ltd.'s stringers held over 60% of the global market share. Risk warnings include slower-than-expected industrialization of space-based photovoltaics and potential delays in technological R&D by various manufacturers.
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