证券日报网讯1月28日，高测股份在互动平台回答投资者提问时表示，公司深耕光伏硅片切割细分领 域，充分发挥"设备+耗材+工艺"技术闭环优势，持续引领硅片薄片化进程。2022年公司首发80μm超薄 硅片，2023年首发60μm超薄硅片，并在近期已推出50μm超薄硅片。由于光伏电池技术路线的选择，目 前批量供应的硅片主流厚度仍以100-130μm为主，公司已具备小批量交付60-80μm硅片能力，近期已有 多家电池头部客户及研究机构提出50μm硅片送样测试需求，超薄硅片将随着太空光伏超薄柔性HJT电 池的应用逐步打开。超薄硅片规模化切割技术壁垒相对较高，对切割设备、金刚线及切割工艺都提出了 更高要求，公司已布局并规划超薄硅片良率持续提升路径，助力行业加快超薄硅片量产落地。公司对钙 钛矿等前沿技术保持高度关注并已积极布局相关产品。 ...

Core Viewpoint - The company has successfully expanded its overseas sales of photovoltaic and semiconductor equipment, demonstrating strong market competitiveness [1] Group 1 - The company has achieved overseas sales of its innovative equipment, including photovoltaic and semiconductor devices [1] - Some of the company's equipment has been exported to France and other EU member countries [1] - The sales strategy primarily involves direct sales of the equipment [1]

Core Viewpoint - The company is focusing on the development and supply of ultra-thin silicon wafers, with a current mainstream thickness of 100-130μm and capabilities for 60-80μm and 50μm wafers, responding to market demand from leading battery customers and research institutions [1] Group 1 - The company has the ability to deliver small batches of 60-80μm silicon wafers and has introduced 50μm ultra-thin silicon wafers [1] - There is a growing demand for 50μm silicon wafer samples from several leading battery customers and research institutions [1] - The application of ultra-thin silicon wafers is expected to expand with the use of ultra-thin flexible HJT batteries in space photovoltaic systems [1] Group 2 - The company has laid out a technology roadmap for improving the yield of ultra-thin silicon wafers [1] - Continuous technological innovation will be a key strategy for the company to accelerate the mass production of ultra-thin silicon wafers in the industry [1]

Core Viewpoint - The company is focusing on the niche market of photovoltaic silicon wafer cutting, leveraging its "equipment + consumables + process" technology closed-loop advantage to lead the thin wafer trend in the industry [1] Group 1: Product Development - In 2022, the company launched an 80μm ultra-thin silicon wafer, followed by a 60μm ultra-thin silicon wafer in 2023, and recently introduced a 50μm ultra-thin silicon wafer [1] - The demand for ultra-thin silicon wafers is expected to increase with the application of ultra-thin flexible HJT batteries in space photovoltaics [1] Group 2: Technical Barriers and Industry Position - The cutting technology for ultra-thin silicon wafers has relatively high technical barriers, requiring advanced cutting equipment, diamond wires, and cutting processes [1] - The company has laid out and planned a path for continuous improvement in the yield of ultra-thin silicon wafers, aiding the industry in accelerating the mass production pace of ultra-thin silicon wafers [1]

(上证e互动) 1月28日，高测股份在互动平台表示，由于光伏电池技术路线的选择，公司目前批量供应的硅片主流厚 度仍以100-130μm为主，已具备小批量交付60-80μm硅片能力，并已推出50μm超薄硅片。近期已有多家 电池头部客户及研究机构提出50μm硅片送样测试需求，超薄硅片将随着太空光伏超薄柔性HJT电池的 应用逐步打开需求。公司已布局超薄硅片技术，并规划了持续提升良率的路径，将不断通过技术创新助 力行业加快超薄硅片量产节奏。 ...

Core Viewpoint - The company is advancing in the field of ultra-thin silicon wafer cutting, particularly with the introduction of 50μm ultra-thin silicon wafers, which are expected to meet the growing demand from projects like SpaceX's Starlink [1] Group 1: Company Developments - The company has launched 50μm ultra-thin silicon wafer cutting technology [1] - It is actively preparing for even thinner silicon wafer cutting technologies [1] - The company aims to improve the yield rate of ultra-thin silicon wafer cutting to accelerate mass production in the industry [1] Group 2: Industry Trends - The application validation of space photovoltaic HJT ultra-thin flexible batteries is progressing, which is anticipated to drive the demand for flexible ultra-thin silicon wafers in the future [1]

Core Viewpoint - The company is focusing on the photovoltaic silicon wafer cutting segment, leveraging its "equipment + consumables + process" technology closed-loop advantage to lead the thin wafer trend in the industry [1] Group 1: Product Development - In 2022, the company launched an 80μm ultra-thin silicon wafer, followed by a 60μm ultra-thin silicon wafer in 2023, and recently introduced a 50μm ultra-thin silicon wafer [1] - The demand for ultra-thin silicon wafers is expected to grow with the application of space photovoltaic ultra-thin flexible HJT batteries [1] Group 2: Technical Barriers and Industry Position - The cutting technology for ultra-thin silicon wafers has relatively high technical barriers, requiring advanced cutting equipment, diamond wires, and cutting processes [1] - The company has laid out and planned a path for continuous improvement in the yield of ultra-thin silicon wafers, aiding the industry in accelerating the mass production pace of ultra-thin silicon wafers [1]

格隆汇1月28日丨高测股份(688556.SH)在投资者互动平台表示，公司深耕光伏硅片切割细分领域，充分 发挥"设备+耗材+工艺"技术闭环优势，持续引领硅片薄片化进程。2022年公司首发80μm超薄硅片， 2023年首发60μm超薄硅片，并已在近期推出50μm超薄硅片。超薄硅片的需求预计将随着太空光伏超薄 柔性HJT电池的应用逐步打开。超薄硅片切割技术壁垒相对较高，对切割设备、金刚线及切割工艺都提 出了更高要求，公司已布局并规划超薄硅片良率持续提升路径，助力行业加快超薄硅片量产节奏。 ...

Investment Rating - The investment rating for the photovoltaic equipment industry is optimistic (maintained) [1] Core Insights - The photovoltaic sector is entering a silicon era in space applications, driven by the need for cost reduction and efficiency improvement in photovoltaic technology [5][18] - Photovoltaic systems are the most reliable and sustainable power source for spacecraft, providing stable energy supply without the need for fuel resupply [18] - The transition to silicon-based photovoltaic technology in space is being accelerated by the high costs and limitations of III-V multi-junction solar cells, which are currently the most efficient but expensive [64][67] Summary by Sections 1. From Parallel to Convergence: Space Enters the Silicon Era - Photovoltaics are the most important energy supply for spacecraft, providing stable energy without atmospheric interference [18] - Cost reduction and efficiency improvement are the main drivers for the evolution of photovoltaic technology [19] - P-type HJT (Heterojunction Technology) cells show significant advantages in space applications due to their superior radiation resistance [6][69] - Silicon-perovskite tandem cells are expected to become the ultimate solution, breaking the efficiency-cost-radiation resistance triangle [6][68] 2. The Space Race Begins: Photovoltaics Open New Blue Oceans - Low Earth orbit communication satellites are driving the demand for large-scale satellite deployment [7] - The space computing market is expected to release significant potential, with a focus on reliable power supply rather than cost competition [7] 3. Pre-Volume Layout: Equipment Manufacturers Seize Opportunities - Key equipment manufacturers benefiting from the space photovoltaic technology include Maiwei, Jiejia Weichuang, Laplace, and others [8] 4. Competition Among Giants: Leading Manufacturers Tap into Blue Oceans - Major battery manufacturers deeply involved in space photovoltaic technology include Dongfang Risheng, Junda, Trina Solar, and JinkoSolar [8]

Summary of the Conference Call on the Space Photovoltaics Industry Industry Overview - **Industry Focus**: Space Photovoltaics - **Key Players**: SpaceX, Amazon, Chinese satellite companies - **Market Potential**: Estimated to reach a trillion-dollar market Core Insights and Arguments 1. **Cost Reduction through Reusable Technology**: The advent of reusable rocket technology has significantly lowered launch costs, creating a golden opportunity for space photovoltaics. The successful exploration of reusable rockets by companies like SpaceX has led to a rapid decrease in launch costs, making commercial space activities more frequent [5][23][24] 2. **US-China Competition in Commercial Space**: The competition between the US and China in commercial space is accelerating, particularly in low Earth orbit (LEO) communications satellites, which is expected to drive demand for solar wings. The US currently leads in LEO satellite deployment, with China planning to submit applications for 203,000 satellites to the International Telecommunication Union (ITU) by December 2025, aiming to secure valuable orbital resources [5][44][46] 3. **AI and Space Computing**: The concept of deploying AI data centers in space is gaining traction among tech giants. Space-based computing, or "computing in space," is seen as a solution to energy and space limitations. The cost of deploying a 40MW AI data center in space is estimated at $8.2 million, significantly lower than ground deployment costs [5][52][53] 4. **Technological Developments in Photovoltaics**: - **Gallium Arsenide (GaAs)** is currently the mainstream choice for space photovoltaics due to its excellent performance, though it is costly and has material sourcing limitations. - **Heterojunction (HJT)** technology is expected to be a significant choice for large-scale industrialization due to its efficiency and simpler manufacturing process. - **Perovskite technology** shows promise but lacks sufficient empirical data for large-scale application in the short term [5][64] 5. **Investment Recommendations**: The space photovoltaics sector is entering an active exploration phase, with equipment manufacturers poised to benefit. Key companies to watch include: - **HJT/Perovskite Equipment Suppliers**: Maiwei Co., Aotwei, and Jiejia Weichuang - **Comprehensive Photovoltaic Companies**: Jing Sheng Mechanical and Gao Ce Co. [5][5] Additional Important Content 1. **Risks**: Potential risks include slower-than-expected development of the commercial space industry, uncertainties in the technological pathways for space photovoltaics, and lower-than-expected investment and application demand for space computing [5][5] 2. **Market Dynamics**: The global satellite launch frequency has increased significantly since 2020, with projections indicating around 4,000 launches annually by 2025, marking a growth rate exceeding 50% [5][38] 3. **Future Projections**: The estimated demand for space photovoltaics from existing satellite plans could reach nearly 10GW in the near term, with significant growth expected as more satellites are deployed [5][46][62] 4. **Cost Comparisons**: The Levelized Cost of Energy (LCOE) for space photovoltaics is projected to decrease significantly due to reduced launch costs and advancements in technology, potentially reaching $0.04/kWh by 2050 [5][33][34] 5. **Global Competition**: The competition for orbital resources is intensifying, with the US and China leading the charge in satellite deployments, highlighting the strategic importance of space resources [5][42][43] This summary encapsulates the key points discussed in the conference call regarding the space photovoltaics industry, emphasizing the technological advancements, market dynamics, and investment opportunities within this rapidly evolving sector.