人工智能电源业务推动收入和利润率上升 - 目标价上调至96欧元

Equity Research AI Power to Drive Revenue and Margin Upside- Raising PT to €96 We expect Infineon's AI power revenues to benefit from strengtheningdemand, higher capacity and higher pricing in FY27, leading to furtherupgradesto earnings estimates.At the same time we expect theautomotive and industrial chip upcycles to strengthen further on the back of AI power revenues forecast to grow by at least 100% in FY27:Infineon has guided its AIpower revenues to grow at over 100% to €1.5bn in FY26. This growth is being supported by thetransition of some voltage regulator module (VRM) customers to vertical power delivery, butis constrained by the lack of capacity. Capacity is expected to improve once the new SmartPower fab in Dresden comes on-line from July, which can contribute up to €5bn of revenue Price increases to drive revenue and margin upside:Infineon is increasing prices on someproducts for the second time this year from July, with silicon MOSFET pricing expected tosee another double-digit increase. These and future price increases are expected to help drivehigher margins and revenues in FY27 and FY28. On the back of the sharp increases in silicon A stronger longer term outlook drives structural re-rating:Once all GPU/ASIC customersconvert to vertical power delivery, the average AI-related power semiconductor revenue perkilowatt is expected to reach $250 from the current $175, with further upside from priceincreases as well as solid state transformers (SST) and solid state circuit breakers (SSCB).With sales of SSTs, SSCBs and new GaN-based solutions for 800V intermediate bus convertersexpected to ramp from 2028, we model Infineon's AI power revenue growth to remain strongbeyond FY27. We expect this long term strength to support a re-rating of the stock and raise Janardan Menon * | Equity Analyst44 (0) 20 7029 8413 | jmenon@jefferies.com2027E19,815.1 Om Bakhda * | Equity Analyst+44 (0)20 7029 8671 | obakhda@jefferies.com Isaac Dale * | Equity Associate+44 (0)20 7548 4034 | idale@jefferies.com Infineon Technologies (IFX GR)Equity ResearchJune 2, 2026 The Long View: Infineon Tech. Investment Thesis Infineon has a market-leading product portfolio in automotive chips, whichhas already resulted in significant share gains as is evident in sales and AI power is becoming a major contributor to Infineon's overall revenues andis forecast to grow at a CAGR of more than 25% to 2030, contributing tooverall revenue growth and margin improvement. AI revenues in FY27 to We believe company guidance and market expectations for FY26 and FY27are conservative. We expect the stock to re-rate further given the company'srobust long term growth drivers such as SDVs and AI power. We also expect Downside Scenario,€54, -33% Base Case,€96, +18% Upside Scenario,€115, +42% Geo-politics and weaker car demand leads toa further inventory correction in the automotive There is a stronger than expected recovery inboth automotive and industrial semiconductor Infineoncontinues to take share in theautomotive market on the back of its market- The AI investment cycle weakens leading tolower than expected AI power revenues. The dollar strengthens versus the Euro AI server power supply revenues rises to €1.5bnor slightly higher in FY26, with further stronggrowth to €3bn in FY27 AI data centre revenues rises to around €3.5bn inFY27, with additional upside from CPU racks. Valuations are impacted by ongoing newsflowaboutChina localisation and market share The analog segment continues to re-rate asfurther upgrades to estimates comes through. Thecyclical recovery in the industrial andautomotive chip segments gains momentum in €115 upside PT based on FY27E EPS of €3.5 anda PER of 33x, EV/EBITDA of 18.7x. Sustainability Matters Catalysts Monthly car demand, especially in ChinaSignificant change in EUR/USD rateEvidenceof continued strength in AI powerdemand and Infineon engagements.Quarterly results and guidance Top Material Issue(s)- Product Design:Infineon is a global leader in producing power semiconductorsand is therefore a significant enabler of the technological trends towards digitalisation, automation,and electrification. Its chips support reducing CO2 emissions across industries, increasing energyefficiency in power consumption, and allowing environmentally friendly mobility and security in an Company Target(s):1) Achieve Net Zero emissions by 2030 (Scope 1 and 2). 2) Reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 72.5% by 2030 versus the base year 2019. 3)Implement measures to allow annual potential energy savings of 20 gigawatt hours. 4) Increase the proportion of women in management roles to 20% in the long term. Qs to Mgmt:1) Will there be a margin impact to achieving climate neutrality? 2) How do you expectdemand for your products from the ICE segment to trend as the world increasingly moves towards electrification? Risks to investment thesis:The key risks to our bullish investment thesis on