Photovoltaic equipment, collectively moving upward

Ask AI · Why are breakthroughs in perovskite battery technology the core driving force behind space photovoltaics?

By Tairo

On March 20, photovoltaic concept stocks performed strongly. Shangneng Electric, Shouhang New Energy, JinkoSolar, Himin Shares, Deye Shares, and others all surged.

According to the news, citing reports, companies have responded that Tesla (TSLA.US) plans to procure China-made photovoltaic equipment—yes, this is indeed the case.

In recent times, discussions about photovoltaics have grown increasingly hot, especially space photovoltaics. As a trillion-level market, many companies are accelerating their layouts. For example, JinkoSolar, Trina Solar, GCL, Tongwei, and GCL Optoelectronics, among others.

For instance, JinkoSolar, as a leading photovoltaic module company, put forward the long-term goal of “Solar All Universe.” It has clearly stated that it will move into low-orbit satellites, orbital solar power stations, and GW-level space data centers after 2035. It looks favorably on the space application prospects of perovskite batteries. The perovskite/silicon tandem cell’s lab efficiency has reached 33.5%, and space-environment simulation tests show that the initial degradation rate is controlled within 8%.

At the same time, JinkoSolar and Jingtai Holdings have cooperated on AI + perovskite, planning to build what is expected to be the industry’s first 1,000-square-meter AI tandem solar demonstrator line. It is expected to achieve commercial-scale mass production of perovskite tandem products in 2026–2028.

Trina Solar also had an early layout in the space photovoltaics field. It covers three major directions: P-type HJT, perovskite tandem cells, and III-V compound semiconductor gallium arsenide multi-junction cells. In early 2026, it developed a 210 half-cell tandem based on P-type HJT cells, achieving an efficiency of 31.5%, marking the first large-area P-type HJT/perovskite tandem cell in the industry.

Worth noting is that Trina Solar has also constructed patent barriers for perovskites. Its application volume exceeds that of Japanese and UK companies, ranking first globally.

In addition, as a battery-cell material manufacturer, Tongwei has the capability to deliver in batches ultra-thin P-type HJT cells of about 50μm. This product series has already been delivered in small batches in overseas regions, with cumulative shipments reaching tens of thousands of cells. Its customers are distributed across Europe and the U.S. Perovskite tandem cells are currently in the laboratory R&D and small-scale trial stage.

Although many companies have involved themselves in space photovoltaics business or have long-term plans, more of it still remains at the “PPT” stage, with no real revenue yet realized on the ground or with revenue proportions that are extremely small. Ultimately, which companies will be able to share in the market dividend and emerge victorious?

In the industry-chain segment, it is expected that photovoltaic equipment companies—those selling “shovels to miners”—will benefit first as the industry expands capacity. Companies that have both technical reserves and customer barriers in solar-wing battery arrays will also seize the commanding heights of the industry.

Specifically, on the equipment side, the technical barriers are high, and the customer certification cycle is long—so the moat of leading companies is obvious.

Among them, as a leading company in HJT cell production line equipment, Maimai Co., Ltd. covers the two major tracks of HJT and perovskite. Its HJT equipment market share exceeds 45%. Through independently developed R&D, it has tackled core processes such as PECVD, PVD equipment, and screen printing, achieving breakthroughs across all dimensions—from core single machines to full-line supply. Its customer base covers major leading cell manufacturers domestically, and it is committed to building a globally leading, broad-based semiconductor-platform-style manufacturer.

Different from Maimai focusing on HJT and perovskite, Jiejia Weichuang has a broader coverage area. It provides battery-cell production equipment for multiple technology routes such as PERC, TOPCon, and HJT, but its revenue mainly comes from TOPCon equipment, with a domestic market share of about 35%.

In the battery-array segment, Qianlong Optoelectronics and Shanghai Port can not only rely on corresponding technical reserves, but have also achieved breakthroughs in customer validation and the end-market.

Among them, Qianlong Optoelectronics, whose underlying business is LED epitaxial wafers and chips, takes gallium arsenide solar cells as its “second growth curve.” Through more than a decade of gallium arsenide epitaxial process accumulation, it has built a relatively high technical barrier. Its share in the domestic market exceeds 60%, and it is deeply bound with multiple national-level space programs, including Qianfan Constellation and Xingwang, among others.

Meanwhile, as an infrastructure-focused leader, Shanghai Port has deployed into commercial space aviation across the boundary through its subsidiary Fuxi Qinkong. The company formed a talent team from space research institutes, the Chinese Academy of Sciences, and key universities. With perovskite as the core breakthrough point, it also expanded diversified technical reserves such as gallium arsenide and HJT.

More importantly, Shanghai Port has cooperation qualifications with 12 leading satellite customers, including Longguang Satellite, Shikong Daoyu, Xinghe Power, and Blue Arrow Hongqing, among others. It currently has 5 satellites with its perovskite battery modules onboard for in-orbit verification. It has already successfully supported the launch of 19 satellites, and 52 sets of power systems, solar sail panels, and structural components have achieved stable operation in orbit.

From a financial comparison standpoint, since Shanghai Port’s main business is in the infrastructure sector, its involvement in space photovoltaics is mainly carried out through its subsidiary Fuxi Qinkong. Therefore, it is mainly compared against the other three companies.

In recent years, during the down cycle in the photovoltaic industry, the three companies’ profitability has also diverged. Jiejia Weichuang maintained the best performance in terms of medium-to-high-speed growth while also having the largest scale—this is inseparable from its leading market share in TOPCon equipment and its layout across multiple technology routes. As for Maimai Co., Ltd., its net profit has fallen into negative growth since 2023, showing a clear impact from the industry.

Looking at Qianlong Optoelectronics, after it fell into losses in 2022, it gradually recovered and returned to growth. This is mainly related to the rebound in demand in its LED business. At the same time, the rapid growth of commercial space aviation is also a major factor. As the business rapidly scales up, its revenue share is expected to increase significantly.

Overall, as space photovoltaics is a trillion-level track, with future P-type HJT and perovskite tandem technology routes becoming increasingly clear, it is expected that Maimai’s performance on the equipment side will have stronger “explosive” potential, while Jiejia Weichuang’s growth will remain in a steady mode due to the impact of its smaller scale.

In the battery-cell segment, the most certain industry scaling-up factor at present is still Qianlong Optoelectronics. However, Shanghai Port, relying on strong R&D capability and customer ties, will also be among the first to benefit from this industrial wave.

Disclaimer

This article includes information regarding listed companies. The analysis and judgments are the author’s personal views based on information publicly disclosed by listed companies according to their legal disclosure obligations (including but not limited to interim announcements, periodic reports, and official interaction platforms, etc.). The information or opinions contained herein do not constitute any investment or other commercial advice. City-capital observation bears no responsibility for any actions taken as a result of adopting this article.

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