Analysis of the Impact of SSPS and Phased Array Technology on 688270 and 300102

China’s ‘Zhu Ri Project’ has entered the 2.0 R&D phase, with plans to launch a megawatt-level space solar power station system in 2028 [1]. The core of this national strategic project involves two key technologies:

for high-precision microwave energy transmission, and for space power generation [1].

Space solar power stations have extremely high technical requirements, including:

• High-precision phased array antennas
  : Achieve precise energy transmission at the millimeter-wave level
• Aerospace-grade photovoltaic cells
  : Radiation-resistant, high-conversion-efficiency gallium arsenide solar cells
• RF transceiver chips
  : Support long-distance, high-power wireless energy transmission

Zhenlei Technology focuses on the R&D of

[2]. The company’s products have achieved mass supply in the digital phased array field, including multi-channel integrated RF transceiver chips, high-speed high-precision ADC/DAC chips, digital beamforming chips, etc. [2].

:

• Digital phased array chips
  : Have supported multiple all-digital phased array projects and provided complete solutions [2]
• Satellite communication field
  : Power chips for low-orbit commercial satellites have been mass-supplied, and next-generation products will be delivered in 2025 [2]
• High-speed high-precision ADC/DAC
  : The maximum sampling rate reaches 3GSPS, widely used in radar, satellite communication, and other fields [2]

According to the latest data, in the first half of 2025:

• Operating revenue was 205 million yuan, a year-on-year increase of 73.64%
• Net profit attributable to shareholders was 62.3197 million yuan, a year-on-year increase of 1006.99% [2]
• From the perspective of downstream applications, revenue from the special industry and satellite communication fields each accounts for approximately half [2]

:

1. Satellite Internet Boom
   : Products transitioned from small-batch experimental satellite phase in 2024 to continuous mass delivery phase
2. Accelerated National Defense Informatization
   : Demand driven by special equipment construction and localization rate improvement
3. High Technical Barriers
   : Handheld orders and projects increased significantly year-on-year [2]

:

• Current stock price is $115.90, market capitalization is $24.81 billion [0]
• P/E ratio is 237.53 times, reflecting high growth expectations [0]
• DCF analysis shows that the fair value under the conservative scenario is $249.61, with an upside potential of 115.4% [0]

:

• High valuation, requiring sustained high-speed performance growth to support
• Large investment in technology R&D, long commercialization cycle
• Volatility of national defense orders may affect performance stability

Qianzhao Optoelectronics is a domestic

, and also a [3]. The company’s gallium arsenide solar cell epitaxial wafer shipments have continued to increase rapidly, and have been mass-applied in the commercial aerospace field [3].

:

• Gallium arsenide solar cells
  : Market share exceeds 60%, providing energy for computing satellites, and has obtained aerospace-grade product certification [3]
• Space Internet Applications
  : Triple-junction gallium arsenide solar cell epitaxial wafers have been successfully applied to multiple satellites developed by China [3]
• New Display Technologies
  : Mini LED backlight and Micro LED chips are rapidly expanding, and cooperation with Hisense opens up long-term growth channels [3]

:

• Revenue in the first three quarters of 2025 was 2.75 billion yuan, a year-on-year increase of 46.36%
• Net profit attributable to shareholders was 87.9497 million yuan, a year-on-year increase of 80.17% [3]
• Mini LED backlight and Micro LED chips are rapidly expanding [3]

:

1. Commercial Aerospace
   : Gallium arsenide solar cell products have been mass-produced and shipped for over 10 years, used in commercial aerospace low-orbit satellites [3]
2. Data Centers
   : VCSEL chips layout 10G and 25G products, and R&D 50G and above products [3]
3. New Displays
   : After Hisense’s stake, it opened a long-term growth channel for Mini/Micro LED [3]

:

• Current stock price is $24.87, market capitalization is $22.36 billion [0]
• P/E ratio is 166.94 times, also reflecting high growth expectations [0]
• DCF analysis shows that the fair value under the baseline scenario is $58.26, with an upside potential of 134.3% [0]

:

• Stable Market Position
  : Gallium arsenide solar cell epitaxial wafer shipments rank first in the domestic market
• Deep Technical Accumulation
  : Superior product performance, with aerospace-grade certification
• Broad Application Scenarios
  : Expanded from traditional LEDs to emerging fields such as space economy and data centers

Dimension	Zhenlei Technology (688270)	Qianzhao Optoelectronics (300102)
Core Business	RF chips, phased array microsystems	Gallium arsenide solar cells, LED chips
Relevance to SSPS	Core technology of phased array antennas	Core device for photovoltaic power generation
Technical Barrier	Digital phased array chip design	Aerospace-grade photovoltaic cell manufacturing
Customer Structure	Special industry + satellite communication (50% each)	Commercial aerospace + display (dual-drive)
Valuation Level	P/E 237.53x	P/E 166.94x
Growth Potential	2025 H1 net profit increase of 1007%	2025 Q1-Q3 net profit increase of 80%

1. Policy Dividends
   : National ‘Zhu Ri Project’ strategic investment, clear timeline for megawatt-level system launch in 2028
2. Technology Positioning
   : Both companies have core technical advantages and market positions in their respective fields
3. Commercialization Prospects
   : Trillion-scale market size of space economy, relevant enterprises will be the first to benefit

1. Technical Risk
   : High complexity of SSPS technology, uncertainty in commercialization
2. Valuation Risk
   : Current valuation level is high, requiring sustained high growth in performance to support
3. Competition Risk
   : As market attention increases, the competitive landscape may change
4. Time Risk
   : Long time required from technology verification to large-scale commercialization

: Pay attention to the pace of national policy promotion, and focus on tracking the order landing situation of the two companies in SSPS-related projects.

: With the advancement of the ‘Zhu Ri Project’ 2.0 phase and the launch of the megawatt-level system in 2028, related businesses are expected to usher in explosive growth.

Both companies have core positions in the space solar power station industry chain.

. Investors can make allocation choices based on their judgment of technical routes.

[0] Jinling API Data
[1] Chinese Academy of Sciences Website - “The World’s First Full-Link Full-System Space Solar Power Station Ground Verification System Completed and Put into Use”
[2] Zheshang Securities Research Report - “Leading Enterprise in Military/Special Analog Chips, Core Target Benefiting from ‘Starlink’”
[3] Changjiang Securities Research Report - “Qianzhao Optoelectronics In-Depth Report: Direct Display + Backlight Drive Future Display, Satellite Internet Forges Long-Term Growth”