Aixtron三季度回顾：增长范围扩大并延续，杠杆效应被低估；维持增持

Q3’26 results brought supporting evidence to our Overweight thesis, with evidence of increasing size and duration of the Optoelectronic cycle, and broadening of growth beyond Optoelectronic to a reviving GaN and SiC business. Power orders rose 2x q/q and ~60% y/y, and management commentary points to sustained order momentum. Even without an explicit 2027 revenue indication, we estimate 2027 revenue of ~€905m versus Bloomberg consensus of €814m, supported by a ~€300m backlog for 2027 delivery and lead times extending to ~12 months. We expect 2027 gross margin above 45% and EBIT margin of 29.7%, driven by higher volume, favourable mix and currency, partly offset by ramp costs and component inflation. We remain Overweight with a June 2028 price target of €52.50, based on 22.0x 2028 P/E.