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<Research> CLSA Raises SICC (02631.HK) TP to HKD106.6; Positive on INNOSCIENCE (02577.HK)
CLSA said in a research report that third-party research firm SemiAnalysis had previously expected mass production shipments of 800VDC (direct current) servers to be postponed from...
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<Research> CLSA Raises SICC (02631.HK) TP to HKD106.6; Positive on INNOSCIENCE (02577.HK)
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CLSA said in a research report that third-party research firm SemiAnalysis had previously expected mass production shipments of 800VDC (direct current) servers to be postponed from 2027 to 2028 or later. However, the broker has not observed signs of such delays and continues to expect related products to be primarily deployed starting in 2027. Meanwhile, Delta Electronics recently indicated that it has completed validation of ±400VDC server products and is preparing for mass production in 3Q26, which will drive strong demand for third-generation power semiconductors including silicon carbide (SiC) and gallium nitride (GaN). The broker expects that, with surging power consumption and the increasing maturity of third-generation power semiconductor technologies, demand from AI servers for related products will remain robust. The recent share price pullback in the sector offers attractive entry opportunities for quality names.

On individual stocks, CLSA noted that SICC (02631.HK)  -1.650 (-1.915%)    Short selling $6.40M; Ratio 1.401%   is currently running at full capacity for its 8-inch SiC substrate production. Benefiting from sales growth driven by strong data center demand, the broker raised its revenue forecasts for FY27 and FY28 by 6% and 4% to RMB3.359 billion and RMB3.711 billion, respectively; net profit forecasts were lifted by 7% and 6%. CLSA increased its target price-to-sales multiple for SICC's H shares from 12x to 14x and raised the H-share TP from HKD86.6 to HKD106.6, maintaining an Outperform rating.

At the same time, the broker is positive on global GaN leader INNOSCIENCE (02577.HK)  +0.800 (+1.406%)    Short selling $136.05M; Ratio 26.509%   . It expects the company's GaN power semiconductors to begin mass production of ±400V server-related products for leading global cloud service provider (CSP) customers in 2H26. Progress in its 800VDC business with leading AI chip platforms is also advancing smoothly. Revenue CAGR for FY25-FY28 is projected to reach 85%, with revenue expected to hit RMB7.7 billion in FY28, while net profit margin is forecast to turn positive in FY27. CLSA maintained an Outperform rating on INNOSCIENCE with an unchanged TP of HKD113.6. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-12 16:25.)

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