Soitec: Photonics-led recovery accelerates sharply

研报英文原文证据摘录

Soitec: Photonics-led recovery accelerates sharply

NSTEIN FLASHMAIL

22 July 2026

Aleksander Peterc

+33 1 57 29 45 25

EU Semiconductors aleksander.peterc@bernsteinsg.com

SOITEC

Rating

Outperform

Price Target

SOI.FP 180.00 EUR

MIDCAPS

Soitec preannounced 1Q'27 revenue of €113m, up 23% year-on-year at constant currency and scope, well above its own

guidance of around 15% growth, consensus of €104m and our (BERNe) estimate of €101m.

The result strongly validates the thesis outlined in our Soitec - Light Fantastic report published in May, and reiterated in the

post-FY26 results write-up, namely that a Photonics-SOI-led recovery is now firmly taking shape, with Edge & Cloud AI revenue up

46% year-on-year at constant currency and scope to €65m, driven by Photonics-SOI sales doubling year-on-year.

Management now guides Photonics-SOI FY27 revenue to "more than double" the slightly above $100m generated in FY26,

implying at least 100% growth - double our own (already bullish) growth estimate for the year. In discussions with management,

we understand the prior expectation of growth softening later in FY27 has been dropped; management now indicates normal seasonal

patterns should prevail, implying no slowdown into 3Q/4Q. Applying usual seasonality to the upgraded 1Q/2Q trajectory, we estimate

FY27 group revenue could land in the €700-800m range, around 10-30% above consensus (€630m) and 6-20% above our own

estimate at €660m.

A key enabler is capacity: Soitec has qualified a second 300mm Photonics-SOI production line in Singapore, alongside

existing Bernin capacity, with first customers already qualified for high-volume manufacturing - roughly six months ahead of our prior

expectations - and is now starting to contribute to revenue.