Analysis of the Impact of the Industrialization of China's Space Solar Power Station 'Zhu Ri Project' on the Investment Value of Zhenlei Technology and Qianzhao Optoelectronics

China’s space solar power station system project ‘Zhu Ri Project’ is a major scientific and technological research project led by the team of Academician Duan Baoyan from Xi’an University of Electronic Science and Technology, in collaboration with the team of Academician Yang Shizhong from Chongqing University. According to the latest progress, the project is expected to

[1].

In 2021, China started constructing the first space solar power station experimental base in Bishan, Chongqing. In November 2023, the team from Xi’an University of Electronic Science and Technology announced a breakthrough ground verification system for space solar power stations [1]. The project focuses on core technologies such as microwave energy transmission and space communication. In the future, it can provide power for airships, drones, and offshore platforms, as well as wireless power supply for remote or disaster-stricken areas.

The Zhu Ri Project is not only a traditional energy project but also a

for the future. Its main application scenarios include:

• Space Charging Pile
  : Provides continuous power supply for on-orbit satellites
• Space Computing Center
  : Supports the long-term operation of AI data centers in space
• Directed Energy Weapons
  : Provides high-power energy support for national defense applications
• Space Exploration Support
  : Provides energy security for deep space exploration missions

According to international analysis, the power generation efficiency of space solar power stations will far exceed that of equivalent ground systems, as orbital solar arrays can capture sunlight 24/7, providing continuous energy collection and higher efficiency [1].

Zhenlei Technology focuses on the R&D, production, and sales of integrated circuit chips and microsystems. Its main products include RF transceiver chips, high-speed and high-precision ADC/DAC chips, power management chips, microsystems, and modules [0]. The company’s products are mainly used in special industry fields such as data links, electronic countermeasures, wireless communication terminals, and phased array communications.

Zhenlei Technology is the

and plays the role of an RF chip expert in the space computing industry chain [2]. The company’s RF transceiver chips are crucial for signal processing in energy transmission of space solar power stations, especially playing a key role in microwave energy transmission systems.

As of December 2025, Zhenlei Technology has a market capitalization of USD 23.76 billion and a current stock price of USD 110.99 [0]. The company’s recent stock price performance has been strong, rising 228.37% year-to-date, reflecting the market’s optimism about its prospects in the space computing field.

• P/E Ratio: 227.47x
• Net Profit Margin: 24.65%
• Operating Profit Margin: 22.17%
• Current Ratio: 12.72

Qianzhao Optoelectronics is a leading and largest domestic supplier of gallium arsenide solar cell epitaxial wafers [2]. The company’s gallium arsenide solar cell products have been mass-produced and shipped for more than 10 years, with superior performance, mainly used in commercial aerospace low-orbit satellites.

Qianzhao Optoelectronics occupies the

position in the Zhu Ri Project industry chain:

• Technological Advantage
  : Gallium arsenide solar cell efficiency reaches 31% (industry first)
• Market Share
  : Over 60% market share in low-orbit satellite energy systems
• Per-unit Value
  : The value of a single satellite battery ranges from 3 to 6 million yuan
• International Certification
  : Has passed SpaceX certification, providing continuous energy security for space data centers [2]

Qianzhao Optoelectronics has a market capitalization of USD 21.81 billion and a current stock price of USD 24.26 [0]. The company’s stock price has risen by 139.01% year-to-date, demonstrating the market’s recognition of its leading position in the space energy field.

• P/E Ratio: 162.84x
• Net Profit Margin: 4.09%
• Operating Profit Margin: 3.37%
• Current Ratio: 1.61

In the initial stage of the Zhu Ri Project, both companies will benefit from the growing demand for

:

• Increased R&D Investment
  : Governments and enterprises will increase R&D investment in space solar technology
• Sample Orders
  : Ground verification and sample demand before the megawatt-level system is sent into space in 2028
• Standard Setting
  : Participate in industry standard setting to gain first-mover advantage

With the megawatt-level system being sent into space in 2028, the industry will enter the

:

• Large-scale Orders
  : Large-scale demand for space solar power station construction
• Technology Iteration
  : Positive cycle of product performance improvement and cost reduction
• International Market
  : Overseas market opportunities brought by China’s technology export

After the completion of the megawatt-level commercial power station in 2035, a complete

will be formed:

• Sustained Revenue
  : Long-term stable income from commercial power station operations
• Industry Chain Extension
  : Expand to downstream application fields
• Technical Barriers
  : Establish insurmountable technical and experience barriers

From the performance from September to December 2025, Qianzhao Optoelectronics (+89.5%) had a significantly higher increase than Zhenlei Technology (+55.2%), which reflects the market’s enthusiasm for the space energy concept [0]. Both companies have shown strong growth, achieving significant increases driven by the space computing and space energy concepts.

• Space solar technology is still in the early stage of development, with technical uncertainties
• High launch costs (about USD 500/MWh, far exceeding the USD 50/MWh of ground solar energy) [1]

• Long project investment cycle, with uncertain returns
• Intensified international competition, which may affect market share

• Changes in national policy support may affect project progress
• Changes in international relations may affect technical cooperation

• Advantages
  : High technical barriers and strong profitability (net profit margin of 24.65%)
• Focus
  : The irreplaceability of RF chips in space communication
• Risk Reminder
  : High valuation (PE 227x), need to pay attention to performance fulfillment

• Advantages
  : Dominant position in the space energy field, has obtained SpaceX certification
• Focus
  : Market monopoly position of gallium arsenide solar cells
• Risk Reminder
  : Relatively weak profitability, need to pay attention to cost control

The industrialization process of China’s space solar power stations will not only bring huge development opportunities to the two related companies but also promote the development of the entire

. As tech giants such as Bezos and Musk compete to layout space data centers, the global competition in space energy and data centers is becoming increasingly fierce [3].

Against this background, Zhenlei Technology and Qianzhao Optoelectronics, as core enterprises in China’s space industry chain, are expected to gain first-mover advantages in technological breakthroughs and market expansion, creating long-term value for investors. However, it should be noted that such high-tech projects have long investment cycles and high risks, so investors need to maintain rational expectations and pay attention to project progress and technological breakthroughs.

[0] Gilin API Data
[1] “China unveils ambitious plans for space-based solar power stations” - TFI Global News (https://tfiglobalnews.com/2025/01/13/china-unveils-aspiring-plan-for-space-based-solar-power-stations/)
[2] “Panorama of Space Computing Concept Stocks: From Satellite Manufacturing to Application Implementation” - Eastmoney Wealth Account (https://caifuhao.eastmoney.com/news/20251212090532203110830)
[3] “Bezos and Musk Race to Bring Data Centers to Space” - The Wall Street Journal (https://cn.wsj.com/articles/bezos-and-musk-race-to-bring-data-centers-to-space-bd9e4071)