Analysis of the Impact of Junda Co., Ltd.'s (002865.SZ) Perovskite Battery Technology Breakthrough on Valuation

Junda Co., Ltd. (002865.SZ), as a professional battery manufacturer focusing on next-generation energy solutions, has recently made breakthrough progress in the perovskite battery field. According to public information, the lab efficiency of the company’s tandem battery has reached

, leading the industry, and it successfully rolled off the first industrialized N-type + perovskite tandem battery in November 2025, marking that the company has independent capabilities in tandem process R&D and small-scale production [1][2].

On December 22, 2025, Junda Co., Ltd. announced a strategic cooperation with Shangyi Optoelectronics, making an equity investment in Shangyi Optoelectronics as a strategic shareholder. The two parties will conduct in-depth cooperation on the application of perovskite battery technology in space energy [3]. The core value of this cooperation lies in: Junda Co., Ltd. will systematically introduce its advantages in perovskite/TOPCon tandem technology in the ground photovoltaic field (third-party certified efficiency of 29.03%, lab breakthrough of 32%) into the space scenario, integrating with Shangyi Optoelectronics’ flexible film, radiation-resistant structural design and other space-adapted technologies, which is expected to accelerate the mass production of space photovoltaic products.

From the perspective of financial data, Junda Co., Ltd. is still in a loss state, but the loss margin is narrowing:

Indicator	Value	Interpretation
Market Capitalization	$12.289 billion	Medium-sized in the new energy track
Current Stock Price	$53.63	Strong recent performance
P/E Ratio	-26.30x	Not yet profitable
P/B Ratio	3.35x	Within reasonable range
ROE	-13.84%	Profitability needs improvement
Net Profit Margin	-7.98%	Loss state but marginal improvement

From the quarterly trend, the company’s performance shows a clear improvement trend: EPS narrowed from -$1.10 in Q4 2024 to -$0.53 in Q3 2025, and revenue increased from $18.3 billion to $20.2 billion [0].

This DCF valuation analysis presents a rare negative valuation result (conservative scenario: -$22,121.05, base scenario: -$6,780.19, optimistic scenario: -$4,185.43), mainly due to the following factors:

1. Abnormal Beta Coefficient
   : The company’s Beta value is -0.83 (relative to SPY), showing negative correlation characteristics, which will lead to anomalies in cost equity calculation in the traditional DCF model [0]
2. Continuous Loss State
   : The company is currently in loss-making operation, and the valuation method based on historical cash flow has limitations
3. Transformation Period Characteristics
   : The company is in a critical period of transforming from traditional photovoltaic to perovskite new technology, and historical data cannot fully reflect future growth potential

: Recent stock price performance has partially reflected the positive impact of the technology breakthrough — a 35.22% increase in the past month and a 37.51% increase in the past six months [0]. Technical analysis shows that the stock price is currently in a range-bound pattern of $43.82-$55.31 [0], and may face profit-taking pressure in the short term.

: The perovskite technology breakthrough brings the following valuation re-rating catalysts to Junda Co., Ltd.:

• Transformation from a traditional photovoltaic battery manufacturer to an “Advanced Energy Solution Provider”
• Entry into the trillion-level new track of space energy (low-orbit satellite constellations, space computing centers, etc.)
• Overseas market expansion (the company’s overseas sales account for over 50%, with target markets including the North American aerospace market) [3]

Valuation Dimension	Traditional Model	Perovskite Technology-driven Model
Business Positioning	Battery Manufacturer	Advanced Energy Solution Provider
Market Space	Ground photovoltaic market (mature competition)	Dual trillion-scale markets of ground + space
Technical Barrier	Mature TOPCon technology	32% efficiency perovskite tandem (industry-leading)
Growth Logic	Capacity expansion, price competition	Technology generation shift, scenario innovation
Valuation Premium	Manufacturing valuation (PE/PB)	Technology innovation premium (PS, EV/Sales)

: According to analyst forecasts, the company’s revenue is expected to reach by 2028, with EPS projected at $4.25-$6.58 [0], indicating an expected transition from the current loss state to profitability by 2028.

Junda Co., Ltd.'s entry into the space photovoltaic track has far-reaching strategic significance:

1. Market Scale
   : According to ITU data, the total number of planned low-orbit satellite constellations globally has exceeded
   100,000
   , with intensive networking and large-scale operation becoming the industry’s mainstream trend [3]
2. Technology Adaptability
   : Perovskite batteries have cost advantages, lightweight features, and flexible preparation capabilities, making them the future mainstream solar array material. Multiple securities firms (Founder Securities, Everbright Securities, CITIC Securities) have expressed optimism about the application prospects of perovskite batteries in the space economy [3]
3. Competitive Landscape
   : Currently, space perovskite batteries are still in the pre-mass production stage. Through strategic cooperation with Shangyi Optoelectronics and collaboration with the Chinese Academy of Sciences technical team, Junda Co., Ltd. has achieved early positioning in the next-generation space energy technology node

Although the technology breakthrough provides valuation imagination space, the following risks still require attention:

1. Commercialization Progress Risk
   : Space perovskite batteries are still in the pre-mass production stage, with uncertainties in actual delivery rhythm and customer verification progress
2. Technology Iteration Risk
   : The long-term stability and radiation resistance of perovskite batteries still need on-orbit verification, and the technical route may change
3. Increasing Competition Risk
   : Once technology verification is successful, other competitors may follow up quickly
4. Financial Pressure Risk
   : Continuous R&D investment may exert pressure on the company’s short-term financial performance

Junda Co., Ltd.'s perovskite battery technology breakthrough (32% lab efficiency, industrialized N-type + perovskite tandem battery roll-off) and strategic cooperation with Shangyi Optoelectronics mark a key milestone in its transformation from a traditional photovoltaic battery manufacturer to an advanced energy solution provider.

:

• Short-term
  : The technology breakthrough has been partially reflected in the stock price (35.22% increase in the past month), with the current price in a range-bound pattern of $43.82-$55.31; short-term profit-taking pressure may arise
• Medium-term
  : If batch supply (especially space photovoltaic products) is achieved, it is expected to open new revenue sources and reconstruct valuation logic — switching from manufacturing valuation to technology innovation premium
• Long-term
  : Large-scale development of the space economy will provide sustained growth momentum, but close tracking of technology verification progress and commercialization implementation is required

The current stock price implies relatively optimistic expectations. Investors need to closely monitor subsequent technology verification progress, order acquisition status, and profitability improvement rhythm to judge the sustainability of valuation re-rating.

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[1] Sina Finance - “Junda Co., Ltd. Signs Cooperation with Shangyi Optoelectronics, Joins Hands with Chinese Academy of Sciences Technical Team to Develop New Space Photovoltaic Landscape” (https://finance.sina.com.cn/stock/stockzmt/2025-12-23/doc-inhcucqs0910859.shtml)

[2] StockStar - “Junda Co., Ltd.: Perovskite Tandem Battery Lab Efficiency Breaks 32%” (https://stock.stockstar.com/RB2025122600014126.shtml)

[3] East Money - “Junda Co., Ltd. Partners with Shangyi Optoelectronics; 32% Efficiency Perovskite Battery Ignites New Track of Space Energy” (https://caifuhao.eastmoney.com/news/20251226131030012796760)

[0] Jinling AI Financial Database