Silicon Photonics Narrative Comes to Fruition, Goldman Sachs Raises Target Price for Luobotai to 788 Yuan
Claire Weston
Goldman Sachs raised its 12-month target on Robotechnik by 14.5% to RMB 788, calling the company a prime beneficiary of the silicon-photonics innovation cycle — a sign that optical equipment is moving from sideshow to centre stage.
Why a 14.5% target-price hike in one move?
The new RMB 788 target is based on a 2031 forecast P/E of 55.9×, discounted back to 2027 at an 11.3% cost of equity.
That implies a 2027 P/E of roughly 254× — close to one standard deviation above the sector mean.
In plain terms = Goldman is pricing in explosive profit growth over the next five years to justify a multiple already near the top of the peer range.
Where is the order-book momentum coming from?
Since early 2026, Robotechnik has announced orders exceeding RMB 1.4 billion (≈ US$200 million), against Q1 revenue of just RMB 164 million.
This means → the backlog is more than 8× a single quarter's revenue, giving high visibility on capacity ramp.
The company is co-developing CPO — co-packaged optics, embedding optical modules directly onto chips — and OCS — optical cross-connects that replace electrical signal switching — with leading global customers, targeting the next-generation interconnect architecture for AI data centres.
What exactly did the FiconTEC acquisition deliver?
After acquiring FiconTEC outright in 2025, Q4 revenue surged 494% year-on-year; Q1 2026 rose 69%.
FiconTEC is the world's only provider of an end-to-end silicon-photonics packaging-and-test solution, with linear motion resolution down to 5 nm.
Put simply = the deal filled in the most precision-intensive step of silicon-photonics manufacturing in one move — what rivals need multiple vendors to replicate, Robotechnik can now deliver in-house.
How much damage is the solar drag doing?
Weak solar-equipment demand led Goldman to cut 2026–2028 net-profit forecasts by 15% / 10% / 2% respectively.
Yet 2029–2030 forecasts were raised by 1% / 2%, reflecting greater long-term confidence in photonics equipment.
This reflects Goldman's core thesis: solar is a short-term headwind, photonics equipment is the main story — near-term earnings take a hit, but the longer-term narrative is intact.
What does the three-line convergence mean for investors?
Robotechnik's equipment spans bonding, lens/fibre placement, probe stations, and testers across the full photonics manufacturing chain. Goldman forecasts a 103% revenue CAGR from 2026 to 2028.
Management reiterated at Goldman's Asia TMT conference that its tools serve all categories of silicon-photonics devices — optical interconnects, optical sensing, and optical computing.
This means → the company is not betting on a single lane but positioning across the entire optical-technology platform — as long as AI infrastructure keeps scaling, all three lines ship.
Content is for reference only, not financial advice.