· 供应链分析
是的，分析得很到位！$AXTI 基本上在两个不同的瓶颈环节（上游原料加工和磷化铟(InP)衬底）处于双寡头地位。 $IQE 确实非常关键，但大多数人并没有将 $LITE 与其他超大规模云服务商(Hyperscalers)进行映射关联。 它可能是西方最大的外延晶圆(Epiwafer)工厂，其市值($38.5亿)与 IQE($1.5亿)的巨大差异，主要源于资产负债表状况以及纯题材(Pure Play)暴露度的不同。 如果他们能转向纯题材并消除拖累因素，估值重估(Rerate)的空间可能会相当大。
Yep, that’s a good analysis! $AXTI is basically a duopoly in two different bottlenecks (upstream feedstock processing and InP substrates). $IQE is really critical but most people don’t really do the mapping to $LITE to other hyperscalers. It’s probably the largest western epiwafer fab, and landmark is $3.85B MC. vs IQE $150m mainly due to balance sheet and pure play exposure. If they just pivot to pure play the cut the drag could be rerated quite a bit