Infineon Technologies AG (IFX GR) Buy: Dresden visit highlights strong demand environment

研报英文原文证据摘录

Infineon Technologies AG (IFX GR) Buy: Dresden visit highlights strong demand environment

2 July 2026

Infineon Technologies AG EquitiesSemiconductors & Equipment

(IFX GR)

Buy: Dresden visit highlights strong demand environment Germany

◆ Dresden visit highlights a strong upcycle in motion; take or

MAINTAIN BUY

pay contracts may be coming back in power semiconductors

◆ Existing clean room facilities can support revenues up to TARGET PRICE (EUR) PREVIOUS TARGET (EUR)

cEUR30bn. New module can drive capital efficiency higher 108.00 107.00

◆ Raise TP to EUR108 (from EUR107) on closure of SHARE PRICE (EUR) UPSIDE/DOWNSIDE

acquisition of non optical sensors from ams OSRAM 77.90 +38.6%

(as of 01 Jul 2026)

Re-iterate Buy rating: We visited Infineon’s new semiconductor manufacturing MARKET DATA

module at its facility in Dresden, Germany. Overall, the visit corroborated our view Market cap (EURm) 1,01,731 Free float 94%

Market cap (USDm) 1,15,740 BBG IFX GR

that the demand environment remains strong, and rising utilisation rates and the 3m ADTV (USDm) 507 RIC IFXGn.DE

favourable pricing environment should drive a strong increase in profitability over

FINANCIALS AND RATIOS (EUR)

FY27/28e. We raise our estimates marginally while nudging up our target price to Year to 09/2025a 09/2026e 09/2027e 09/2028e

EUR108 (from EUR107, unchanged 19x FY28e EV/EBIT). Next catalyst: 5 August HSBC EPS 1.39 1.77 2.90 4.19

HSBC EPS (prev) 1.39 1.77 2.88 4.15

2026 results for an update on demand trends. Change (%) 0.0 0.3 0.7 0.8

Consensus EPS 1.47 1.75 2.63 3.44

Key takeaways from Dresden: (A) Management sounded confident on demand, PE (x) 56.0 44.0 26.8 18.6

highlighting strong AI-related momentum and ongoing inventory replenishment at Dividend yield (%) 0.4 0.5 0.5 0.6