The space power revolution sparks a theme frenzy! Yuanjing rises over 40% in 5 days, but investment warnings under the shadow of losses cannot be ignored.

Elon Musk’s space AI data center concept has immediately sparked the imagination of the solar energy industry. As a potential beneficiary in the supply chain, Yuanjing (6443) stock price has surged by over 40% in just five trading days, setting a consecutive limit-up performance. However, behind this passionate rally lies a serious imbalance between fundamentals and stock price, posing investment risks.

Elon Musk’s Space Vision Ignites Industry, Yuanjing Becomes Market Focus

Since this week, Yuanjing’s stock price started its rally at NT$13.65, experiencing continuous gap-up limit-ups and volume-driven gains. Today, it again hit the limit-up at NT$19.25, a 10% single-day increase. This rapid rise is driven by Tesla CEO Elon Musk’s grand plan: to send AI servers into space orbit, powered by solar energy as an almost unlimited power source.

To address the increasing shortage of AI computing power on Earth, Musk plans to establish space AI data centers through his SpaceX. This promising blueprint not only ignited Yuanjing, which has already entered SpaceX’s supply chain, but also spread to the entire solar energy sector. Stocks such as Kuan Guang (6209), Ruitai (2349), and Jingchen Technology (6419) also hit the daily limit-up, demonstrating the market’s strong optimism for new energy applications.

Analysts point out that, besides the space-themed imagination, the Chinese government’s recent push for “energy storage” policies to regulate excess capacity helps alleviate vicious price competition. Meanwhile, some Taiwanese solar energy companies have recently seen significant revenue rebounds, further boosting market expectations for a bottoming and reversal of the industry. Under these multiple positive factors, value stocks at low prices are emerging with comparative advantages.

Space Applications: A Double-Edged Sword—Technological Breakthroughs and Practical Challenges Coexist

Musk’s grand vision is astonishing in scale—aiming to launch millions of tons of satellites into space annually, each equipped with high-performance computing power. If this plan gradually materializes, the demand for high-efficiency solar cells and modules capable of withstanding harsh space environments (high radiation, low temperatures, low pressure) will grow exponentially. Market expectations suggest that not only Yuanjing but also other satellite communication component suppliers like Shengda Tech and Qiji may see new business opportunities. The boundaries of solar energy applications are continuously expanding—from traditional rooftop solar upgrades, outdoor solar lamps, to high-end space orbit demands, forming a complete ecological chain.

However, this future plan still faces many practical hurdles. Industry experts warn that space-grade solar modules require significant breakthroughs in conversion efficiency and durability under extreme environments, and heat dissipation technology remains a challenging issue. Currently, related applications are mostly in early R&D and validation stages, and commercial applications will take time.

Shadow of Losses: Fundamentals Severely Diverge from Stock Price

What alarms investors is that Yuanjing’s current hot stock price significantly diverges from its fundamentals. The company’s financial report shows that cumulative revenue for the first three quarters was NT$1.452 billion, but net loss after tax reached NT$773 million, with a loss per share of NT$1.9. Its core business remains unprofitable. This indicates that the soaring stock price fully reflects market optimism about future prospects rather than the company’s current operational status.

Management admits that the overall solar industry is indeed at a trough this year. They hope for a recovery driven by policy developments, expecting that under the government’s “rooftop solar energy upgrade” program, demand in Taiwan may gradually rebound starting from the second or third quarter of 2026. Regarding overseas markets, Yuanjing plans to export some capacity to the US and Japan. However, when these expectations will materialize remains highly uncertain.

Investors Must Exercise Caution: Risks Behind the Hot Topic

In the face of the enthusiastic rally in solar stocks, analysts advise investors to stay calm. These stocks, due to their long-term low prices and active trading nature, tend to attract major market funds, and many companies lack solid P/E valuation foundations. Those wishing to participate should closely monitor margin trading balances and institutional trading trends, and strictly control investment positions to avoid chasing highs excessively.

While the concept is attractive, investment decisions should be based on rational analysis. Yuanjing’s stock price has already heavily reflected the future business opportunities of space solar energy. Whether the rally can be sustained depends on the concrete progress of Musk’s plan, when the company’s profitability will improve, and whether the global solar energy supply and demand will truly balance out. While optimistic about the theme, potential technological uncertainties and fundamental risks remain issues that investors must face.