JPMorgan: China Solar and Wind — What's New in the Space Solar Theme?
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A Reuters report indicates that a US developer may procure approximately $2.9 billion of Chinese-manufactured solar equipment to build up to 100 GW of US solar capacity by end-2028, partially serving data centers and space applications. On this news, Maxwell (300751.SZ) and Shenzhen SC (300724.SZ) each rose 9% on March 20, while the Shanghai Composite fell 1%.
JPMorgan's recently published space solar thematic report examines three potential opportunity areas. Under the "US ground-mounted solar" scenario, Maxwell benefits through its HJT technology leadership and Shenzhen SC through HJT and perovskite equipment exposure. GCL Tech (3800.HK) stands out as the only polysilicon producer using granular silicon, offering a meaningful energy-efficiency edge in the high-cost US power environment.
Ratings reflect valuation and thematic exposure: GCL Tech is rated Overweight at HK$0.99; Maxwell is Underweight at RMB 273.60; and Shenzhen SC is Underweight at RMB 129.10. In a probability-weighted TAM framework assuming a blue-sky scenario of 200 GW additional TAM with each equipment maker capturing 50% share, Shenzhen SC offers a more favorable risk-reward profile than Maxwell across probability sensitivities.
Goldwind (H/A) holds roughly 4% of LandSpace, MingYang Smart Energy can supply space power systems, and GCL Tech has indirect perovskite exposure via a Kunshan subsidiary. Maxwell and Shenzhen SC carry low-to-moderate thematic linkage through HJT and perovskite equipment.