Soitec：2026财年业绩将于5月27日公布，光子板块涨势迎来检验

Soitec: FY26 results on 27 May - Testing the Photonics rally analystmeetingon Thursday,28/05,at14:00CET(webcast; dial-in). Soitec guided for approximately 20% LFL qoq growth in 4Q26 revenue (implied level at Soitec suspended all elements of medium to long-term guidance including a full-year revenueguidance last year, and started guiding only for the next quarter. We expect Soitec's new CEOto stick to this policy of"quarterly revenue guidance only" for the time being. For 1Q27, we currentlymodel revenue of 101.4m(Bloomberg cons.:106.1m with 5-47% (+16% yoy LFL, compared with a heavily depressed 1Q26). Againstthebackdropofan impressive>6OO%YTDrallyinSoitecsharesamidawidespreadmarket enthusiasm for stocks with exposure to photonics/DCl, investors probably expectSoitec management to provide at least some arguments in support of a more bullish thesis.Management could, for example, upgrade its Photonics revenue CAGR estimate, currently atPrice Performance, 1YRa conservative level of 25-30%; our analysis of Soitec's Photonics prospects outlined in ourrecentin-depth report points to a 2025-2030e CAGRat41%. Other areas of positivemessages and potential improvement include a normalisation ofAutomotive revenue and any indication that the RF-SOl overhang at foundry clients (and therelated approximately 50% under-shipment by Soitec into this channel) is finally drawing to anend. InvestmentImplications Werate Soitec shares Outperform,withaDCF-basedPTat150. EXHIBIT 6: Soitec: Bernstein estimates SOITECMODELANDLINKSTORELEVANTRECENTRESEARCH 5 May 2026 -Soitec: The Light Fantastic - Photonics-DCIOpportunity4 May 2026 -Global Semis: Mar 2026 WSTS Tracker-Sales +14.4% MoM,a bit above typical (13.3% MoM) on significantmemory strength; +88.1% YoY1 May 2026-China Smartphone Tracker (March): More pressure on low-end17 Feb 2026 - When Al threatens the moat #3 - The next shoes to drop13 Feb 2026-When Al threatens the moat #2: Our selection of"Al risk-proof" long ideas11Feb 2026-When Al threatens the moat: displacement risk and European SMID portfolio positioning6Feb 2026-Soitec:A well-deserved relief rally after a strong 3Q-but the road to full recovery remains long and arduous (April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024onwards),Sanford C.Bernstein(HongKong)Limited盛博香港有限公司，Sanford C.Bernstein(Canada)Limited,SanfordSanfordC.BernsteinJapanKK（7才一下·C·八一个株式会社）andanalystsemployedbySocieteGeneraleAfrica Technologies & Services to produce Bernstein researchundera Global Services Agreement in place between Bernsteinand Societe Generale. otherwise, for purposes of these disclosures, references to Bernstein's“affiliates” relate to both SG and AB and their respectiveaffiliates. SOITEC Our 150/share price target is based on a discounted cash flow model using a WACC of 9.3% and terminal growth of 3% witha long-term EBITDA margin of 35.3%. RISKS SOITEC smartphones),in POl (filters in mobile devices)and in Photonics-SOl(in Aldatacenter clusters)could poseamaterial riskto Soitec'sgrowth prospects. Soitec's sales are highly dependent on smartphone (54%), Cloud/Edge Al (36%) and automotive/industrialthese markets.Soitec's sales by customer show a high degree of concentration, with its top 5 clients (STM, GFS,UMC, Tower Semi,TSMC) each representing 10-18% of Soitec sales (collectively: 61% of group sales).This concentration makes Soitec vulnerableto clients'potentially adverse technological choices that may result in share losses of Soitec-based technologies. RATINGSDEFINITIONS,BENCHMARKSANDDISTRIBUTION EQUITYRATINGSDEFINITIONS Bernstein brand stocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL) for stocks listed on the Japaneseexchanges, and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian(ex-Japan) exchanges -unless otherwise specified. The Bernstein brand has three categories of ratings: ·Outperform:Stock will outpacethe market index bymore than 15pp: Market-Perform: Stock will perform in line with the market index to within +/-15 ppUnderperform: Stock willtrail the performance of the market index by more than 15 pp Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance of the company accuratelypredicted,at the present time.Thecovering analystmay continue to publish research reports on the companytoupdate investors And Financial Services Index (BEBANKS) and Bloomberg Europe Dev Mkt Financials Large and Mid Cap Price Ret Index EUR(EDMFI) indexfordeveloped European banks and Payments,the Bloomberg Europe 50O Insurance Index(BEINSUR)for Europeaninsurers, the S&P 500 and S&