纵横研报
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#Valuation Gap

02Reports
·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.

SOI.PA Soitec S.A. #Engineered Substrates#RF-SOI#Photonics-SOI#AI Optical Interconnect#Cyclical Recovery#Valuation Gap
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AEVA.US logo
·激光雷达(汽车电子·自动驾驶感知) ·内部研究

Aeva Technologies: A Genuine LiDAR Re-Rating, Priced As If 2028 Is Already Won

Aeva builds FMCW 4D LiDAR sensors and perception software for automotive, trucking, and industrial customers, converting technical differentiation into early commercial wins like Nikon and NVIDIA Hyperion. Q1 2026 revenue grew 86% to $6.3 million but stayed service-heavy, while the stock's roughly $1.64 billion valuation already prices in 2028 production ramps that remain contractually unproven. Rating Watch: real technology validation, but no margin of safety until shares fall toward the $8-10 conservative range.

AEVA.US Aeva Technologies, Inc. #FMCW LiDAR#Autonomous Trucking#NVIDIA Hyperion#SPAC Rerating#Dilution Risk#Valuation Gap
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