Strategic Investment Value Analysis of Junda Co., Ltd. (002865.SZ) in Space Photovoltaics

Based on the collected information, I will provide you with a comprehensive investment value analysis of Junda Co., Ltd.'s strategic expansion into the space photovoltaic field.

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On January 14, 2026, Junda Co., Ltd. announced that it plans to subscribe for the increased registered capital of Shanghai Starwing Core Energy Technology Co., Ltd. (referred to as “Starwing Core Energy”) with a cash contribution of RMB 30 million, acquiring a 16.67% equity stake in the company. Founded on January 6, 2026, with a registered capital of RMB 1.5 million, Starwing Core Energy is a project company newly established by the founders and initial shareholders of the team of Hangzhou Sunwing Optoelectronics Technology Co., Ltd. (referred to as “Sunwing Optoelectronics”), and is established to undertake all assets, personnel and businesses of Sunwing Optoelectronics [1][2].

The core objective of this cooperation is: the two parties will establish a joint venture for the production and manufacturing of CPI film (transparent polyimide film) and products combining CPI film with crystalline silicon cells, and jointly develop the space photovoltaic market to seize the development opportunities of the global low-Earth orbit satellite networking and space computing power industry [1][2].

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Currently, the global commercial aerospace competition continues to heat up, and China has entered a critical stage in the deployment of low-Earth orbit satellite internet constellations. According to international rules, applicants for satellite constellations are required to launch the first satellite within 7 years, deploy 10% within 9 years, and complete full deployment within 14 years [3]. As of December 2025, there are approximately 15,000 satellites in orbit globally, with about 4,000 deployed that year. The subsequent deployment task is arduous, which means that the demand for space energy will show exponential growth.

China has launched two national strategic-level projects:

• Qianfan Constellation
  : Plans to deploy approximately 12,000 satellites
• GW Constellation
  : Plans to deploy approximately 16,000 satellites

The two projects will deploy nearly 28,000 satellites in phases between 2024 and 2035 [3][4].

According to the analysis and forecast from CITIC Securities and Huajin Securities:

Market Segment	2026	2030	2035
Domestic Low-Earth Orbit Satellite Photovoltaic Market	-	Over USD 3 billion	-
Space Data Center Power Supply Market	-	Billion USD Level	-
Total Market Size of Space Data Centers	-	-	USD 39 billion

It is worth noting that the value of photovoltaic energy systems in space data centers will account for more than 60% [3][4].

The “Action Plan for the China National Space Administration to Promote the High-Quality and Safe Development of Commercial Aerospace (2025-2027)” has clearly incorporated commercial aerospace into the overall layout of national aerospace development. At the same time, the Shanghai Stock Exchange has clearly opened a green channel on the Sci-Tech Innovation Board for commercial rocket enterprises, and many regions have successively introduced commercial aerospace industry plans [4].

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CPI film (transparent polyimide film) is a key material for space photovoltaic systems, mainly used in:

• Protective layer of satellite flexible solar wing power generation devices
  : Needs to withstand extreme space environments
• Foldable screens and flexible electronic devices
  : Excellent transparency and mechanical properties

CPI film has the following characteristics:

• High temperature resistance
  : Can work stably in environments from -200℃ to +300℃
• High transparency
  : Light transmittance exceeds 85% in the visible light range
• Excellent mechanical properties
  : Can be folded more than 200,000 times
• Radiation resistance
  : Effectively resists space ultraviolet rays and atomic oxygen erosion

Currently, only a few domestic enterprises master the core technologies of the entire CPI film industry chain, leaving huge room for import substitution [5][6].

Compared with traditional photovoltaic technologies, perovskite batteries have significant advantages in space applications:

Technical Indicator	Perovskite	Crystalline Silicon	Gallium Arsenide
Specific Power (W/g)	50	0.38	3.8
Theoretical Conversion Efficiency	27% (single-junction)	29.4%	>30%
Tandem Theoretical Efficiency	43%	-	-
Low-Light Power Generation Efficiency Ratio	128%	100%	-
High-Temperature Power Generation Gain	20-30%	-	-
Radiation Resistance	Excellent	Average	Excellent

Three major advantages of perovskite tandem batteries in aerospace applications:

1. High specific power
   : Power per unit mass is far higher than that of traditional materials, which highly meets the weight reduction requirements of spacecraft
2. Flexible adaptability
   : Can be combined with flexible substrates to easily adapt to the curved surface structure of satellites
3. Outstanding cost-effectiveness
   : Theoretical manufacturing cost is lower than traditional solutions, which is conducive to large-scale deployment [3][4][7].

Sunwing Optoelectronics is a rare domestic satellite battery manufacturer, and its core team has been deeply engaged in perovskite aerospace applications for many years, and has built a unique space simulation R&D platform. At present, it has completed the first-principles verification of perovskite materials in space environments, laying a solid foundation for subsequent on-orbit verification [2].

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The cooperation between Junda Co., Ltd. and Starwing Core Energy (Sunwing Optoelectronics) has realized the complementary integration of four core advantages:

Advantage Field	Junda Co., Ltd.	Sunwing Optoelectronics
Photovoltaic Industrialization Capability	✓ (deeply engaged in photovoltaic battery field)	-
Perovskite Technology Accumulation	✓ (breakthrough in perovskite tandem technology)	✓ (engaged in space perovskite applications for many years)
Space Scene Adaptability	-	✓ (completed first-principles verification)
Aerospace Resource Integration	✓	✓

The two parties have established an

, forming an exclusive cooperation in the fields of CPI film and products combining CPI film with crystalline silicon cells [2].

As one of the earliest domestic enterprises focusing on the photovoltaic battery field, Junda Co., Ltd. has made major breakthroughs in the perovskite field. Its technical path selection is forward-looking:

• Heterojunction (HJT) + Perovskite Tandem
  : Currently regarded as the technical route with the greatest commercialization potential
• Products Combining CPI Film with Crystalline Silicon Cells
  : Differentiated competition strategy to fill market gaps
• Extension from Ground Photovoltaics to Space
  : Conforms to industrial development trends and seizes first-mover advantages [4][8]

As a professional photovoltaic battery manufacturer, Junda Co., Ltd. has:

• Mature industrialization capabilities and large-scale production experience
• Improved supply chain management system
• Abundant downstream customer resources

These advantages will effectively support the rapid industrialization of CPI film and space photovoltaic products [8].

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Based on the latest financial data (TTM) [0]:

Financial Indicator	Value	Evaluation
Market Capitalization	USD 18.87 billion	-
Current Stock Price	USD 82.35	-
P/E	-40.38	Loss-making Status
P/B	5.14	Relatively High
ROE	-13.84%	Loss-making
Net Profit Margin	-7.98%	Loss-making
Current Ratio	1.16	Average Short-term Solvency

:

• The company is still in a loss-making state, but the loss margin continues to narrow
• EPS in Q3 FY2025 was -USD 0.53, with revenue of USD 2.02 billion
• Revenue has shown a steady growth trend in the past four quarters

Junda Co., Ltd.'s stock price has performed strongly recently [0]:

Time Period	Increase
1 Month	+104.19%
3 Months	+97.96%
6 Months	+88.79%
1 Year	+57.43%
YTD	+56.26%

Technical analysis shows [0]:

• Trend Judgment
  : In an uptrend (breakout to be confirmed)
• MACD Indicator
  : Bullish signal (no death cross)
• KDJ Indicator
  : Overbought zone (K value 88.7)
• RSI Indicator
  : Overbought risk
• Beta Coefficient
  : -0.75 (negatively correlated with the market)

Key Price Levels:

• Support Level
  : USD 65.56
• Resistance Level
  : USD 87.60
• Next Target Level
  : USD 92.79

Risk Type	Specific Description
Technical Risk	The stability of perovskite in space environments still requires on-orbit verification, and data in 2026 will be a key node
Performance Realization Risk	The space photovoltaic business will only enter mass production in 2026, and current performance still relies on ground photovoltaics
Valuation Risk	The stock price has increased by over 100% in the short term, and the valuation has deviated from fundamentals
Competition Risk	There is uncertainty in the technical route, and competing solutions such as P-type HJT may divert market share
Market Risk	Lower-than-expected commercial aerospace launch volumes will affect demand
Cost Risk	The cost of space photovoltaic systems needs to be reduced to 1/3 of that of gallium arsenide solutions to be competitive

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: ★★☆☆☆
: ★★★★☆

In the short term, Junda Co., Ltd.'s stock price has risen sharply, technical indicators show overbought conditions, and there is pullback pressure. The space photovoltaic business has not yet contributed substantial performance, and the stock price is mainly driven by concepts.

:

• Release of on-orbit verification data of perovskite batteries in 2026
• Formal establishment of the joint venture and progress in capacity construction
• Sustained overall popularity of the commercial aerospace sector

: ★★★☆☆☆
: ★★★☆☆☆

In the mid-term, three key nodes need to be focused on:

1. 2026
   : On-orbit verification data of perovskite batteries (efficiency stability, radiation resistance performance)
2. 2026-2027
   : Whether global low-Earth orbit satellite launch volumes can support demand (expected to exceed 20,000, a year-on-year increase of 300%)
3. Cost Downward Curve
   : Target to reduce the cost of space photovoltaic systems to 1/3 of that of gallium arsenide solutions

If technical verification is successful and commercialization is realized, Junda Co., Ltd. is expected to gain a considerable market share by virtue of its first-mover advantage.

: ★★★★☆
: ★★☆☆☆

In the long term, the space photovoltaic market has broad prospects:

• By 2030, the domestic low-Earth orbit satellite photovoltaic market is expected to exceed USD 3 billion
• By 2035, the market size of space data centers will reach USD 39 billion
• Perovskite tandem batteries are expected to become the mainstream solution for space energy

Through in-depth cooperation with Sunwing Optoelectronics, Junda Co., Ltd. has formed a

in the space photovoltaic track. If the technical route is verified successfully and large-scale mass production is realized, the company is expected to transform from a ground photovoltaic enterprise to a core supplier of space energy.

Evaluation Dimension	Score (out of 5)
Industrial Prospects	5.0
Technical Barriers	4.5
Competitive Advantages	4.0
Financial Status	2.5
Valuation Rationality	2.0
Comprehensive Rating	3.5

:

• Aggressive Investors
  : Can accumulate on dips, control positions, and set a stop-loss level of USD 65
• Moderate Investors
  : It is recommended to wait for a pullback to the USD 60-65 range before building positions
• Conservative Investors
  : It is recommended to wait and see, and make decisions after the release of on-orbit verification data

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Investors should focus on the following indicators:

Tracking Indicator	Expected Time	Importance
On-orbit verification data of perovskite batteries	2026	★★★★★
Establishment of the joint venture and capacity construction	Q1-Q2 2026	★★★★☆
Global low-Earth orbit satellite launch volumes	Continuous tracking	★★★★☆
CPI film capacity ramp-up progress	H2 2026	★★★☆☆
Space photovoltaic order acquisition status	H2 2026	★★★☆☆

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Junda Co., Ltd.‘s strategic expansion into the space photovoltaic field is a forward-looking industrial layout. By investing in Starwing Core Energy (which undertakes Sunwing Optoelectronics’ assets), the company has successfully positioned itself in two core technical links: CPI film and perovskite space applications, forming effective synergy with its own photovoltaic industrialization capabilities.

From the perspective of investment value:

• Sound Industrial Logic
  : The rapid development of commercial aerospace drives space energy demand, and the space photovoltaic market has broad prospects
• Clear Technical Path
  : Perovskite tandem batteries have significant performance advantages, and the technical route chosen by Junda Co., Ltd. is competitive
• Obvious First-mover Advantage
  : Binds scarce aerospace supply chain resources and forms exclusive cooperation
• Risks Cannot Be Ignored
  : Technical verification is yet to be completed, the stock price has risen too much in the short term, and fundamentals have not yet improved

: Junda Co., Ltd.'s strategic layout in space photovoltaics has long-term investment value, but in the short term, it is necessary to be alert to the risk of valuation pullback. It is recommended that investors keep track and choose the right time to lay out positions after technical verification is completed.

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[1] Securities Times - “Junda Co., Ltd. Targets the Space Photovoltaic Track and Plans to Acquire Stake in Starwing Core Energy” (https://www.stcn.com/article/detail/3593452.html)

[2] Eastmoney - “Junda Co., Ltd.: Plans to Invest RMB 30 Million to Take a Stake in Starwing Core Energy to Support the Company’s Expansion into the Space Photovoltaic Field” (https://finance.eastmoney.com/a/202601143619182410.html)

[3] Jiemian News - “Space Photovoltaics: The ‘Energy Heart’ of Commercial Aerospace, Which is Entering a Boom Singularity” (https://m.jiemian.com/article/13822763.html)

[4] SOLARZOOM - “The Space Photovoltaic Concept in Commercial Aerospace May Boom: How to Tap into Concept Stocks?” (http://m.solarzoom.com/index.php/article/198621)

[5] Huake Tek - “Transparent Polyimide Revolution: Fluorine-Free Technology Ushes in a Flexible New Era” (https://www.huake-tek.com/xinwenzixun/20-6.html)

[6] EET China - “Woge Optoelectronics 2025 Performance Forecast: Revenue CAGR Exceeds 30% in 6 Years” (https://www.eet-china.com/mp/a467273.html)

[7] Sina Finance - “The Space Photovoltaic Concept in Commercial Aerospace May Boom: How to Tap into Concept Stocks?” (https://finance.sina.com.cn/stock/jsy/2026-01-11/doc-inhfxmcq8467623.shtml)

[8] CLS - “Perovskite Battery Concept Repeatedly Active, Junda Co., Ltd. Hits Limit Up Twice in 3 Days” (https://m.cls.cn/detail/2251545)

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: Jinling AI Financial Analysis Platform (real-time data as of January 14, 2026) [0]