Strong Photonics, But the Rest of the Story Matters

研报英文原文证据摘录

Strong Photonics, But the Rest of the Story Matters

Global Research

27 July 2026ab

Soitec Equities

FranceStrong Photonics, But the Rest of the Story

Matters Semiconductors

12-month rating Sell

12m price target €94.00Attractive photonics optionality, but the broader picture remains challenging

Prior : €85.00

FQ1 results once again highlighted the strong momentum in Optical, with management

now expecting Photonics SOI revenue to double this year. While this reinforces the Price (24 Jul 2026) €113.80

attractiveness of Soitec's photonics exposure, we believe investors are overlooking the RIC: SOIT.PA BBG: SOI FP

wider fundamentals of the business. Despite Photonics SOI revenue exceeding our

expectations, we continue to expect Soitec to grow more slowly than some of its optical Trading data and key metrics

peers, while the smartphone end market remains subdued. As a result, we reiterate our 52-wk range €192.20-22.95

Sell rating. Market cap. €4.06b/US$4.62b

Shares o/s 35.7m (ORD)

1) Photonics is stronger than expected, but expectations may be running ahead Free float 84%

of fundamentals Avg. daily volume ('000) 510

Following the updated guidance, we now forecast Photonics SOI revenue to double in Avg. daily value (m) €68.5

FY27 and grow a further c70% in FY28. However, we continue to believe the market is Common s/h equity (03/27E) €1.36b

overestimating the degree to which Soitec's growth will track that of its photonics P/BV (03/27E) 3.1x

customers, some of which could more than double revenue in FY28. In our view, this Net debt to EBITDA (03/27E) NM

disconnect reflects customers' ability to source value from components beyond the PIC

itself, as well as pricing dynamics that are likely to remain broadly flat, or potentially EPS (UBS, diluted) (EUR)

From To % ch Cons.