$AIXA (+0.52%)

The world of integrated photonics is facing a huge upheaval. AIXTRON and SMART Photonics are driving the future of this technology with their collaboration. The new G10-AsP system will take production capacity to a new level. This investment marks a decisive step in SMART Photonics' innovation strategy.

AIXTRON SE will deliver the new G10 AsP system to SMART Photonics in the Netherlands to increase its production capacity and performance.

The market for InP Photonic Integrated Circuits (PICs) is expected to grow at a compound annual growth rate of 14% until 2027, driven by trends such as 5G/6G telecoms, healthcare and AI.

SMART Photonics, founded in 2012 with Eindhoven University of Technology, is an independent InP-PIC foundry based in Eindhoven and a long-standing customer of AIXTRON.

The G10-AsP system offers up to four times better on-wafer uniformity and is fully automated, enabling consistent and reliable production.

SMART Photonics' purchase of the G10 AsP system underscores its confidence in AIXTRON's technology to accelerate time-to-market for innovative products.

SMART Photonics sees the purchase as a major step towards accelerating its innovation strategy and positioning itself at the forefront of the integrated photonics industry.

The next important date, 28th Annual General Meeting of AIXTRON SE, at AIXTRON is on May 15, 2025.

https://www.wallstreet-online.de/nachricht/19309978-smart-photonics-expandiert-aixtron-g10-asp-produktion

$AIXA (+0.52%) reported Q1 2025

Sales: 112.5M vs 102M expected 🟢

EBIT: 3.3M vs 5M expected 🟡

Earnings: 5.1M vs 3.5M expected 🟡

Outlook for 2025

Sales: 565M vs 540M expected 🟢

Gross margin: 41.5%

EBIT: 113M vs 99M expected 🟢

Outlook for Q2 2025

Sales: 130M vs 115M expected 🟢

• Incoming orders at 132M and thus above sales and previous year
• Backlog increases to 310M (B2B still below 1)
• Aixtron sees demand mainly from Asia
• New production center for 300mm wafers has started operation
• Nokia acquired as new customer
• Cash flow significantly higher (35M) due to further inventory reduction. Here even FCF was achieved since ages
• Inventories fall further to 350M (PY 436M). Still too high, but good trend
• Headcount reduction leads to annual cost savings of 5M in the long term
• Equity ratio has risen to an incredible 87% (PY 76%)
• Aixtron does not see itself affected by the tariffs

"We are pleased with the start of the new year. The higher order intake compared to the previous year confirms that our product range is very well positioned, even in a challenging market environment. Additionally, the swift ramp-up of our new Innovation Center showcases AIXTRON's execution capabilities. The ability to process our own 300mm GaN wafers in the Innovation Center enables us to better support our customers in the future transition to the next wafer size. This will position us optimally for the next growth phase," says Dr. Felix Grawert, CEO of AIXTRON SE.

Aixtron summarizes the figures itself as "Strong in a soft environment".

I gave the company this quarter and next quarter to deliver and I have to say they did. It almost looks like the bottom is just behind us. Inventories are down, they have a solid order intake and new customers. Sales expectations are rising, FCF is positive

$AIXA (+0.52%)

AIXTRON SE revolutionizes the production of photonic circuits with the delivery of the G10-AsP system to Nokia, paving the way for the future of high-speed communications.

AIXTRON SE delivers the G10 AsP system to Nokia for the production of 6-inch Indium Phosphide (InP) wafers.

Advances in the development of photonic integrated circuits (PICs), which are critical for high-speed data communications and 5G.

The global market for PICs will grow from USD 12 billion in 2023 to USD 41 billion by 2031, with a compound annual growth rate of around 16%.

Nokia's PICs integrate multiple optical functions on one chip, reducing cost, space and power consumption while improving performance.

The G10-AsP system offers up to four times

uniformity on the wafer and enables efficient operation through automated wafer loading.

The transition to 6-inch wafers improves production capacity and reduces unit costs, which is important for sectors such as telecommunications and automotive.

AIXTRON's next important date, publication of the quarterly financial report (Q1 reporting date), is April 30, 2025.

https://www.wallstreet-online.de/nachricht/19174262-aixtron-g10-asp-photonik-treibt-nokias-innovationen-voran

A small and final additional purchase in $AIXA (+0.52%) .

Extremely beaten up, a bit too much in my opinion.

Only intended for a short holding period.

Edit: through @SemiGrowth I just saw from his post that they actually generate a gross margin of 41%.

I might stay in here longer after all

$AIXA (+0.52%) Reports FY 2024

Sales: 633M vs 625M expected 🟢

EBIT: 131M vs 137M expected 🔴

Income: 106M vs 117M expected 🔴

Outlook for FY25:

Sales: 565M vs 566M expected 🟡

EBIT: 113M vs 121M expected 🔴

Outlook for Q1 FY25:

Sales: 100M vs 126M expected 🔴

The following things are mentioned:

• Competitive position and market shares in key sectors expanded 🟢
• Difficult environment 🔴
• Power electronics for AI (making the move here) $IFX (+1.34%) move) 🟢
• Record quarter with 227M sales 🟢
• Bookings have fallen by -7% to 596M, Q4 2023 to 2024 even by -23% 🔴
• Order backlog thus falls to 290M 🔴
• Weakening demand due to cutbacks in customer investments 🔴
• Decline in gross margin from 44% to 41% 🔴
• It is emphasized that a lot is now being invested in R&D to play the next cycle
• Reduction of the dividend to 15 cents (from 40 cents) is justified by the build-up of a cash position
• Gross margin to remain constant in the current FY2025 (41-42%) 🟡
• The balance sheet looks more solid, with less debt and a higher equity ratio 🟢
• Inventories have also been reduced, resulting in a positive cash flow 🟢

"We will use the current phase of market consolidation to optimally prepare for the next growth phase of the semiconductor cycle," says Dr. Felix Grawert, Chief Executive Officer of AIXTRON SE

"The year 2024 has developed significantly differently than originally expected. Nevertheless, we are continuing to invest consistently in our future. Our new innovation center will further strengthen our research and development activities. The focus of our activities in 2025 is now on strengthening profitability and rebuilding a strong cash position," says Dr. Christian Danninger, Chief Financial Officer of AIXTRON SE.

Conclusion:

The figures were pretty much as expected and the revenue outlook was also in line with expectations. However, profitability has suffered and will continue to do so next year. The difficult market environment was known. The dividend cut sounds sensible, as do the investment plans. However, the order backlog does not look so good, as the order backlog is only sufficient for half a year. However, the balance sheet and the reduction in inventories are positive. I don't really see the share price loss as justified. What do you think about the development and would you buy now? @Tenbagger2024 What are you doing with Aixtron?

FRANKFURT (dpa-AFX) - Technology stocks had a hard time on Monday in view of the weakness of the Nasdaq before the weekend. The Stoxx Europe 600 Technology sector index extended its correction particularly sharply, with semiconductor stocks in particular coming under pressure.

STMicro $STMPA (+3.1%)

lost around three percent following a downgrade by the experts at TD Cowen and is back at its November low. Infineon

look better overall, but also lost 2% at the end of the Dax. Aixtron $AIXA (+0.52%) sank over 7% in the MDax.

Analyst Tim Wunderlich from Hauck Aufhäuser Investment Banking had canceled his buy recommendation for Aixtron. His price target of 13.80 euros is still below the current Xetra level. Sluggish consumer demand, political risks with regard to the development of electromobility and high inventories in the supply chains are likely to continue to weigh on demand for silicon carbide (SiC) power semiconductors in 2025, he wrote./ag/mis

Source: dpa-Afx

Although I don't think this news is new. And should slowly be priced into the share price. What do you think, will there be a further downhill slide?

BÖRSE ONLINE – Seit 1987 unterstützt BÖRSE ONLINE jede Woche Anleger bei ihren Investment-Entscheidungen. Zentrale Themen der Berichterstattung sind fundamentale Markt- und Aktienanalysen, Charttechnik, Handelsstrategien sowie verschiedene Tradingmodelle.

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- GOLDMAN raises the price target for SIEMENS ENERGY from EUR 56 to EUR 60. Buy. $ENR (+1.79%)

- BARCLAYS raises the target price for MERCEDES-BENZ from EUR 48.50 to EUR 50. Underweight. $MBG (+0.32%)

- JEFFERIES upgrades SMA SOLAR from Hold to Buy and raises target price from EUR 14 to EUR 20. $S92 (+8.01%)

- GOLDMAN raises the price target for DEUTSCHE BÖRSE from EUR 226 to EUR 231. Neutral. $DB1 (+0.92%)

- BOFA upgrades BBVA from Neutral to Buy and raises target price from EUR 11 to EUR 13. $BBVA (+0.31%)

- WARBURG RESEARCH upgrades FUCHS SE from Hold to Buy. Target price EUR 50. $FPE

- GOLDMAN raises the price target for FLATEXDEGIRO from EUR 17 to EUR 18. Buy. $FTK (+0.78%)

- BERENBERG raises the target price for IBERDROLA from EUR 12.30 to EUR 14. Hold. $IBE (+0.5%)

- JEFFERIES upgrades PVA TEPLA from Hold to Buy and raises target price from EUR 12 to EUR 19. $TPE (+1.89%)

- JEFFERIES raises the price target for FRIEDRICH VORWERK from EUR 23 to EUR 30. Hold. $VH2 (-0.72%)

- JEFFERIES raises the price target for ZEAL NETWORK from EUR 45 to EUR 58. Buy. $TIMA (+0.21%)

- JEFFERIES raises the price target for ADESSO from EUR 75 to EUR 85. Hold. $ADN1 (+3.5%)

- JEFFERIES upgrades NEL from Underperform to Hold. Target price NOK 3. $NEL (+2.54%)

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- BERENBERG lowers the price target for RWE from EUR 46.50 to EUR 42. Buy. $RWE (+0.22%)

- GOLDMAN lowers target price for EON from EUR 17.50 to EUR 17. Buy. $EOAN (-0.13%)

- HAUCK AUFHÄUSER IB downgrades AIXTRON from Buy to Hold and lowers target price from EUR 26.40 to EUR 13.80. $AIXA (+0.52%)

- METZLER lowers the price target for DWS from EUR 41 to EUR 40.50. Hold. $DWS (+0.82%)

- GOLDMAN lowers the price target for ASTRAZENECA from GBP 159.55 to GBP 155.58. Buy. $AZN (+0.44%)

- TD COWEN downgrades STMICRO to Hold. Target price EUR 24.50. $STM (+3.4%)

- JPMORGAN downgrades CONSTELLATION BRANDS to Neutral. Target price USD 203. $STZ (-1.23%)

- JEFFERIES lowers the price target for DOCMORRIS from CHF 65 to CHF 39. Buy. $DOCM (-6.18%)

- JEFFERIES lowers the price target for ATOSS SOFTWARE from EUR 112 to EUR 108. Hold. $AOF (-1.27%)

- JEFFERIES lowers the price target for JENOPTIK from EUR 34 to EUR 29. Buy. $JEN (+0.84%)

- JEFFERIES lowers the price target for KONTRON from EUR 29 to EUR 27. Buy. $KTN (-0.73%)

- JEFFERIES lowers the price target for SILTRONIC from EUR 95 to EUR 90. Buy. $WAF (-0.13%)

- JEFFERIES downgrades VERBIO from Buy to Hold and lowers target price from EUR 22 to EUR 11. $VBK (+3.02%)

- JEFFERIES downgrades SGL CARBON from Buy to Hold and lowers target price from EUR 9.50 to EUR 4.40. $SGL (+1.96%)

Interview with Clemens Fuest - Germany on the brink? Ifo President finds: "Elon Musk is talking nonsense"

The German economy is stagnating and economic output is not rising above the 2019 level. That is the bitter outcome of a lost half-decade, as Clemens Fuest, President of the Ifo Institute, makes clear in an interview with the FAZ.

"We have real problems," says Fuest, adding that it is not just external circumstances that are weighing on Germany's economy, but also home-grown problems. In this tense economic environment, Fuest voices fierce criticism of Elon Muskthe CEO of Tesla. Musk, known for his sometimes controversial statements and visions, hatte zuletzt Vorschläge gemacht which Fuest describes as "gross nonsense". These proposals relate in particular to Musk's ideas on the industry of the future.

"Germany is not on the brink"

Musk has repeatedly emphasized that Germany must fundamentally change its industrial policy in order to remain competitive. Fuest replied: "Germany is not on the brink, wie er behauptet . Our country is stuck in stagnation, that's something completely different."

Fuest emphasizes in the interview that German economic policy should aim to further promote its strengths. "Depending on the count, there are between 1,000 and 1,500 companies in Germany that are world market leaders in a niche. No other country has this in this form. And that leads to the export strength that continues to characterize Germany."

The Ifo Director calls for political decision-makers in Germany and Europe to rethink and adapt their strategies. "The approach of relying heavily on subsidies to transform the economy" was wrong, he emphasizes. The "traffic light coalition has also failed to find an answer to the decline in investment in companies and housing construction".

"Depending on the count, there are between 1,000 and 1,500 companies in Germany that are world market leaders in a niche. No other country has this in this form. And that leads to the export strength that continues to characterize Germany."

My dears, which world market leaders can you think of here? And which German niche companies are you counting on?

$SIE (+0.35%)
$MUM (-2.51%)
$SAP (-0.48%)
$AIXA (+0.52%)
$ADS (-0.52%)
$RR. (-0.55%)
$FRE (+0.86%)

Interview mit Clemens Fuest - Deutschland am Abgrund? Ifo-Präsident findet: „Elon Musk redet groben Unfug“

How should I start? My portfolio has increased by almost 3.75 times, even though I've been struggling with a few problems since June and can hardly save any more.

My BAföG has not yet been approved, which is why I have to be financially cautious and hope that I can make ends meet with my remaining funds.

The year has been exciting - I can't guarantee you whether the figures here are accurate, and to be honest I don't think they are, because so far they've almost always been wrong. Nevertheless, it gives you a good insight into my portfolio.

And my goals for 2025? Honestly, I have no idea! I'll have to see how my studies and my life as a whole are going before I can set any concrete goals, but I'll have some fun: Here are my top and flop 5 that I still hold.

$SOFI (-0.85%)
$BTC (-0.01%)
$FWONA
$D05 (+3.64%)
$FTNT (-0.49%)

$AIXA (+0.52%)
$EVT (+0.29%)
$AFX (+0.46%)
$MRNA (-0.69%)
$CELH

I wish you all a happy new year!

year!