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半导体硅片

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·半导体硅片 ·内部研究

Soitec: The AI-Photonics Turn Is Real, But the Price Already Assumes It Wins

Soitec designs and manufactures engineered semiconductor substrates—RF-SOI for mobile radios, FD-SOI for automotive and industrial computing, and increasingly Photonics-SOI for AI optical interconnects—competing on architecture-specific performance rather than commodity wafer volume. Fiscal 2026 revenue fell 34% to €591.8 million and the company swung to a €220 million net loss, yet Edge & Cloud AI revenue kept growing and the shares have since risen more than fivefold on AI-photonics enthusiasm, pushing trailing EV/sales to about 7.2x with an owner-earnings yield below the French government bond yield. Rating Watch: real technology and cash generation, but no margin of safety until shares fall back toward the €60-75 ideal buy zone.

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·半导体硅片 ·内部研究

沪硅产业长期企业所有者视角研究报告

沪硅产业是中国大陆半导体硅片国产替代龙头,主营 300mm/200mm 及以下抛光片、外延片与 SOI 硅片,客户为境内晶圆厂。2025 年营收创上市以来新高约 37 亿元,但 300mm 与 200mm 两大硅片业务毛利率仍为负、连续两年亏损、经营现金流为 -5.59 亿元,处于扩产爬坡与持续股权融资阶段。

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·半导体硅片 ·内部研究

环球晶圆深度价值投资研究

环球晶圆(GlobalWafers)是全球第三大半导体硅晶圆供应商,主营 300mm/200mm 抛光片与外延片,客户为全球晶圆厂;2020 年收购德国 Siltronic 未果后转向自建全球产能。2025 年营收约 606 亿新台币、营收下滑盈利走弱(毛利率从 43% 降至 24%),处于新厂爬坡与折旧上升的周期低点。

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