Summary of Key Points from the Conference Call Company Overview - **Company**: JunDa Co., Ltd. (钧达股份) - **Industry**: Commercial Aerospace Core Insights and Arguments 1. **Expansion into Commercial Aerospace**: JunDa is positioned as a key player in the commercial aerospace sector, with expectations for significant growth through mergers and acquisitions, particularly in satellite technology [1][3] 2. **Acquisition of Shanghai Fuyao Xinghe**: JunDa has acquired a 60% stake in Shanghai Fuyao Xinghe, becoming its controlling shareholder, which allows JunDa to indirectly control its wholly-owned subsidiary, Xuntian Qianhe. This positions Xuntian Qianhe as a rare publicly listed entity in the commercial satellite sector within both A-share and H-share markets [2][4] 3. **Strategic Goals for Xuntian Qianhe**: Xuntian Qianhe is set to be the core of JunDa's space technology ecosystem, with plans to leverage capital market advantages for comprehensive support, aiming to establish it as one of the top three commercial satellite companies in China [4] Development Outlook for Xuntian Qianhe 1. **Team and Technical Background**: - The core team consists of members from the Aerospace Science and Technology Corporation, with experience in developing 62 satellites. - The founder, Wei Ran, holds a PhD from Harbin Institute of Technology and has a strong background in significant projects like the lunar exploration program [5] 2. **Business Capabilities and Performance**: - Xuntian Qianhe is positioned as a comprehensive commercial satellite enterprise, capable of designing, developing, assembling, and testing satellites under 1 ton, covering various applications such as communication, remote sensing, and IoT. - The company achieved profitability in its first year after its establishment in August 2024, successfully launching 7 commercial satellites and currently has over 20 satellites in development with 54 orders on hand. It has the capacity to produce 50 satellites annually, with plans to scale to 100 [5] 3. **Core Technologies and Products**: - Xuntian Qianhe has developed China's first computational hyperspectral and all-metal remote sensing satellites. - It has become a qualified supplier for satellite networks, undertaking the development of two technology verification satellites [5] Additional Insights 1. **Computational Satellite Plans**: JunDa is involved in the Shanghai Space Computing Alliance, with plans to deploy 4,000 computational satellites [6] 2. **Space Energy Initiatives**: JunDa is collaborating with the Chinese Academy of Sciences on space photovoltaic battery technology, achieving efficiencies exceeding 30%, which is expected to set a standard solution for space energy [7] 3. **Integrated Industry Chain**: The strategy includes creating a closed-loop industry chain from space photovoltaic components to complete satellite systems, with Xuntian Qianhe serving as a platform for on-orbit verification of JunDa's photovoltaic products, with plans to validate these products on over 10 satellites by 2026 [7]

Group 1: Company Overview - JunDa Co., Ltd. is primarily engaged in the research, production, and sales of photovoltaic cells, with a revenue composition of 99.79% from photovoltaic cells and 0.21% from other sources [2] - The company specializes in various types of solar cells, including 210-N N-type TOPCon monocrystalline cells and 182-P PERC monocrystalline cells, which are integrated into photovoltaic systems for solar power generation [2] - JunDa Co., Ltd. was established on April 3, 2003, and went public on April 25, 2017 [2] Group 2: Financial Performance - As of September 30, 2025, JunDa Co., Ltd. reported a revenue of 5.682 billion yuan, a year-on-year decrease of 30.72%, and a net profit attributable to shareholders of -419 million yuan, a decrease of 0.48% [3] - The company has distributed a total of 319 million yuan in dividends since its A-share listing, with 255 million yuan distributed over the past three years [4] Group 3: Stock Performance - On February 10, JunDa Co., Ltd. experienced a stock price decline of 2.53%, trading at 94.69 yuan per share, with a total market capitalization of 29.474 billion yuan [1] - The stock has seen a year-to-date increase of 73.39%, but a decline of 14.09% over the last five trading days [1] - The company has appeared on the trading leaderboard five times this year, with the most recent appearance on February 5, where it recorded a net buy of -41.7652 million yuan [1]

Core Viewpoint - The articles highlight the growing interest and investment in space photovoltaic technology among various companies in China, indicating a significant potential for growth in this sector by 2026 as commercialization accelerates. Group 1: Company Overview - Xizi Clean Energy (002534) is a leading clean energy equipment manufacturer in China, focusing on high-performance perovskite photovoltaic technology and aiming to become a core supplier of materials for space photovoltaics by 2026 [1][24]. - Shanghai Port Construction (605598) is a major infrastructure company that is expanding into space photovoltaic systems, leveraging its engineering capabilities to support commercial space projects [2][25]. - TuoRi New Energy (002218) has a long-standing presence in the photovoltaic industry and is optimizing its space photovoltaic products, expecting to increase market share by 2026 [3][26]. - Mingyang Smart Energy (601615) is acquiring technology to enhance its capabilities in space solar cell development, aiming to integrate its wind and solar energy expertise [4][28]. - Woge Optoelectronics (603773) specializes in flexible solar wing materials for satellites, with a focus on high-temperature resistant films, anticipating significant growth in the space photovoltaic sector [5][29]. Group 2: Growth Outlook - Companies are expected to benefit from the rapid commercialization of space photovoltaics, with projections indicating substantial growth opportunities by 2026 [1][2][3][4][5]. - The synergy between commercial aerospace and space photovoltaic industries is anticipated to drive rapid business growth for companies like Shanghai Port Construction and Mingyang Smart Energy [2][4]. - The demand for flexible solar wings and high-efficiency photovoltaic materials is expected to surge, positioning companies like Woge Optoelectronics and TuoRi New Energy as key players in the market [3][5]. Group 3: Technological Advancements - Companies are focusing on developing materials that can withstand extreme space conditions, such as high-performance perovskite and flexible solar films, which are crucial for the success of space photovoltaic applications [1][5][6]. - The integration of advanced technologies, such as N-type solar cells and high-efficiency components, is being prioritized by firms like Junda Co. (002865) and Sanan Optoelectronics (600703) to enhance their competitive edge in the space photovoltaic market [6][10][35]. - The ongoing research and development efforts in high-efficiency solar technologies are expected to yield breakthroughs that will facilitate the commercialization of space photovoltaic solutions by 2026 [3][4][5][6].

证券研究报告·公司点评报告·光伏设备 钧达股份（002865） 钧达股份收购卫星整星总体企业巡天千河母 公司 60%股权 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) | 52. ...

Investment Rating - The report maintains a "Recommended" rating for the company [5][8]. Core Insights - The company is expanding its business from space photovoltaic technology to satellite manufacturing, aiming to create an integrated solution in the commercial aerospace sector [4]. - The acquisition of a 60% stake in Shanghai Xuntian Qianhe Space Technology Co., Ltd. positions the company strategically in the satellite assembly field, enhancing its capabilities in the "remote sensing + communication + computing power" satellite manufacturing market [4]. - The company has successfully raised HKD 398 million through a placement of 18.68 million shares, with 45% allocated for research and production of space photovoltaic products and another 45% reserved for future strategic investments in the commercial aerospace sector [4]. Financial Projections - Revenue is projected to reach CNY 85.34 billion, CNY 119.76 billion, and CNY 159.59 billion for the years 2025, 2026, and 2027 respectively, with a significant recovery in net profit expected in 2026 and 2027 [5][7]. - The company is expected to achieve a net profit of CNY -12.48 billion in 2025, followed by CNY 6.89 billion in 2026 and CNY 11.40 billion in 2027, indicating a strong turnaround [5][7]. - The projected PE ratios for 2026 and 2027 are 44x and 27x respectively, reflecting the anticipated growth in profitability [5][7].

近日，上海复遥星河航天科技有限公司发生工商变更，控股股东变更为钧达股（持股60%），复遥星河 航天科技100%持股巡天千河，即钧达间接控股了商业卫星公司巡天千河。 投资建议。公司在太空领域持续投入，之前与合作方控股设立CPI 膜与晶硅太阳能叠层的子公司，近期 完成约4 亿港元的H 股配售，又控股了知名的民营卫星公司，实现太空能源+卫星领域的高质量卡位， 未来有望实现跨越式发展，维持"增持"投资评级。 风险提示：行业需求不及预期，海外布局和贸易风险，太空、卫星等新业务风险等。 控股知名卫星公司巡天千河。近日，上海复遥星河航天科技有限公司发生工商变更，控股股东变更为钧 达股（持股60%），法定代表人变更成为钧达副董事长郑洪伟。复遥星河航天科技100%持股巡天千 河，即钧达间接控股了商业卫星公司巡天千河。 巡天千河有核心竞争力，发展潜力大。巡天千河技术团队源于航天科技集团，有近百颗商业卫星研制经 验，是国内知名的卫星整星公司。该公司掌握卫星核心单机、有效载荷核心技术，可为客户提供卫星研 制、新技术搭载验证服务、用户终端研制等一体化解决方案，供应链自研比例约70%。其整星制造覆盖 10kg~1000kg 各类卫星，应 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The controlling shareholder of Shanghai Fuyou Xinghe Aerospace Technology Co., Ltd. has changed to Jun Da Co., which holds 60% of the shares. Shanghai Xuntian Qianhe Space Technology Co., Ltd. is a wholly-owned subsidiary of Fuyou Xinghe [2][5]. - Xuntian Qianhe is a leading satellite manufacturer in China, located in the G60 Space Internet Industry Base in Songjiang District, Shanghai. The company focuses on high-quality commercial satellites through independent research and technological innovation [12]. - The company has a strong technical team with nearly a hundred commercial satellite development experiences and has developed six satellite platforms covering micro and small satellites from 10kg to 1000kg [12]. - Jun Da Co. has completed its H-share placement, raising a net amount of HKD 398 million, with 45% allocated for the research and production of space photovoltaic battery products, 45% for equity investment and cooperation in the commercial aerospace sector, and 10% for working capital [12]. - The company aims to solidify its position in the remote sensing satellite market, enhance data accuracy and timeliness, and expand into the communication satellite field [12]. Financial Data Summary - Current stock price is 97.83 CNY, with a total share capital of 31,127 million shares and a circulating A-share of 22,487 million shares [7]. - The projected total revenue for 2026 is 10,805 million CNY, with a net profit forecast of 488 million CNY [16]. - The company expects to achieve a net profit of 1,034 million CNY by 2027, with an EPS of 3.32 CNY [16].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the coming year [5][8]. Core Insights - The company is expanding its business from space photovoltaic technology to satellite manufacturing, aiming to create an integrated solution in the commercial aerospace sector [4]. - The acquisition of a 60% stake in Shanghai Xuntian Qianhe Space Technology Co., Ltd. positions the company strategically in the satellite assembly field, enhancing its capabilities in the "remote sensing + communication + computing power" satellite manufacturing market [4]. - The company has successfully raised HKD 398 million through a placement of 18.68 million shares, with 45% allocated for research and production of space photovoltaic products and another 45% reserved for future strategic investments in the commercial aerospace sector [4]. Financial Projections - Revenue is projected to grow from CNY 85.34 billion in 2025 to CNY 159.59 billion in 2027, with net profit expected to turn positive by 2026, reaching CNY 11.40 billion by 2027 [5][7]. - The company is expected to achieve a PE ratio of 44x in 2026 and 27x in 2027, reflecting a significant improvement in profitability as operations scale [5][7]. Business Development - The company has established a strong technical barrier and a mature product system in satellite manufacturing, with over 60 satellites developed and operational for more than 7 years [3]. - The company’s subsidiary, Xuntian Qianhe, is recognized as a leading player in satellite design and manufacturing, with a diverse range of satellite platforms covering weights from 10kg to 1000kg [3].

Group 1 - The core viewpoint is that the space photovoltaic industry has significant potential, driven by both domestic and international developments, particularly with SpaceX's plans for a solar energy satellite network and China's increasing satellite launch capabilities [1][2] - The global market for space photovoltaics could reach 8GW annually, with a potential market size of 8 trillion yuan, even if the cost of components decreases significantly [2] - China's photovoltaic industry is strong, with leading manufacturers in equipment and materials, such as Maiwei and Aotwei, which are expected to gain incremental orders due to the expansion of overseas leaders [3] Group 2 - The report suggests focusing on key photovoltaic equipment manufacturers like Aotwei, Maiwei, and others that are likely to benefit from the expansion of overseas leaders [3] - It also highlights core material manufacturers like Dongfang Risen and others that have established deep relationships with overseas clients, which will drive profit growth [3]

Group 1 - The photovoltaic sector has seen significant gains, with multiple stocks experiencing substantial increases in their share prices [1][2][3] - Key performers include GCL-Poly Energy, which has achieved a four-day consecutive rise, and Shuangliang Energy, which has seen three increases in five days [1] - Other notable stocks that reached their daily limit include Suwen Electric, Juhe Materials, and several others, with increases of up to 20% [1][2] Group 2 - In the stock market, Tongxiang Technology led with a rise of 29.98%, followed by Suwen Electric and Juhe Materials, both at 20% [2] - Other significant gainers include Jieput, which rose by 18.86%, and Liancheng CNC, which increased by 15.02% [2] - The Hong Kong market also reflected positive trends in the photovoltaic sector, with Jun Da shares up over 15% and GCL-Poly Energy up over 14% [3][4]