Preface: With the development of 5G and the continuous catalysis of automotive electronics, the development logic of the MLCC industry mainly comes from the demand in the downstream market. The current situation and industry prospects are two aspects to express the logic of the development of the MLCC industry.
The catalog of this article
1.Industry status
2.Industry prospect
3.Market space
4.Related listed companies
One, industry status
1.MLCC miniaturization, large capacity, high voltage and high frequency are major trends
In recent years, with the market The whole machine of China Electronics continues to develop in the direction of miniaturization, large capacity, high reliability and low cost. MLCC light and short series products have gradually tended to standardization and generalization. Many leading manufacturers are rushing to develop large-capacity MLCCs, especially The capacity is in the range of 10μF~100μF, which has a good profit margin.
The development of some electronic complete machines and electronic equipment in the direction of high-power withstand voltage also continuously promotes the development of high withstand voltage design technology, high-voltage reliability test technology and heat-resistant design technology of medium and high voltage MLCC. Electronic mobile communication equipment such as mobile phones, computers, etc. also have higher requirements on the high frequency characteristics of chip capacitors, which promotes their development in high frequency.
2. MLCC enterprises mostly self-produce + agent business model
At present, there are mainly three business models in the domestic MLCC industry: self-produced and sold, agent sold and both:
self-produced and sold, refers to the formation of A technological process with its own characteristics, representative enterprises are Yageo and Huaxinke in Taiwan, Fenghua Hi-Tech and Sanhuan Group in mainland China. The gross profit margin of self-production and self-sale business is relatively high, and it is generally the main source of profit for companies with self-production and self-sale business.
Agent sales means that the company uses its own advantages in management, marketing, technology, etc. to provide sales and other services after obtaining the agency authorization of front-end manufacturers, and handle the relatively complex user groups of industry terminals on behalf of the company. The representative companies are Xiamen Xinheda and Xianghai Electronics , Creative Electronics, etc. In terms of agency business, due to the impact of the business model, the operating cost is high but the operation is flexible, and the profitability can be improved by optimizing the customer structure.
3.MLCC is currently one of the chip components with the largest output and fastest development.
ceramic capacitors have a wide range of application voltage and capacitance value, and at the same time have a wide range of stable operation, small dielectric loss, small size and low price. Advantages, are widely used in military, consumer electronics and other fields. According to the 2021 annual report data of Hongyuan Electronics, among the four major types of capacitors including aluminum electrolytic capacitors, tantalum electrolytic capacitors, and film capacitors, ceramic capacitors have the highest global market share, accounting for about half , is currently one of the largest and fastest-growing chip components.
Second, the industry prospect
1. my country's military high-reliability MLCC market prospects are broad
In recent years, with the steady advancement of national defense information construction, benefiting from the needs of sea, land and air equipment upgrading and informatization improvement, my country's military high-reliability The MLCC market has a broad prospect. The modernization of high-end equipment and informatization construction provide stable and rapid performance growth support for MLCC listed companies in the high-reliability field. In addition, due to the particularity of the national defense industry, there is still room for further domestic substitution of subsequent military MLCCs.
2. Automobiles are electrified and intelligently driven, and automotive MLCCs have multi-dimensional growth points.
The global automotive industry is undergoing electrification and intelligent transformation, and the demand for MLCCs is obviously changing. In the next few years, the global demand for automotive MLCCs will increase annually The speed may exceed 8%. The number of MLCCs used in traditional fuel vehicles is about 3,000. Electronics and intelligence have further increased the usage. Now there are more than 10,000 MLCCs used in the luxury electric vehicle equipped with level 2+ automatic driving functions. From the perspective of market space, electric vehiclesThe domestic market boom in the field can be expected, which may create opportunities for domestic MLCC manufacturers to enter the supply chain.
Under the wave of electrification and intelligence, domestic car companies, especially new car manufacturers, responded quickly, increasing the demand for high-end basic components, or creating a supply for MLCC manufacturers with corresponding technology, R&D strength and large-scale production capacity in my country The chain cuts into the opportunity.
3. MLCC is expected to replace other capacitors and help the overall market scale to further increase
In recent years, with the development of MLCC dielectric thin layer and multilayer technology, MLCC with a large capacity of 10 μF to 100 μF or more has been commercialized. It is economically and technically possible to replace electrolytic capacitor . MLCC has already replaced aluminum electrolytic capacitors and tantalum electrolytic capacitors to a certain extent.
For aluminum electrolytic capacitors, MLCC has achieved a greater degree of substitution. The main problems of aluminum electrolytic capacitors are: on the one hand, the shape is too large to be used in small fast-selling consumer electronic products ; on the other hand, the ESR of aluminum electrolytic capacitors is higher than that of tantalum electrolytic capacitors and MLCCs. In recent years, with the rapid development of the electronic manufacturing industry, the continuous deepening of the Internet and the continuous popularization of various related intelligent hardware, the output of various complete machines has grown rapidly, and the market prospects of MLCC and other electronic components are broad. In 2020, the global demand in the MLCC market is about 4,393 billion pieces, and it is expected to be about 6,052 billion pieces in 2025, with a five-year compound growth rate of about 6.6%. Looking specifically at my country's MLCC market, China's MLCC market is still in a relatively high boom in 2021. It is estimated that the demand in 2025 will be about 4.789 billion pieces, and the market size will be about 79.15 billion yuan. The compound growth rates of demand and market size in 2020-2025 are respectively 6.6% and 8.2%. China's MLCC market occupies more than half of the world's share, and the market potential is strong.
Fourth, related listed companies
Sanhuan Group (300408): The company focuses on the research and development and production of various electronic ceramics . After decades of technology accumulation in the field of electronic ceramics, the company has mastered the preparation and molding of various ceramic materials , sintering technology, and a variety of precision mold design and production technology. The company has established a firm foothold in large-size MLCC applications such as home appliances and lighting, and high-capacity MLCCs are supplied in small quantities to customers such as Hikvision and Dahua . In 2020, the company launched the "High-quality Multilayer Chip Ceramic Capacitor Production Expansion Technology Renovation Project for 5G Communications", which is expected to reach production by the end of 22. The newly added MLCC production capacity will be about 240 billion pieces per year, and the revenue will be 1.56 billion yuan per year. year.
Torch Electronics (603678): The company is a high-tech enterprise mainly engaged in research and development, production, sales and technical support of ceramic capacitors. Communications, electric power, rail transit, new energy and other fields. The company is one of the leading military MLCC companies in China. It has leading technology and rich customer resources, and has strong competitiveness. At present, the company's MLCC products are mainly suitable for the military market of weapons and equipment and some high-end civilian fields.
Hongyuan Electronics (603267): The company is one of the core suppliers of multilayer ceramic capacitors (MLCC) in the domestic high-end field. The company's main business is divided into two parts: self-production business and agency business. The self-produced business focuses on high-end fields. The main products include chip multilayer ceramic capacitors , leaded multilayer ceramic capacitors, metal bracket multilayer ceramic capacitors and DC filters, etc. The products are widely used in aviation, aerospace, shipbuilding, etc. Ships, weapons and other high-reliability fields, as well as civilian fields such as 5G communications; the main products of the agency business are capacitors, , resistors, etc., mainly for industrial and consumer civilian markets.
Fenghua Hi-Tech (000636): The company is currently the largest electronic component enterprise in the chip passive component industry in China, with the most complete production facilities for component product series and strong international competitiveness. It has a relatively complete industry chain . maleThe company's products are widely used in consumer electronics, communications, computers and smart terminals, automotive electronics, power and industrial control, medical and other fields. The company invested 7.505 billion yuan to build the MLCC high-end capacitor base project with a monthly output of 45 billion pieces in Xianghe Industrial Park, invested 1.012 billion yuan to build a technical transformation and expansion project with a monthly production capacity of 28 billion chip resistors, and promoted large-scale development with large projects.
Jiemei Technology (002859): The company is a thin-type carrier tape supplier for major electronic component companies in the world, supplying Korean Samsung , Japan Murata, Kyocera , domestic Fenghua Hi-Tech and other leading companies. The company enters MLCC release film and The field of transfer tape has channel and customer advantages. In 2015, the subsidiary Jiemei Optoelectronics started to build 200 million square meters of release film and optical film production lines, with a total investment of 366 million yuan; the first phase of the project has 5 lines with an annual output of 120 million square meters. The first production line was launched in July 2017 Started production, mainly engaged in light and heavy PET transfer tapes, MLCC release film.
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