· 供应链分析
涉及标的： $AXTI
并非如此。我个人认为这是一家很棒的公司，但其中有些细微差别。 衬底(Substrate)生产仅占住友电工(Sumitomo)总收入的很小一部分，因为它已经是一家庞大的公司，所以你无法获得相同的敞口(Exposure)。 此外，在上游方面，他们采购磷化铟(InP)材料，而 $AXTI 部分拥有10多家原材料公司，并自行进行精炼和加工。 话虽如此，与 AXT 相比，住友电工的风险更低，因为没有出口管制核弹(Export Control Nuke)的风险，而且可能有更多的西方资金流入供应链多元化。
Not quite. I personally think it's a great company but there's nuances. Substrate prod is only a small fraction of Sumitomo's total revenue since it's already a massive company so you're not getting the same exposure. Also upstream there's InP materials that they buy while $AXTI partially owns 10+ raw material companies and does the refining and processing themselves. That being said, Sumitomo is de-risked compared to AXT since theres no export control nuke and there's probably more western money being funneled into supply chain diversification.