Financials & valuation: Aixtron

研报英文原文证据摘录

Financials & valuation: Aixtron

3 August 2026

Aixtron (AIXA GR) EquitiesSemiconductors & Equipment

Buy: Optoelectronics strength coming through with

power recovery on the horizon Germany

◆ June-quarter results mixed; 2026 outlook unchanged; order MAINTAIN BUY

intake confirms strengthening optoelectronics demand

TARGET PRICE (EUR) PREVIOUS TARGET (EUR)

◆ Post results, we make modest revisions to our revenue and

51.10 51.10 operating income estimates

◆ Target price unchanged at EUR51.10; maintain Buy SHARE PRICE (EUR) UPSIDE/DOWNSIDE

34.45 +48.3%

Optoelectronics demand strengthening; GaN/SiC recovery on the horizon: (as of 30 Jul 2026)

Aixtron reported mixed 2Q26 results, with rising orders driven by optoelectronics MARKET DATA

strength and an unchanged 2026 outlook (see Mixed results but order intake continues Market cap (EURm) 3,909 Free float 100%

Market cap (USDm) 4,506 BBG AIXA GR

its upward march, 30 July 2026). Its conference call highlighted strengthening 3m ADTV (USDm) 57 RIC AIXGn.DE

optoelectronics momentum. While trends in the power segment remain lacklustre, we

FINANCIALS AND RATIOS (EUR)

continue to think that a recovery is on the horizon, driven by rising adoption of SiC in Year to 12/2025a 12/2026e 12/2027e 12/2028e

EVs and 800v architectures within data centers. Our 2027 revenue and EBIT HSBC EPS 0.76 0.69 1.45 1.88

HSBC EPS (prev) 0.76 0.72 1.46 1.89

estimates were already ahead of consensus going into results. We make modest Change (%) 0.0 -3.9 -0.3 -0.6

tweaks to our 2026-28 revenue and operating income estimates post results. Consensus EPS 0.66 0.73 1.28 1.64

PE (x) 45.6 49.6 23.7 18.4

Ongoing strength in optoelectronics demand, a cyclical recovery in SiC/GaN demand, Dividend yield (%) 0.4 0.4 0.4 0.4