Industries
Semiconductor Wafers
All research in Semiconductor Wafers — 3 reports.
46/100
Soitec: The AI-Photonics Turn Is Real, But the Price Already Assumes It Wins
Soitec designs and manufactures engineered semiconductor substrates—RF-SOI for mobile radios, FD-SOI for automotive and industrial computing, and increasingly Photonics-SOI for AI optical interconnects—competing on architecture-specific performance rather than commodity wafer volume. Fiscal 2026 revenue fell 34% to €591.8 million and the company swung to a €220 million net loss, yet Edge & Cloud AI revenue kept growing and the shares have since risen more than fivefold on AI-photonics enthusiasm, pushing trailing EV/sales to about 7.2x with an owner-earnings yield below the French government bond yield. Rating Watch: real technology and cash generation, but no margin of safety until shares fall back toward the €60-75 ideal buy zone.
37/100
A Long-Term Business Owner's Research Report on National Silicon Industry Group
National Silicon Industry Group is the mainland China leader in domestic substitution for semiconductor wafers, with core products spanning 300mm, 200mm and smaller polished wafers, epitaxial wafers, and SOI wafers for domestic fabs. Revenue reached a post-listing high of about RMB 3.7 billion in 2025, but gross margins in both the 300mm and 200mm wafer businesses remained negative, the company posted losses for two straight years, operating cash flow was RMB -559 million, and it remains in a phase of capacity ramp-up and repeated equity financing. Research rating Watch: an important strategic materials company worth tracking, but not yet a mature cash-flow asset with a compelling margin of safety.
38/100
GlobalWafers Deep Value Investment Research
GlobalWafers is the world's third-largest supplier of semiconductor silicon wafers, focused on 300mm/200mm polished and epitaxial wafers for global wafer fabs. After its 2020 attempt to acquire Germany's Siltronic fell through, the company shifted toward building out global capacity itself, and by 2025 revenue was about NT$60.6 billion while profitability weakened as gross margin fell from 43% to 24%. Research rating Watch: a strategically important cyclical materials asset, but the current price does not offer enough margin of safety.