中文翻译
我认为细微差别在于存在两个不同的瓶颈。一个是原料/精炼加工，另一个是磷化铟(InP)衬底。住友/ $COHR 处于其中一个环节，但同样受到如7N非标准铟等原料定价的影响。我个人最看好 $AXTI 的原因是他们身处两个不同的瓶颈环节，因为他们拥有整个供应链并受益于价格上涨。全球大部分上游原料来自Vital或由AXT衍生。
· 供应链分析
解析InP供应链双瓶颈，指出AXTI因掌控全产业链而受益。
英文原文
I think the nuance is that there’s two different bottlenecks. One is feedstock/refinery processing. The other is InP substrates. Sumitomo/ $COHR sits in one of them but are affected by feedstock pricing like 7n indium nonstandard. The reason I personally like $AXTI the most is because they sit in two different bottlenecks since they own the entire supply chain and benefit from price hikes. Most of the worlds upstream feedstock come from Vital or are derived from AXT