Infineon Technologies AG: Dresden Smart Power Fab: Sizing the AI Power upside

研报英文原文证据摘录

Infineon Technologies AG: Dresden Smart Power Fab: Sizing the AI Power upside

Accessible version

Infineon Technologies AG

Dresden Smart Power Fab: Sizing the AI

Power upside

Reiterate Rating: BUY | PO: 108.00 EUR | Price: 82.69 EUR

Smart Power Fab supports next phase of AI Power ramp 22 June 2026

We will visit Infineon’s new Smart Power Fab in Dresden on 1 July, ahead of its official Equity

opening on 2 July. The fab marks the largest single investment in Infineon’s history,

following the company’s 2022 announcement of a €5bn investment into the site’s power Didier Scemama >>

semiconductor and analog/mixed-signal capacity. Its opening comes at a critical point, as Research Analyst

MLI (UK)

Infineon remains capacity constrained in AI power. Dresden, alongside incremental didier.scemama@bofa.com

capacity from Villach, Kulim and redeployed IGBT comfortably underpins our €3.9/€5.9bn Amelia Banks >>

DC/AI revenue forecast in 27/28E, driving mix to 20%/25% of group sales (vs. 8% in Research Analyst

’25). We lift capex by c23% across 27-28E to reflect this accelerated buildout and amelia.banks@bofa.com

reiterate Buy/Top Pick on Infineon at €108/$125 PO. With the stock trading at 12.5x 28E Oliver Wong >>

EBITDA at a 23%/40% discount to diversified/AI peers, we see scope for rerating. Research Analyst

oliver.wong2@bofa.com

AI to capture c55% of capacity; Dresden not the only lever

Incorporating pricing and mix tailwinds, we believe Dresden could reach €6bn of total

output, with AI capturing 55% of incremental capacity added in our framework. This

Stock Data

implies €1.65bn of incremental DC/AI revenue in 27E under a fast 2yr ramp, rising to

€3.3bn at full capacity in 28E. Beyond Dresden, IFX has other capacity levers to support Price (Common / ADR) 82.69 EUR / 95.23 USD