According to "The Big Bank" research, GCL TECH is the largest manufacturer of next-generation space solar cells

HSBC Research estimates that the installation of solar panels in space will grow from the current negligible level to 9 GW by 2030, 86 GW by 2035, and 171 GW by 2040. By 2035, this market will be significant, accounting for about 9% of global demand, becoming the third largest or even the second largest market globally.

At the same time, considering that the cost of installing solar panels in space is much higher than on the ground, the market size for space solar cells is even more substantial, estimated to reach $20 billion by 2030 and increase to $64 billion by 2035, corresponding to 27% and 69% of the global solar module market size, respectively.

The bank stated that while actual development will still depend on a series of technological and economic prerequisites, especially for space AI data centers, there is theoretically still significant upside potential for the solar supply chain; leading companies are likely to record their first shipments and revenue recognition starting from 2026 to 2027.

Within the bank's coverage, GCL TECH (03800.HK) is the only relevant company, which has become the largest producer of perovskite through its joint ventures, and perovskite is expected to become the next generation of space solar cells. However, the stock is currently underperforming compared to other space solar concept stocks, as investors have become cautious about China's "anti-involution" policy. The bank believes that GCL TECH can provide a better risk-return ratio in the space solar theme