Institutional Research | JinkoSolar Teams Up with Jintai to Accelerate Perovskite Stacked Battery R&D Elon Musk's Inspection Team Visit Rumors Spark Stock Price Surge

On February 4th, multiple listed companies released investor relations activity record announcements, disclosing their business communication content with institutions, revealing many progress and highlights in their business layouts.

Jinko Solar: Perovskite and Crystalline Silicon Tandem Cells Can Achieve a 1+1 Greater Than 2 Effect

Recently, Jinko Solar was surveyed by 158 institutions including Huatai Securities, Yongying Fund, and CCB Pension.

“According to data reports from relevant third-party agencies, space photovoltaic is expected to open up a trillion-level incremental application scenario.” Jinko Solar revealed during the survey that the company’s current TOPCon/perovskite tandem cells can achieve a conversion efficiency of 34.76%, with significant room for future growth. The company hopes to accelerate commercialization by collaborating with Jingtai to complete a pilot line for perovskite tandem cells.

Recently, Jinko Solar signed a cooperation agreement with Jingtai Holdings to jointly establish a high-throughput intelligent perovskite laboratory based on AI and robotics, aiming to build the industry’s first 1,000-square-meter AI tandem solar demonstration line and complete the first full closed-loop silicon-perovskite tandem cell experiment line with AI decision-making, equipment execution, and data feedback.

According to Jinko Solar, this cooperation adopts a technological platform of quantum computing + AI + robotics. First, quantum computing assists in formula screening, reducing the overall screening volume by 50%-90%. Second, driven by vertical language models for intelligent optimization design, based on physical constraints, the prediction accuracy of material performance is improved by over 90%. Third, through robotic automatic closed-loop experiments, the platform can complete over 1,000 experiments per day, nearly a hundred times more efficient than manual experiments, potentially shortening R&D cycles by over 70%.

Jinko Solar states that applying perovskite in space reduces ground water and oxygen interference. Its flexible crystal lattice offers good resistance to high-energy particle degradation and has certain self-healing properties under specific irradiation conditions. In terms of efficiency, tandem cells of perovskite and crystalline silicon can achieve a 1+1 greater than 2 effect. The company’s TOPCon products have achieved full passivation contact structures, suitable for various substrate silicon materials, which can form good stacking with perovskite.

Regarding the cancellation of export tax rebates in April, Jinko Solar said that in the medium to long term, the removal of export tax rebates will help curb disorderly low-price component competition, accelerate the clearance of backward production capacity, and push component prices back to rationality. The company has also made proactive plans, integrating a rebate adjustment mechanism into overseas orders and fully utilizing remaining rebate periods. “Global leading enterprises with advantages in overseas markets, relying on brand channels and technological strength, are expected to benefit.”

Jinko Solar’s stock hit the daily limit of 20cm straight in the afternoon today, reaching a new high in over a year.

On the news front, according to China National Radio Finance, market sources indicate that Elon Musk’s team has recently conducted secret inspections of several Chinese photovoltaic companies, involving equipment, silicon wafers, and module components, with particular focus on companies using heterojunction and perovskite technology routes.

In response, China National Radio Finance verified with leading photovoltaic module company Jinko Solar as an investor. The company’s wiring personnel stated that they have recently had contact with Musk’s inspection team, who inquired about the company’s technological reserves and production equipment, but they did not disclose details about cooperation intentions or specific inspection details. The staff also revealed, “Mainstream domestic photovoltaic companies are also being inspected.”

CICC’s latest research report pointed out that Chinese photovoltaic manufacturers are actively deploying high-efficiency crystalline silicon and perovskite technologies suitable for space environments. Companies with in-orbit verification capabilities and production line implementation are expected to gain certain first-mover advantages and release growth potential early.

Regarding ETF products, the Photovoltaic ETF (159857) is the largest ETF tracking the CSI Photovoltaic Industry Index in the Shenzhen market. It surged by 3.26% today with a trading volume of nearly 500 million yuan.

Dajin Heavy Industry: The Company Is Confident in Securing Market Orders This Year

Dajin Heavy Industry was surveyed yesterday by over 100 institutions including CITIC Securities, Dacheng Fund, and UBS.

During the survey, Dajin Heavy Industry stated that recently, the UK’s seventh round offshore wind auction (AR7) auctioned 8.4 GW of offshore wind projects, exceeding market expectations, with record-high project scale and subsidy amounts. The subsidy period was extended from 15 to 20 years. AR8 is also expected to auction a certain volume of projects this year. The winning bidders in this round of AR7 are important clients the company has already cooperated with, and the company is very confident in securing market orders this year.

“Mainly, overseas offshore wind projects with single piles will be delivered in 2026, along with a few export offshore tower projects, primarily delivered via DAP mode.” Dajin Heavy Industry said that Japan and South Korea are key emerging markets for overseas offshore wind, and the company, as a core supplier, is actively participating in bidding.

According to Dajin Heavy Industry, over 80% of fixed foundation structures are single-pile types, which are the company’s flagship products. The company has extensive and high-quality delivery experience, and its project performance is highly recognized by clients. There is also a small demand for jacket structures; for deep-sea projects, floating foundations are mainly used. The company’s Caofeidian deep-sea offshore engineering base is equipped with a dedicated manufacturing line for large, heavy single piles and floating foundations, giving it a competitive edge in overseas bidding.

In terms of product service value, Dajin Heavy Industry states that, based on actual data from European offshore wind, the combined proportion of foundation manufacturing, installation, and transportation averages between 35% and 45%.

Regarding shipping schedules, Dajin Heavy Industry expects that this year, a few voyages will be undertaken with its own ships, while most will use leased vessels. As more of the company’s own ships are launched in the future, the proportion of self-owned ships’ supply will significantly increase next year.

The company plans to leverage its core R&D technology and the strong capacity of its Caofeidian production base to build the world’s first ultra-large floating foundation manufacturing line, promoting industry transformation from “project customization” to “productization, line production, and series development,” solving industry issues of “insufficient capacity and high costs” for floating foundations, and providing integrated equipment solutions for the deep-sea wind power industry.

Dajin Heavy Industry is a leading offshore engineering enterprise. According to its disclosed earnings forecast, the company expects net profit attributable to shareholders in 2025 to be between 1.05 billion and 1.2 billion yuan, a year-on-year increase of 121.58% to 153.23%. During the reporting period, the number and value of offshore wind projects delivered in overseas markets increased rapidly.

Guosheng Securities’ research report pointed out that Dajin Heavy Industry provides one-stop solutions for offshore wind foundation construction, transportation, and delivery for global large-scale offshore wind developers. The company is gradually expanding from offshore engineering manufacturing to offshore transportation and construction, developing in a platform-based manner. Coupled with domestic capacity constraints, the company’s market share is expected to further increase.

Dongwu Securities also believes that the European offshore wind market is accelerating, and the company is expected to benefit fully.

In the secondary market, Dajin Heavy Industry closed up 0.03% today, with a year-to-date increase of 22.13%.

(Source: Oriental Fortune Research Center)