Soitec S.A. SOIT.PA SOI FP: Quick Note

研报英文原文证据摘录

Soitec S.A. SOIT.PA SOI FP: Quick Note

Global Markets Research

Soitec S.A. SOIT.PA SOI FP 23 July 2026

EQUITY: TECHNOLOGY

RatingCY2027 capacity is likely fully booked Remains Buy

Target price EUR 250.00 RemainsQuick Note

Closing price EUR 96.02 22 July 2026June-Q and Sep-Q 2026 revenue results and guidance beat market expectations

Soitec announced its June-Q revenue on 23 July HKT. Revenue rose 23% y-y to

EUR113mn, exceeding the company’s guidance of 15% y-y, primarily due to strong

demand for photonics SOI and rebound of automotive/industrial-related applications. For Research Analysts

the Sep-Q, the company guides for revenue growth of more than 30% y-y, i.e., more than Semiconductor

EUR180mn, significantly ahead of the Bloomberg consensus estimate of ~EUR140mn. In Donnie Teng - NIHK

our Soitecinitiationreport and Semi anchor report “GreaterChinaSemi-Aguideto donnie.teng@nomura.com

Semirenaissancein2026-30F” published in May, we highlighted that Soitec’s customers +852 2252 1439

were likely returning to secure more capacity considering the rising photonics SOI Aaron Jeng, CFA - NITB

demand, tighter Semi material supply, along with the already long inventory digestion of aaron.jeng@nomura.com

RF SOI and power SOI. We think management’s guidance underpins the view that the +886(2) 21769962

overall supply demand dynamics of SOI wafers are rapidly improving. We maintain our

Buy rating and Street-high TP of EUR250, based on 8x FY30F P/S with sales of

EUR1.12bn, which is in line with its previous peak cycle valuation level in FY21.

We believe Soitec’s CY2027 capacity has been fully booked, mainly owing to

photonics SOI squeezing out other SOI demand; customers are signing supply

agreements

Although the market is concerned about CPO mass production delay, which has caused