Topray Solar (002218) Limit-Up Analysis: Short-Term Strength Driven by Space Photovoltaics Concept

Dongxing Securities released a research report on January 12, 2026, pointing out that space photovoltaics may become the second growth curve for the photovoltaic industry, which served as a key catalyst for this limit-up [1]. The report analyzes that if the space data center concept is implemented, referring to Elon Musk’s 100GW space computing power target, and calculated at a 30% conversion efficiency, it will spawn an installed capacity demand of over 800GW in the long term [1]. Perovskite tandem cells have a theoretical conversion efficiency of up to 45% and are over 90% lighter than traditional gallium arsenide, making them an ideal choice for space photovoltaics due to these technological advantages.

Topray Solar, as the first pure solar energy listed company in A-shares, has been deeply engaged in the photovoltaic field for over 20 years, building a vertical integrated industrial chain “from sand to electricity” [2]. The company is currently actively laying out cutting-edge technologies such as perovskite, with indirect technological synergy and potential application space with the industrial chain of offshore rocket recovery bases [2]. This technology layout puts the company in a unique position in the space photovoltaics concept.

On January 14, 2026, the photovoltaic/electrical sector as a whole performed strongly, with multiple concept stocks hitting limit-ups, forming a sector linkage effect [3]. The limit-up stocks on that day included Hongxiang Co., Ltd. (+20.03%), AKOS Co., Ltd. (+12.81%), Sinohytec-U (+12.50%), Zhongrong Electric Co., Ltd. (+11.15%), etc. [3]. The overall rise of the sector provided a favorable market atmosphere for Topray Solar.

From capital flow data, hot money recorded a net inflow of 17.0292 million yuan on January 5, indicating active short-term capital [4]. The margin trading balance reached 151 million yuan, showing that leveraged capital remains focused [4]. Capital support provides the necessary liquidity foundation for the stock’s limit-up.

According to survey data from Eastmoney Stock Bar, the proportion of investors bullish on Topray Solar is 50.78%, while bearish accounts for 49.22% [5], showing a clear divergence in market sentiment. This divergence reflects different investor expectations on the sustainability of concept speculation – optimists are bullish on the medium-to-long-term prospects of the space photovoltaics concept, while cautious investors focus on the reality of the company’s fundamental pressures.

An analysis opinion on Eastmoney Wealth Account stated that “it will definitely reach 8 yuan before the Spring Festival” [2], but such forecasts are personal views without support from institutional research reports, and investors should treat optimistic expectations on social media with caution.

According to the 2025 third quarterly report, the company’s operating revenue was 813 million yuan, a year-on-year decrease of 27.23%; net profit attributable to parent shareholders was -109 million yuan, a significant year-on-year decrease of 451.75% [3]. Non-recurring net profit was -116 million yuan, a year-on-year decrease of 372.91% [3]. The company is in a state of continuous loss, facing significant fundamental pressures.

As of September 30, 2025, the price-to-book ratio (P/B) is 1.77x, and the price-to-earnings ratio (P/E) is negative due to losses [3]. The current stock price of 5.09 yuan has fallen 91% from the historical high of 57 yuan, with the 52-week low at 2.72 yuan [6].

Upward resistance levels: 5.15 yuan (limit-up price), 5.50 yuan (integer level), 6.00 yuan (psychological level) [3]. Downward support levels: 4.80 yuan (5-day moving average), 4.64 yuan (10-day moving average), 4.30 yuan (20-day moving average) [3].

The stock price has entered the overbought zone, and it is necessary to closely monitor whether trading volume can continue to expand, as well as the overall performance of the sector. A beta coefficient of 0.51 indicates lower volatility than the broader market [6], meaning it is relatively resistant to declines but also has limited flexibility.

The company’s single-quarter net profit attributable to parent shareholders in Q3 2025 was -48.736 million yuan, a year-on-year decrease of 663% [3], with performance continuing to deteriorate. The photovoltaic industry is facing intense price wars, and downward price pressure persists. The space photovoltaics business has not yet contributed substantial revenue, and the current limit-up is mainly driven by concept speculation without performance support.

The next financial report will be released on April 23, 2026 [7]. Before that, the company will enter a performance vacuum period, and stock price fluctuations will be mainly affected by market sentiment and concept speculation.

This limit-up is jointly driven by three factors: the release of Dongxing Securities’ research report on space photovoltaics, expectations of its perovskite technology layout, and the overall strength of the sector. Short-term market sentiment is slightly bullish but with obvious divergence, and technical indicators show overbought risks. Fundamentally, the company is still in a loss state with obvious performance pressures. Investors should pay attention to changes in trading volume and the sustainability of the sector, strictly set stop-loss levels, and note that concept stocks are volatile and require risk control.