Aixtron: CEO Meeting at PCIM - Feedback

研报英文原文证据摘录

Aixtron: CEO Meeting at PCIM - Feedback

Deutsche Bank

Research

Rating Company Date

Hold Aixtron 11 June 2026

Company Update

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 9 Jun 2026 (EUR) 55.10

AIXGn.DE AIXA GR GER AIXGn

Price Target (EUR) 43.00

Technology

ADR ISIN 52-week range (EUR) 60.32 - 11.87

Semiconductors

AIXG US0096061041

CEO Meeting at PCIM - Feedback

Valuation & Risks

Michael Kuhn

Opto boom dominates the agenda; power semis in wait-and-see mode Research Analyst

We met with Aixtron CEO Felix Grawert at the PCIM trade fair on Tuesday. The +49-69-910-46002

meeting was wide-ranging, covering all four of Aixtron's business pillars, but the

Robert Sanders

optoelectronics boom and the (for now) sluggish recovery in power electronics Research Analyst

dominated the discussion. +44-20-754-58394

Johannes Schaller

Optoelectronics: a paradigm shift in real time Associate Director of Equity Research - Germany

n The laser boom in data centers has been the biggest surprise of the past two +49-69-910-31731

years - even for Aixtron. Grawert recounted how a large customer meeting

in December pointed to demand for 2-3 tools; that figure has since

multiplied by at least 20x. The whole industry, including Aixtron's own

customers, massively underestimated the speed and scale of the AI-driven

optical buildout.

n The turning point, in Grawert's view, came when hyperscalers and AI

companies began committing their own capital (a clear reference to

Nvidia's investments in Coherent and Lumentum). He described this as the

"big guys' balance sheets" being the ultimate measure to get the market

going, suggesting that the normal market mechanism had failed to trigger

sufficient capacity investment on its own.