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BofA Upgrades Soitec to Buy, Lifts Target to €300 on Silicon Photonics

BofA Securities upgraded French chip materials maker Soitec to "buy" from "neutral" and raised its price target to €300 from €152, sending the shares up 7% in Paris on Friday. The broker cited Soitec's 90%-plus share of the key material used in silicon photonics, a technology that moves data with light instead of copper. BofA forecasts photonics wafer revenue growth of 172%, 74% and 57% in fiscal 2027, 2028 and 2029, and said several major customers have signed long-term "take-or-pay" contracts that commit them to pay whether or not they use the wafers. Soitec itself said in September it expects photonics wafer growth of 2.5 to 3 times in the year ending March 31, 2027. BofA also expects Soitec to announce a Singapore factory extension in coming months, estimated to cost €700 million and add 1 million 300mm wafers a year of capacity, and raised its earnings-per-share forecasts to €1.61 from €0.08 for fiscal 2027, to €5.57 from €2.65 for fiscal 2028, and to €10.62 from €5.11 for fiscal 2029.

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SOI.PA · Capital · Positive BofA upgraded Soitec to Buy and raised its price target to €300 from €152, lifting EPS forecasts.

SOI.PA · Demand · Positive Major customers signed long-term take-or-pay contracts for photonics wafers, and Soitec expects photonics wafer growth of 2.5-3x.

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China

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Lion Micro to acquire 3.6221% stake in Jinruihong Microelectronics for 269 million yuan via public bidding

Lion Micro announced after market close on October 9 that it plans to acquire a 3.6221% stake in Jinruihong Microelectronics Quzhou Company Limited held by SDIC Venture Capital through public bidding, with a base transaction price of 269 million yuan. Jinruihong Microelectronics is Lion Micro's production base for 12-inch silicon wafers, with complete processes and production capabilities for silicon single crystal ingots, silicon lapped wafers, silicon polished wafers, and silicon epitaxial wafers. After the transaction is completed, Lion Micro's direct shareholding in Jinruihong Microelectronics will rise from 57.4403% to 61.0624%. SDIC Venture Capital was a financial investor shareholder when Jinruihong Microelectronics was established, with a capital contribution of 200 million yuan, and this time it is making an orderly exit through public listing on the Beijing Equity Exchange. In August this year, Lion Micro already acquired the 11.4705% stake in Zhejiang Jinruihong held by SDIC Venture Capital, and completed full payment in September, making Zhejiang Jinruihong a wholly owned subsidiary of the company.

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605358.CG · Capital · Positive Lion Micro is acquiring an additional 3.6221% stake in its 12-inch wafer production base Jinruihong Microelectronics for 269 million yuan, raising its direct holding to 61.0624%.

金瑞泓微电子（衢州）有限公司 · Capital · Neutral Jinruihong Microelectronics is the target whose 3.6221% stake is being sold by SDIC Venture Capital via public bidding, increasing Lion Micro's control.

国投(上海)科技成果转化创业投资基金 · Capital · Neutral SDIC Venture Capital is making an orderly exit from its Jinruihong Microelectronics stake through public listing on the Beijing Equity Exchange.

浙江金瑞泓科技股份有限公司 · Capital · Neutral Zhejiang Jinruihong is referenced as already becoming a wholly owned subsidiary of Lion Micro after an August stake purchase; not the subject of this transaction.

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National Silicon Industry Group Chairman Jiang Haitao Resigns, No Longer Holds Any Position at the Company

National Silicon Industry Group announced on September 29 that its board of directors recently received a written resignation report from Chairman Jiang Haitao. Due to a change in work arrangements, he applied to resign from his positions as chairman of the third board of directors, director, member and convener of the strategy committee, member of the nomination committee, and member of the remuneration and assessment committee. After resigning, he will no longer hold any position at the company. Jiang Haitao is 54 years old this year and has served as a director of National Silicon Industry Group since June 10, 2021. Before his resignation, he was chairman of the company. He previously worked for a long time in the Shanghai port system and the Shanghai Federation of Trade Unions. Since May 2020, he has served as deputy party secretary of Shanghai Guosheng Group, and he currently serves as deputy party secretary, president, and director of that company. National Silicon Industry Group mainly produces polished wafers, epitaxial wafers, and SOI silicon wafers. On August 19, the company released its 2026 interim report. Operating revenue was 2.32 billion yuan, up 36.5 percent year on year. Net profit attributable to the parent company swung from a loss of 367 million yuan in the same period last year to a loss of 965 million yuan, with the loss widening further. Net profit attributable to the parent company after deducting non-recurring items swung from a loss of 481 million yuan in the same period last year to a loss of 958 million yuan, with the loss also widening further. Net operating cash flow was 179 million yuan, up 138.8 percent year on year. The company said the revenue growth was mainly driven by a year-on-year increase of more than 90 percent in sales volume of 300-millimeter semiconductor silicon wafers, while the year-on-year decline in profit was mainly due to increased research and development investment, higher financial expenses caused by exchange rate fluctuations, and increased asset impairment losses.

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688126.CG · Regulation · Negative Chairman Jiang Haitao resigned from all positions, including chairman and board committees, creating leadership/governance uncertainty.

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