Soochow: Musk plans 100GW photovoltaic capacity, equipment suppliers expected to benefit fully from overseas ground + space photovoltaic double opportunities

Soochow released a research report saying that on January 22, Musk spoke at the Davos World Economic Forum (WEF), announcing that Tesla's ground photovoltaic and SpaceX's space photovoltaic will each build a capacity of 100GW, with completion expected by the end of 2028! Optimistic about the surge in silicon-based & perovskite battery technology in space applications, focusing on recommending HJT integrated equipment leader Suzhou Maxwell Technologies (300751.SZ), low-oxygen single crystal furnace leader Zhejiang Jingsheng Mechanical & Electrical (300316.SZ), 0BB string welding machine leader Wuxi Autowell Technology Co., Ltd. (688516.SH), slicing equipment leader Qingdao Gaoce Technology (688556.SH), and suggests paying attention to integrated equipment manufacturers Shenzhen S.C New Energy Technology Corporation (300724.SZ). Soochow's main points are as follows: Global satellite launch numbers are increasing exponentially, with silicon-based HJT as the optimal space photovoltaic solution The number of global satellite launches is increasing exponentially, and China's Wireless Innovation Institute has applied for 200,000 low-orbit orbit rights from the International Telecommunication Union. SpaceX is accelerating the construction of a 42,000-star chain system, leading to a surge in GW-level space photovoltaic demand. Existing gallium arsenide batteries cannot meet GW-level deployments due to capacity, cost, raw materials, and other issues. Silicon-based HJT, due to its characteristics of flexibility, weight reduction, low cost, and not limited by raw materials, becomes the short-term optimal alternative solution, with a long-term shift towards perovskite-HJT stack batteries. Overseas ground photovoltaic market demand is also strong, with equipment manufacturers expected to accelerate their international expansion The demand for photovoltaic customers in the US market is strong. According to Mordor Intelligence's forecast as of early 2025, the compound annual growth rate of photovoltaic installations in the US is expected to exceed 20% between 2024 and 2029, with installation capacity expected to exceed 60GW in 2025. China dominates the global photovoltaic equipment market. In 2024, China's share of global production capacity in silicon materials, silicon wafers, cells, and modules exceeded 80%. In terms of equipment, in 2024, Zhejiang Jingsheng Mechanical & Electrical led the international market in fully automatic single crystal silicon growth furnaces, Qingdao Gaoce Technology has the largest market share in slicing machines domestically, Suzhou Maxwell Technologies is one of the few global manufacturers with HJT integrated equipment supply capabilities, and Wuxi Autowell Technology Co., Ltd.'s string welding machines have a global market share of over 60%. Risk Warning: Risks include the industrialization of space photovoltaics progressing slower than expected, and technology development of various manufacturers falling short of expectations.