AIXTRON is expected to drop its Q1 results next week on 30 April, with revenue guidance at EUR 90-110m against mwb research’s EUR 104m estimate (-12% yoy). mwb research’s analysts forecast order intake at EUR 108m (-10% yoy), reflecting both seasonal patterns and continued softness across SiC and GaN markets. Beyond low volumes, margins expected to be weighed down by a mid-single-digit million-euro severance charge tied to restructuring efforts, though this sets the stage for ~EUR 5m in annual cost savings, equivalent to a ~1pp margin uplift from Q2 onward. The expected discrepancy in performance from 2024 to 2025 stems primarily from fading LED demand following a one-off boost last year. Lead times have been shortened to 3–4 months (vs. 6–9 months), allowing AIXTRON to accelerate order conversion ahead of an expected seasonal pick-up as early as Q2. The analysts will be watching Q2 guidance closely (mwb est.: EUR 116m in sales). With a unique market position and a lot of growth opportunities ahead, they view current levels as an attractive entry point into a structurally advantaged compounder ahead of the seasonal recovery. mwb research’s analysts reiterate their BUY rating and price target. The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE

Deutsche Rohstoff reported its final FY24 results, confirming preliminary figures. The FY25 guidance was revised due to a more bearish oil price outlook (WTI base case now USD 60, from USD 75) and a reduced drilling program, yet revenue and EBITDA estimates fell only slightly thanks to effective hedging, higher working interest and a positive view on well productivity. A proposed 14% dividend increase to EUR 2.00 and a new EUR 4m share buyback enhance shareholder returns. The successful EUR 40m bond tap last week and a comfortable net debt/EBITDA ratio of 0.9x put Deutsche Rohstoff on a solid financial footing. mwb research’s analysts adjust their estimates in line with the new base case, leading to a revised price target of EUR 47.00 (old: EUR 53.00). Deutsche Rohstoff continues to trade at a deep discount to the peer group on an EV/EBITDA basis, underlining the value opportunity. Shareholders are rewarded with an attractive dividend and price support from the new buyback programme. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG

Originally a pioneer in optical data storage production equipment, Singulus has reinvented itself as a specialist in thin-film coating and surface treatment technologies. Historically, its performance has been inconsistent and volatile due to reliance on a handful of large, project-based customers, long solar investment cycles, and limited recurring revenue. To mitigate this, the company is leveraging its rare dual-technology platform and modular, process-neutral solutions to tap into high-growth emerging applications in semiconductors, solid-state batteries, and new medical applications, while also pivoting toward higher-efficiency solar technologies such as HJT and Perovskite tandem. As Singulus’ machines carve out a strong foothold in these markets, the company is set to diversify its customer base and improve its business mix, while scaling and edging closer to sustained profitability. mwb research’s analysts initiate with a Spec. Buy and a price target of EUR 4.00. The full update can be found under https://research-hub.de/companies/singulus-technologies-ag

secunet reported a strong preliminary Q1 2025, with revenue up 35.9% yoy to EUR 78.3m and EBIT turning positive at EUR 1.8m. The performance was driven by high Public Sector deliveries, supported by a strong order backlog of EUR 205.3m at year-end 2024, following full-year order intake of EUR 421.5m. Despite the solid start, the company maintained its 2025 guidance of EUR 425m in revenue and an EBIT margin of 9.5–11.5%. Strategic investments in areas such as cloud security and cryptography continue to weigh on near-term profitability. A leadership transition is also underway, with Marc-Julian Siewert set to join the Management Board in July as successor to the current CEO. mwb research’s analysts maintain their HOLD rating and EUR 175.00 price target, awaiting more clarity on earnings trajectory. secunet’s CEO and CFO will present at mwb research’s virtual A&D conference on 20 May, 2025. Check https://research-hub.de/events/registration/2025- 05-20-14-30/YSN-GR to register for the event. The full update can be downloaded under https://www.research-hub.de/companies/secunet%20Security%20Networks%20AG

Cicor has closed the acquisition of Éolane France, adding CHF 125m in profitable sales, seven sites, and nearly 900 employees to its EMS platform. The transaction strengthens Cicor’s presence in France and supports its nearshoring strategy via Moroccan sites. While Éolane currently operates below group margins, Cicor plans to lift profitability through its proven decentralised integration model. This deal is a key milestone toward the 2028 revenue target of CHF 1bn. Additional upside is expected from two pending acquisitions (Mercury, MADES), not yet included in mwb research’s forecasts. The analysts upgrade to BUY (from HOLD) and raise their price target to CHF 120.00 (from CHF 100.00). Cicor will present at mwb research’s virtual A&D conference on 20 May, 2025. Check https://researchhub.de/events/registration/2025-05-20-11-30/CICN-SW to register. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

With Q2 expected to come in line with company guidance and consensus, supported by seasonal strength in Automotive and continued AI momentum, the near-term setup looks achievable. However, With FX rate nearing 1.15 USD/EUR — 10 cents above the assumed 1.05 — Infineon’s disclosed sensitivity implies a potential EUR 500m revenue and EUR 200m Segment Result headwind in H2, assuming spot levels persist. While hedging should soften the blow, the scale of the move raises the bar for FY25 guidance delivery, particularly amid additional uncertainty from potential tariffs that could shave 1-1.5% off global light-vehicle production (mwb est.). Thus, mwb research’s analysts revise their estimates again. That said, even if Infineon falls modestly short of its FY25 guidance, the analysts continue to view the recent share price weakness as a compelling entry opportunity to build exposure to an undisputed leader in power semis. Thus, mwb research reiterates their BUY rating with a revised price target of EUR 34.00 (old: EUR 35.00). The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

Sartorius reported a solid set of Q1 results, with sales growing 7.7% yoy (6.5% yoy in constant currency) to EUR 883m, 2.4% ahead of consensus and supported by a continued recovery in consumables sales. Its underlying (adj.) EBITDA grew by 12.2% yoy to EUR 263m, a solid 4.6% consensus beat, while the book-to-bill ratio stayed well above 1.0x. Sartorius tabled a cautious but detailed guidance for 2025, with topline growth of c. 6% (+/-2%; Bioprocess Solutions [BPS] +7% and Lab Products & Services [LPS] +1%), with adj. EBITDA margins of 29%-30% (BPS 31%-32% and LPS 22%-23%). Both its current growth trajectory and 2025 guidance fall well below its ambitious mid term targets, leaving it open for potential market disappointment. Therefore, mwb research’s analysts continue to maintain their SELL rating at unchanged price target of EUR 182.00. The full update can be downloaded under research-hub.de/companies/Sartorius%20AG

FCR Immobilien AG ended the financial year with a significant increase in profits and confirmed its preliminary figures. Earnings before taxes (EBT) rose to EUR 23.1m (previous year: EUR 10.1m), driven by strategic property sales, stable portfolio development and consistent digitalisation. FFO was solid at EUR 7.0m despite higher interest costs, with an FFO margin of around 21%. The quality of the portfolio remained high: the occupancy rate increased to 94.1% and the WAULT to 5.7 years. The Management Board and the Supervisory Board propose to increase the dividend to EUR 0.45 per share. FCR thus confirms the sustainable profitability and stability of its business model, which is why the analysts reiterate their BUY recommendation with an unchanged price target of EUR 22.00. The previous full update can be downloaded under https://www.research-hub.de/companies/FCR%20Immobilien%20AG

Suss MicroTec presented at the mwb research German Select Conference, where VP IR & Communications Sven Köpsel reviewed FY24 and addressed current trading conditions, in particular the impact of the new US tariffs (see a recording here: https://research-hub.de/events/video/2025-04-08-10-30/SMHN-GR). The company clarified its exposure to the US, with EUR 45-50m of order book tied to US customers. With manufacturing in Germany and Taiwan, Suss MicroTec faces tariff increases of potentially up to 20% (Germany) or 32% (Taiwan). Most US orders are expected to be fulfilled from Germany, and with customer Incoterms covering two-thirds of the tariff costs, Suss' direct exposure is around EUR 3m. Competitors face similar tariff pressures, limiting the competitive impact. Suss also noted uncertainties in AI orders due to cautious customer sentiment and the threat of global trade disruptions, echoing TSMC's comments today. With adjusted estimates, the analysts arrive at a new PT of EUR 68.40 (old: EUR 77.00), which is also supported by a discount of more than 50% on EV/EBIT and EV/EBITDA 25E to the peer group. BUY. The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE

Siemens Energy (SE) delivered strong preliminary Q2 25 results, significantly beating market expectations. Order intake surged 52.3% yoy to EUR 14.43bn, while revenues rose 20.7% to EUR 9.96bn. Adjusted EBIT reached EUR 906m (margin: 9.1%), and free cash flow before tax more than doubled to EUR 1.39bn. Divisional performance was solid, especially in Gas Services and Grid Technologies. Despite continued challenges at Siemens Gamesa, losses narrowed. SE raised its FY25 guidance, now expecting 13– 15% revenue growth and EBIT margins of 4–6%, with net income up to EUR 1bn and FCF before tax of EUR 4bn. While mwb research’s analysts acknowledge the strong operational performance and raise their price target to EUR 52.00 (from EUR 50.00), the analysts maintain their SELL rating due to a demanding valuation and ongoing geopolitical risks. The full update can be downloaded under https://www.research-hub.de/companies/Siemens%20Energy%20AG