2026年全球科技大会：他们掌握了力量

2026 Global Tech conference: they’ve gotthe power Reiterate Rating:BUY| PO:108.00 EUR| Price:88.00 EUR 04 June 2026 Growing confidence in AI power; raising ests. and POWehosted IFX’s Alexander Foltin (head of IR and Treasury) at our Global Tech Conference. We see three key takeaways: (A) Unconstrained AI power demand ismaterially above current€1.5bn guidance, suggesting new fab opening could lead tohigher AI power revenue guidance for FY27, (B) Margins likely to benefit from higherpricing and lower unused capacity charges in the coming quarters and (C) Autos high-voltage underperformance likely fixed mid-‘27E before recovery in‘28E. We raise our AIpower revenue estimate for FY27/28E from€2.65bn/€4bn to€3bn/€4.5bn and our GMestimates leading to c4% EPS for FY27/28E. We maintain our Buy rating/Top Pick andlift our PO from€95/$110 to€108/$125 (16.5x FY28E EV/EBITDA, up from 15x due tohigher AI revenue contribution). At our PO IFX would trade on 21x FY28E EV/EBIT, in linewith its global peers and below AI-focused peers on 23.5x. Equity Didier Scemama>>Research AnalystMLI (UK)didier.scemama@bofa.com Dresden fab opening is a key catalystWe see the upcoming Dresden module 4 opening in July as a key catalyst. Demand from AI customers (GPU, XPU) is materially above IFX’s current capacity, suggesting thesupply/demand imbalance could improve in FY27/28E. The new Dresden fab wasexpected to generate€5bn of revenues when launched in 2022. A current mark-to-market is probably closer to€6bn, in our view, given richer mix and higher ASPs.Assuming 50% of the fab capacity is dedicated to AI power, we would expect anadditional€3bn of revenues by FY28E, justifying our revised AI power revenue estimateof€4.5bn. Depending on the pace of adoption of SiC in DC (linked to 800V ramp), wethink there could be upside to this number as SiC revenues will come from another fab. Amelia Banks>>Research AnalystMLI (UK)amelia.banks@bofa.com Oliver Wong>>Research AnalystMLI (UK)oliver.wong2@bofa.com Stock Data China xEV woes likely fixed mid-‘27E IFX’s high voltage (IGBTs and SiC chips) power semis have suffered from oversupply andmarketshare loss. This is only c6% of Autos. We think IFX’s restructuring plan(downsizing, refocusing and re-allocation of IGBT capacity to AI power) should lead to abottom in revenues and margins mid next year. The rest of ATV remains highly attractive(9% growth lfl in a slightly declining global SAAR) given strong position in SDVs/ ADAS. AI: Artificial Intelligence.ADAS: Advanced Driver-Assistance Systems.ATV: Automotive.GPU: Graphics processing unit.IGBTs: Insulated-Gate Bipolar Transistors.SAAR: Seasonally adjusted annual rate.SDV: Software-Defined Vehicle(s).SiC: Silicon carbide.xEV: Electrified Vehicle(s). >> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analystunder the FINRA rules.Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securities does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 7 to 10. Analyst Certification on page 5. PriceObjective Basis/Risk on page 5.12981229 iQprofileSMInfineon Technologies AG Company SectorSemiconductors Company Description Infineon is an integratedsemiconductor company with topmarket shares in its key end markets Automotive, Powersemiconductors and MCUs (microcontrollers). Keycustomers are Tier 1 Auto suppliers/OEMs, Capital Goods,Renewables, server & smartphone OEM's, as well as smartcard, payment and e-government solution providers. Investment Rationale IFX's high exposure to thematic demand drivers, such as carsoftware-defined vehicles, ADAS and AI servers, enablestrong growth outperformance vs semi industry. Improvingmacroeconomic conditions, re-stocking and market sharegains in MCUs and AI servers should drive strong growththrough at least FY27. Stock Data Shares / ADR1.00Price to Book Value6.3x Price objective basis & risk Infineon Technologies AG (IFNNF / IFNNY) Our€108 (US$125 ADR) PO is based on 16.5x FY28E EV/EBITDA, at a discount inbroader diversified peers at 15.2x and AI-exposed peers at 17.7x, though at a premiumits historical range of 6.5x-13x ex COVID) given its strengthening AI Poweropportunities. Specifically, i) leading positions in large, long growth duration automotiveand Industrial semiconductor markets, ii) best-in-class, low-cost 300mm manufacturing,iii) optionality with growth/margin accretive expansion into IoT markets, iv) AI servershare gains, v) Autos MCU share gains and vi) leadership in power semis solutions for AIservers. Downside risks to our PO: 1) Adoption of