Guotai Junan Securities: Tesla and Space X plan to deploy large-scale solar capacity, optimistic about new cycle of solar equipment industry.

Guotai Haitong Securities believes that Musk's proposal of deploying a total of 200GW photovoltaic capacity for Space X and Tesla plans will benefit equipment companies first. Data center with solar power generation + energy storage combined with space photovoltaic is expected to drive a new round of equipment expansion. The demand for computing power in data centers is accelerating the adoption of "stable, low-cost, and fast-replicable" solar power generation + energy storage configuration. This is shifting the focus of ground-based solar installations from traditional electricity demand to computing power infrastructure. The development of low-orbit satellites and space computing is driving the industrial verification stage from 0 to 1 for space photovoltaics, demanding higher standards for battery efficiency, lightweight, and flexibility, further opening up the incremental space for high-end manufacturing and customized equipment. Guotai Haitong Securities believes that with the intensification of low-orbit satellite launches and the commercialization of space computing, there is a clear trend driving the demand for increased photovoltaic production, with core equipment manufacturers expected to benefit first. In terms of different sectors, for the battery cell segment: recommended targets include Maiwei Technology, Laplace, Jiejia Weichuang, and Deere Laser; for the component segment: recommended target is Autowei; for the silicon wafer segment: relevant companies include Gaote Measurement, Jingcheng Electronics, Liancheng CNC, and Shuangliang Energy.