Equity Snap: Aixtron (AIXA GR): Jun-Q first take: Mixed results but order intake continues its upward march

研报英文原文证据摘录

Equity Snap: Aixtron (AIXA GR): Jun-Q first take: Mixed results but order intake continues its upward march

30 July 2026

Equity Snap: Aixtron (AIXA GR) Equities Semiconductors & Equipment

Jun-Q first take: Mixed results but order intake

continues its upward march Germany

◆ 2Q26 results mixed, with revenues below consensus but Adithya Metuku*, CFA

operating profit ahead on gross margin strength Senior Global Technology Analyst HSBC Bank plc

adithya.metuku@hsbc.com

◆ Order intake solid and continues to rise sequentially; 3Q +44 203 268 2960

outlook ahead of expectations Kalpesh Mahadik*, CFA

Associate

Bangalore

◆ FY26 outlook unchanged, below consensus but in line with

HSBCe; expect more colour on conf call at 2pm UKT * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

Aixtron (AIXA GR, EUR33.34, Buy, TP EUR51.10)

(Priced as of 29 Jul 2026)

2Q26 results mixed; order intake continues to rise: Aixtron reported Jun-Q

revenue of EUR115.1m, 2% ahead of HSBCe but 6% below Visible Alpha

consensus. Within this, Equipment revenue came in 1.3% above HSBCe, but 10.2%

below consensus expectations, while Spares & Services were 5.7%/9.5% above

HSBCe/consensus. Within Equipment, Optoelectronics & communications and LED

segments beat expectations, while Power segment missed. New orders of

EUR214.5m was strongly ahead beating both HSBCe and consensus by

19.2%/15.5%, driven by the optoelectronics end market. Gross margin came in at

40.6%, ahead of HSBCe of 38.5% and VA cons of 40.0%. Operating income of

EUR14.7m was 33% ahead of our estimate and 5% ahead of consensus. Profit for

the period came in at EUR19.1m, 129%/60% ahead of HSBCe/VA consensus,

helped by the recognition of deferred tax assets.