Deeper Mobile trough likely to offset any SiPho upside: Stay Neutral

研报英文原文证据摘录

Deeper Mobile trough likely to offset any SiPho upside: Stay Neutral

J P M O R G A N Europe Equity Research

08 July 2026

Soitec Neutral

SOIT.PA, SOI FP

Deeper Mobile trough likely to offset any SiPho upside: Price (07 Jul 26):€98.16

Stay Neutral ▼Price Target (Dec-27):€92.00 Prior (Dec-27):€130.00

Soitec is ~40% off its year-to-date peak, with some investors questioning whether

this represents an attractive entry point for a medium-term position. We think there European Tech Hardware &

Paymentsis upside to consensus expectations on the SiPho opportunity, but offsetting this we

see a continued contraction and a much shallower recovery in the Mobile business Craig A McDowell AC

than is currently anticipated by consensus. AI and the associated infrastructure (44-20) 7742-4576

craig.mcdowell@jpmorgan.com

build-out has been a mixed blessing for Soitec, with the SiPho business booming

but the Mobile business likely to suffer as high DRAM prices (due to AI demand) Sandeep Deshpande

(44-20) 7134-5276

leads to demand destruction. We remain Neutral, on the view that the downside risk sandeep.s.deshpande@jpmorgan.com

to the core Mobile Communications business is not yet fully reflected in the shares,

Anthony Girard

but equally, we do not think being underweight is sensible while we see upgrade (44-20) 3493-6469

risk to the Edge & Cloud AI division. anthony.girard@jpmorgan.com

J.P. Morgan Securities plc

• SiPho remains the significant driver: We expect SiPho will be the material

growth engine for Soitec (helped by rising adoption in transceivers and CPO Specialist Sales contact details:

ramping from ~2028). We model rapid growth (50% revenue CAGR FY25- Scott Silver - Specialist Sales -

30e; €535m in FY30) supported by pre-existing capacity with an assumption European TMT