原文：

原文：
Kelper upgrades $XFAB to "Buy" citing:

- Melexis demand strengthening “week-after-week, day-after-day” (their lead customer).
- AI giving XFAB a structural growth leg with SiC, GaN, and photonics offsetting auto cyclicality.
- Scarce Western speciality foundries like $SILEX commanding higher multiples.

"X-Fab remains the cheapest specialty foundry peer on every multiple, trading at 4.8x 2027 EV/EBITDA versus a peer median of 14.5x"

I treat this as good signal for the core fundamentals improving like auto players.

But in terms of unpriced long term growth vectors, I'm personally looking at XFAB from a different angle in terms of photonics growth with photonixfab. Given $NVDA as a potential key driver.

But it's hard for traditional firms to price these types of active developments into valuation models until there's volume contracts.

翻译：
Kelper 将 $XFAB 升级为 "买入"，理由是：

- Melexis 的需求不断增强（他们的主要客户），每周每天都在增长。
- 人工智能为 $XFAB 提供了结构性增长动力，碳化硅、氮化镓和光子学技术可以抵消汽车行业的周期性波动。
- 西方稀缺的特色代工厂，如 $SILEX，具有更高的估值倍数。

"X-Fab 仍然是最便宜的特色代工厂同行，每个倍数都很低，2027 年的 EV/EBITDA 为 4.8 倍，远低于同行中位数的 14.5 倍"

我认为这是核心基本面改善的良好信号，例如汽车行业。

但是，从长期增长的角度来看，我个人正在从不同的角度看待 $XFAB，特别是光子学增长和 photonixfab。考虑到 $NVDA 可能成为关键驱动力。

但是，传统公司很难在没有大量合同之前将这些活跃的发展纳入估值模型中。