钧达股份（002865）(02865)发布公告，于2026年1月21日，公司与配售代理订立配售协议，配售代理已 有条件同意尽最大努力促使不少于六名承配人购买最多合共1868.2万股配售股份，配售价为每股配售股 份22.00港元，较于2026年1月21日在联交所所报收市价每股H股22.24港元折让约1.08%。假设配售股份 悉数获配售，配售股份占经配发及发行配售股份扩大后现有已发行H股数目约22.75%及现有已发行股份 数目约6.04%。 假设配售股份悉数获配售，配售事项的估计所得款项总额及所得款项净额预期分别为约4.11亿港元及约 3.98亿港元，经扣除该等费用、成本及开支后的估计净配售价约为每股配售股份21.29港元。配售事项所 得款项净额拟用于以下各项：约45%用于太空光伏电池相关产品的研发与生产;约45%用于商业航天领域 的股权投资与合作;及约10%用于补充公司营运资金。 ...

智通财经APP讯，钧达股份(02865)发布公告，于2026年1月21日，公司与配售代理订立配售协议，配售 代理已有条件同意尽最大努力促使不少于六名承配人购买最多合共1868.2万股配售股份，配售价为每股 配售股份22.00港元，较于2026年1月21日在联交所所报收市价每股H股22.24港元折让约1.08%。假设配 售股份悉数获配售，配售股份占经配发及发行配售股份扩大后现有已发行H股数目约22.75%及现有已发 行股份数目约6.04%。 假设配售股份悉数获配售，配售事项的估计所得款项总额及所得款项净额预期分别为约4.11亿港元及约 3.98亿港元，经扣除该等费用、成本及开支后的估计净配售价约为每股配售股份21.29港元。配售事项所 得款项净额拟用于以下各项：约45%用于太空光伏电池相关产品的研发与生产;约45%用于商业航天领域 的股权投资与合作;及约10%用于补充公司营运资金。 ...

配售价为每股配售股份22.00港元，较于2026年1月21日(即配售协议日期)在联交所所报收市价每股H股 22.24港元折让约1.08%；假设配售股份悉数获配售，配售股份占于本公告日期现有已发行H股数目约 29.45%及现有已发行股份数目(不包括库存股份)约6.42%，以及经配发及发行配售股份扩大后现有已发 行H股数目约22.75%及现有已发行股份数目(不包括库存股份)约6.04%(假设除配发及发行配售股份外， 公司已发行股本自本公告日期起至配售事项完成止并无变动)。 假设配售股份悉数获配售，配售事项的估计所得款项总额及所得款项净额(经扣除公司就配售事项产生 的所有费用、成本及开支，包括佣金及徵费)预期分别为约411.0百万港元及约397.7百万港元，经扣除该 等费用、成本及开支后的估计净配售价约为每股配售股份21.29港元。配售事项所得款项净额拟用于以 下各项：(i)约45%用于太空光伏电池相关产品的研发与生产；(ii)约45%用于商业航天领域的股权投资与 合作；(iii)约10%用于补充公司营运资金。 格隆汇1月21日丨钧达股份(02865.HK)公告，于2026年1月21日，公司与配售代理订立配售协议， ...

Summary of Key Points Core Viewpoint - Barclays PLC has reduced its stake in JunDa Co., Ltd. (002865) by selling 1.8591 million shares at a price of HKD 25.7807 per share, totaling approximately HKD 47.9289 million, resulting in a new holding of 3.2328 million shares, which represents 5.10% of the company [1] Group 1 - Barclays PLC sold 1.8591 million shares of JunDa Co., Ltd. on January 15 [1] - The sale price per share was HKD 25.7807, leading to a total transaction value of approximately HKD 47.9289 million [1] - After the reduction, Barclays PLC's remaining shares in JunDa Co., Ltd. are 3.2328 million, equating to a 5.10% ownership stake [1]

Group 1 - Barclays PLC reduced its stake in JunDa Shares (02865) by 1.8591 million shares at a price of HKD 25.7807 per share, totaling approximately HKD 47.9289 million [1] - After the reduction, Barclays PLC's latest holding is 3.2328 million shares, representing a holding percentage of 5.10% [1]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report highlights that the development of reusable rocket technology has significantly reduced launch costs, creating a golden opportunity for space photovoltaics [5] - The competition in commercial space between China and the US is accelerating, with low Earth orbit (LEO) communication satellites driving short-term demand for solar wings [5] - AI giants are increasingly recognizing the potential of deploying computing power in space, which is expected to benefit space photovoltaics [5] - The report emphasizes the importance of gallium arsenide as the current mainstream technology for space photovoltaics, while also highlighting the potential of silicon-based batteries and perovskite technology in the long term [5] - Investment recommendations include focusing on HJT/perovskite equipment suppliers and companies covering various segments of the photovoltaic supply chain [5] Summary by Sections 1. Space Photovoltaics: The Main Energy Source in Space - Space photovoltaics convert solar energy into electrical energy in space environments, which are harsher than ground conditions [12][13] - Solar panels are the core component of spacecraft power systems, essential for converting solar energy into the electricity needed for satellite operations [12][13] 2. Downstream Scenarios: Commercial Space Boom Leading to a Trillion-Dollar Market - The report notes a significant increase in global satellite launches since 2020, with a projected 4000 launches by 2025, driven by reduced costs from reusable rockets [38] - The US currently dominates the satellite market, with 11,688 satellites in orbit, while China and Russia lag behind [38] - The competition for orbital resources is intensifying, with both the US and China making substantial satellite deployment plans [44][45] 3. Technology Pathways: Gallium Arsenide as the Current Mainstream, with Potential for Silicon-Based Batteries and Perovskite Breakthroughs - Gallium arsenide solar cells are currently the most efficient option for space applications, with over 30% efficiency [65] - The report discusses the evolution of solar cell technologies, including silicon and multi-junction cells, and the potential for future advancements in perovskite technology [65] 4. Investment Recommendations: Focus on HJT/Perovskite Core Equipment Suppliers - Companies such as Maiwei, Aotwei, and Jiejia Weichuang are highlighted as key players in the HJT/perovskite equipment supply chain [5] - The report suggests monitoring companies that cover the entire photovoltaic supply chain, including polysilicon, batteries, and modules [5]

证券研究报告·公司点评报告·光伏设备 钧达股份（002865） 2025 年业绩预告点评：业绩阶段性亏损，加 快布局新增长点 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 18,657 | 9,952 | 9,318 | 14,627 | 19,215 | | 同比（%） | 60.90 | (46.66) | (6.37) | 56.97 | 31.37 | | 归母净利润（百万元） | 815.64 | (591.11) | (1,272.02) | 471.07 | 1,043.17 | | 同比（%） | 13.77 | (172.47) | (115.19) | 137.03 | 121.45 | | EPS-最新摊薄（元/股） | 2.79 | (2.02) | (4.35) | 1.61 | 3.57 | | P/E（现价&最新摊薄） | 30.22 | (41.70) | (19.38) | 5 ...

Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The demand for satellite internet networking is urgent, and space computing opens new growth opportunities. The construction of satellite internet networks is driven by strong demand due to the advantages of wide coverage, strong disaster resistance, and rapid deployment. The International Telecommunication Union (ITU) has established principles for satellite frequency and orbit usage, leading to a competitive race for low Earth orbit resources. The construction and launch of satellite constellations in China are accelerating, with a significant gap compared to the US [4][16]. - Space computing is leading to increased demand for satellites. The traditional model of "ground computing" is evolving to "space computing," with satellites equipped with AI chips and edge computing modules to process data in orbit, significantly reducing transmission delays and processing times. Major companies are investing in space computing infrastructure, which is expected to drive the demand for satellites [17][19]. - Solar wings are the only efficient and long-term energy supply solution for near-Earth commercial space. Solar wings account for approximately 12%-24% of the satellite's value, and their area is continuously increasing, which enhances the overall power supply capacity of satellites. The transition from rigid to flexible solar wings is a key trend, with different technological routes being adopted in China and the US [4][28][38]. Summary by Sections Satellite Internet Networking - The urgent need for satellite internet networking is driven by the rapid release of rigid application demands in communication, navigation, and remote sensing. The construction of satellite internet networks is becoming increasingly critical due to limited low Earth orbit resources and the competitive landscape [11][16]. - The ITU's "first come, first served" principle has intensified the competition for satellite orbital resources, with China lagging in the completion rate of its satellite constellations compared to the US [16][18]. Space Computing - Space computing is transforming satellite demand by embedding AI capabilities into satellite systems, allowing for in-orbit data processing and reducing the need for ground-based data transmission. This shift is expected to significantly enhance the capabilities and applications of satellites [19][22]. Solar Wings - Solar wings are essential for providing continuous power to satellites, with their value accounting for a significant portion of the satellite's overall worth. The area of solar wings is increasing, which is expected to enhance the power supply capabilities of satellites [28][30]. - The transition from rigid to flexible solar wings allows for greater power generation efficiency and is particularly suited for high-power and multi-satellite launch scenarios. The flexible solar wings can achieve a higher power-to-weight ratio and better space utilization [38][45]. Technology Routes - There are notable differences in the solar wing battery technology routes between China and the US. The US primarily uses silicon solar cells due to their lower costs and established supply chains, while China is exploring gallium arsenide cells for their higher power-to-weight ratios and efficiency [51][62]. - Gallium arsenide cells are being actively explored for cost reduction, and perovskite cells are emerging as a potential next-generation solution for solar wings due to their low cost and high efficiency [65][69].

Industry Overview - The photovoltaic industry is facing a financial crisis, with nearly ten leading companies reporting significant losses for 2025, indicating a downturn across the entire supply chain [1] - The industry is experiencing overcapacity and intense competition, leading to a decline in profitability despite a surge in installation capacity driven by policy changes [1][8] - The cancellation of export tax rebates starting April 1, 2026, is expected to increase cost pressures on companies, intensifying competition and survival challenges [1][10] Company-Specific Insights - Tongwei Co., Ltd. anticipates a net loss of 90 to 100 billion yuan for 2025, marking a significant increase from a loss of 70.39 billion yuan in the previous year, potentially making it the largest loss among disclosed forecasts [3] - Longi Green Energy expects a net loss of 60 to 65 billion yuan for 2025, showing signs of recovery compared to a loss of 85.92 billion yuan the previous year [6] - JA Solar Technology is projected to incur a net loss of 45 to 48 billion yuan, which may impact its employee incentive plans due to a significant gap between performance targets and actual results [4] - Aiko Solar anticipates a reduced loss of 12 to 19 billion yuan for 2025, down from 53.19 billion yuan, attributed to increased sales of high-value products [6] - Daqo New Energy expects a net loss of 10 to 13 billion yuan, while other companies like Junda and Shichuang Energy also project losses due to supply-demand imbalances [7] Market Dynamics - The solar power sector's new installations reached 274.89 GW from January to November 2025, nearing the total for 2024, with expectations to exceed 300 GW for the year [2] - The industry is witnessing a trend of mergers and acquisitions as companies face survival pressures due to limited funding sources [2][12] - The overall industry is characterized by a significant mismatch between supply and demand, with production capacity far exceeding actual market needs [8] Future Outlook - Analysts predict that the cancellation of export tax rebates will lead to increased operational pressures in the short term but may encourage a shift towards value competition in the long term [10][11] - The industry is expected to undergo a significant restructuring phase in 2026, with potential for a rebound if excess capacity is reduced and supply-demand balance is restored [12][13]

Group 1 - The core point of the news is that JunDa Co., Ltd. experienced a decline of 5.29% in its stock price, reaching 86.00 CNY per share, with a trading volume of 974 million CNY and a turnover rate of 4.92%, resulting in a total market capitalization of 25.162 billion CNY [1] - JunDa Co., Ltd. is primarily engaged in the research, production, and sales of photovoltaic cells, with its main products including 210-N N-type TOPCon monocrystalline cells, 182/183-N N-type TOPCon monocrystalline cells, and 182-P PERC monocrystalline cells. The company's revenue composition is 99.79% from photovoltaic cells and 0.21% from other sources [1] Group 2 - From the perspective of the top ten circulating shareholders, Huatai Bairui Fund holds a position in JunDa Co., Ltd. The photovoltaic ETF (515790) reduced its holdings by 70,900 shares in the third quarter, now holding 1.8184 million shares, which accounts for 0.63% of the circulating shares, resulting in an estimated floating loss of approximately 8.7281 million CNY [2] - The photovoltaic ETF (515790) was established on December 7, 2020, with a current scale of 13.976 billion CNY. Year-to-date returns are 12.06%, ranking 650 out of 5,542 in its category, while the one-year return is 46.27%, ranking 1,561 out of 4,235 [2]