htmlOn April 27, Jianghai Co., Ltd. (SZ:002484), a leading domestic aluminum electrolytic capacitor, hit the daily limit. The market can reach the daily limit against such a deteriorating environment, which shows the market's recognition of its performance. The company achieved a net profit excluding non-issuance growth of 47.67% in the first quarter of 2022.
, and in the previous 2021 annual report performance briefing, the company's chairman Chen Weidong even publicly responded to investors' questions: It is estimated that the annual compound growth in the next three years can reach 30%. The average annual growth targets of China Aluminum electrolytics, supercapacitors and thin films in the three major businesses are 20%, 50% and 40% respectively.
has a glimpse of it and see the whole leopard. So is there a good investment opportunity in the capacitor industry? Which companies can dig gold on the New Third Board?
1. Classification of capacitors
capacitor is one of the three major passive components and is an indispensable basic component in electronic circuits. 's main functions are charge storage, AC filtering or bypassing, cutting off or blocking DC voltage , providing tuning and oscillation, etc., and are widely used in circuits such as direct-passing, coupling , bypass, filtering, tuning loop, energy conversion, control, etc.
can be divided into four categories according to the different production materials: aluminum electrolytic capacitors, tantalum electrolytic capacitors, ceramic capacitors and film capacitors. Among them, tantalum electrolytic capacitors are mainly used in military and aerospace due to their high unit price, while the other three categories are more widely used.
Overall, from 2014 to 2020, the growth rate has been stable, both in the global capacitor market and the domestic capacitor market.
From 2014 to 2019, the global capacitor industry market size increased from US$18.7 billion to US$22.2 billion, with an average annual compound growth rate of 3.49%. From 2015 to 2020, the size of China's capacitor market increased from 88 billion yuan to 115.7 billion yuan, with an annual compound growth rate of 5.63%, which is a relatively low growth rate and is a mature industry.
Compared with the global market, my country's capacitor has a faster growth rate. Judging from the global and my country's industry market size in 2019, my country's capacitor market size is more than 100 billion yuan, accounting for 70% of the global market.
From the perspective of the market structure distribution of various capacitors, the situation around the world and in China is similar, with ceramic capacitors accounting for the highest proportion, followed by aluminum electrolytic capacitors, film capacitors, and tantalum electrolytic capacitors.
Due to technical reasons, my country needs to import a large number of high-value mid-to-high-end capacitor products from abroad. According to General Administration of Customs data, from 2019 to 2021, the amount of capacitors imported from overseas in my country was US$9.648 billion, US$11.203 billion and US$13.538 billion, respectively. Judging from my country's market size and import amount in 2020, about 60% of my country's capacitor products are still imported.
In recent years, due to the development of downstream new energy vehicles, photovoltaics, energy storage, wind power, industrial control automation and other industries, it has brought new growth momentum and market space to the capacitor industry. With the technological progress of domestic manufacturers, the process of domestic substitution will also bring new growth opportunities to the industry. The traditional capacitor industry ushered in a great opportunity for structural growth and rejuvenated its second spring. Specifically for the four sub-sectors, let’s look at it one by one:
2, capacitors, the sub-sectors,
, ceramic capacitors,
ceramic capacitors, MLCC, widely used in smartphones, automotive electronics, home appliances, industrial control and other fields. Judging from the distribution of its downstream demand, mobile phones, audio and video equipment, PCs, and automobiles account for 24%, 28%, 18%, and 12%, respectively.
In recent years, demand has mainly driven by the demand for 5G smartphones and new energy vehicles, which is specifically reflected in the increase in the use of single units. For example, on smartphones, the usage of mid- and low-end 4G mobile phones is between 700 and 800, while the usage of high-end models such as iPhones is between 1000 and 1200, and the usage of 5G mobile phones is between 1200 and 1500. In automotive electronics, each fuel vehicle requires about 3,000 to 4,000 MLCCs, and pure electric vehicles will be 4 times the MLCC usage of fuel vehicles, and hybrid vehicles and plug-in hybrid vehicles are 3-4 times the MLCC usage of fuel vehicles.
According to China Electronic Components Industry Association data, the global MLCC market size in 2019 was about 96.3 billion yuan, and my country's market size was about 43.8 billion yuan, accounting for 45.48%. It is estimated that the global market size will reach US$18.19 billion in 2023, with a compound annual growth rate of 2.9% from 2018 to 2023; the domestic market size will reach RMB53.35 billion in 2023, with a compound growth rate of 4.2% from 2018 to 2023. The upstream of the
MLCC industry chain mainly includes ceramic powder materials and electrode materials. Among them, ceramic powder materials account for as high-volume MLCC as high as 35-45%; in low-volume MLCC, it accounts for 20-25%, and it is the product with the highest cost of raw materials. Currently, there are very few enterprises engaged in mass production of MLCC formula powder, mainly including National porcelain material , Sanhuan Group , etc. Among them, Chinese porcelain material (SZ: 300285) is the main production and sales of domestic MLCC formula powder, with a market share of about 80%. electrode materials account for a relatively low proportion of cost, and there are many domestic manufacturers.
From the perspective of MLCC competition pattern, the industry concentration is very high. Japanese, Korean and Taiwanese manufacturers control the MLCC supply chain, and CR5 reaches 78%. Japan's Murata, South Korea's Samsung Electric , and Taiwan Guoju Electronics are the main suppliers in the MLCC market.
The main domestic companies engaged in MLCC include Fenghua Hi-Tech (SZ:000636), Sanhuan Group (SZ:300408), Torch Electronics (SH:603678), Hongyuan Electronics (SH:603267), Hongda Electronics (SZ:300726), Yuyang Technology, etc. The listed companies Zhongfenghua Hi-Tech and Sanhuan Group have relatively large production capacity. Judging from the proportion of MLCC revenue to total revenue, the rankings from high to low are Hongyuan Electronics (51.47%), Sanhuan Group (32.99%), Fenghua Hi-Tech (29.52%), Torch Electronics (23.82%), and Hongda Electronics (8.7%).
Summary, in the ceramic capacitor market, compared with the huge domestic market, my country's manufacturers account for a relatively low production capacity, and domestic substitution is the main growth logic.
From an industrial perspective, the competitive landscape of upstream Chinese porcelain materials is better, and midstream manufacturers focus on companies with expansion plans. The main related manufacturers among domestic listed companies are Fenghua Hi-Tech, Sanhuan Electronics, and Dongcai Technology (SH: 601208).
. Aluminum electrolytic capacitors
Aluminum electrolytic capacitors are one of the fastest-growing components products in China in the past decade. The domestic aluminum electrolytic capacitor market grew from 21.9 billion yuan in 2015 to 30.5 billion yuan in 2020, with an annual compound growth rate of about 6.85%. In 2019, consumer electronics accounted for the highest proportion of downstream applications of China's aluminum electrolytic capacitors, and automobiles accounted for about 10%.
aluminum electrolytic capacitor performance and mass are determined by the electrode foil. It is a key basic material when producing aluminum electrolytic capacitors, accounting for 30%-60% of the production cost of aluminum electrolytic capacitors.
electrode foil is divided into two types: anode foil and cathode foil. Since the cathode foil only plays a simple role of lead-out electrode, only part of it needs to be melted, and the technical content requirements are lower than that of the anode foil. The main companies in China that produce electrode foils include Xinjiang Zhonghe (SH: 600888), Haixing Co., Ltd. (SH: 603115), Dongyangguang (SH: 600673), and Huafeng Co., Ltd. (SZ: 002806). Upstream cost prices are mainly affected by the price of aluminum.
Four of the top five aluminum electrolytic capacitors in the world in 2019 are Japanese companies, including Nippon Chemi-con, Nichicon, and Rubycon. Domestic company Aihua Group ranked fourth, and Panasonicic ranked fifth. In terms of overall data of
, Japanese manufacturers account for more than 60% of the global aluminum electrolytic capacitor market share. Domestic manufacturers have won the favor of aluminum electrolytic capacitor manufacturers with their centralized machine manufacturing base and relatively low production costs, and the industry is showing a trend of shifting to mainland China.
in the mid- and low-end markets has low entry barriers, fierce competition in the industry and limited profit margins. The downstream is mainly used in TVs, monitors, ordinary lighting products, electronic toys and other products. The high-end market industry has high barriers to entry, relatively ease of competition, and high profits. The downstream is mainly used in emerging industries such as high-end energy-saving lighting products, solar energy, wind power generation , communications and inverters, automotive electronics, etc.
Currently, among the A-share listed companies that are mainly engaged in aluminum electrolytic capacitor products include Aihua Group (SH: 603989), Jianghai Electronics (SZ: 002484), and Haixing Co., Ltd.
The companies engaged in aluminum electrolytic capacitors among the new third board listed companies include Huangshan Zhenzhou (NQ: 873057), Huaguan Capacitor (NQ: 873198), Emerald (NQ: 831804), and Aoxing Electronics (NQ: 836668).
Huangshan Zhenzhou products are mainly used in the home appliance industry/health field. The company's products are divided into two series: DC capacitors and AC capacitors. The DC electrolytic capacitor series mainly include: industrial transformer, UPS power supply, electric vehicle charging pile power supply, high-voltage large-capacity aluminum electrolytic capacitors for power filtering; AC electrolytic capacitors are started by machine.
In 2021, the company's DC product sales market opened, with sales volume increasing by 228% compared with the previous period, becoming an important contribution point to the company's revenue growth. According to the information of the public transfer instructions, the company's products have been selected by well-known companies such as domestic home appliance giants Haier, Midea, and Aucma . Their refrigeration compressor start capacitor products were the first in China to pass the German VDE (330V series) performance certification in September 2013, and their performance indicators have approached or reached international level.
2021, in order to actively respond to the national strategic core technologies of electronic components and the energy-saving and environmentally friendly high-quality development of the energy-saving and environmentally friendly development of household appliances, company has successfully completed the construction of an annual output of 40 million variable frequency controller capacitors in the new factory. In addition, in November 2021, Qingdao Haier Medical came to the company to review the factory, and the company is expected to become a first-level supplier in Haier in the future.
Huaguan Capacitor downstream is mainly used in automotive electronics, consumer electronics, smart grids, energy storage and other fields. The main customers include Wanxing Optoelectronics, Shenzhen Hangsheng Electronics, Aohai Technology, Zhuhai Gree Xinyuan (a subsidiary of Gree ), Zhuhai Titan New Power Electronics , etc.
Company has both liquid capacitors and solid capacitors, among which liquid is the company's advantageous product. Basically all revenue contributions in 2021 come from liquid products. However, from the perspective of product performance, solid-state products are far superior to liquid products. About 85% of the company's products are sold domestically and 15% are sold abroad.
According to the company's official website information, on January 12, 2020, the company's renovation and expansion project "Increase the output of 100 million solid-state aluminum electrolytic capacitors per year" was accepted. However, it is reflected in revenue growth, solid-state products have not achieved growth, but have shown a decline. In addition, in 2021, the company's revenue increased by 36.42% year-on-year, but the number of employees fell from 174 to 149, showing a divergence between revenue growth and the decline in employee numbers.
Emerald is an enterprise integrating aluminum electrolytic capacitors, solid-state capacitors, and supercapacitors production, research and development and sales. From the time of listing, the company's revenue contribution basically came from liquid capacitors to the current company's revenue growth is mainly contributed by solid-state and supercapacitors with higher gross profits, and the company's product structure has been significantly optimized. The company's products are basically sold domestically, and export accounts for a very small proportion.
2021 incurred an impairment loss of 10.7161 million in development expenditures. The company currently has a high debt ratio and the amount of short-term loans is also relatively large. The interest expenses in 2019 and 2020 were 1.9944 million and 2.7298 million respectively. In April 2020, the company issued an announcement stating that it plans to build the land into a supercapacitor production base through Emerald Energy Storage, with a total investment of approximately RMB 400 million and construction in two phases. It is estimated that the total investment will be approximately RMB 160 million from January 2022 to December 2023.
Aoxing Electronics is mainly engaged in the research, development, production, processing and sales of aluminum electrolytic capacitor aluminum shells, aluminum plates, strips and foils, and is a company in the upstream of the industry. The company's main source of profit is aluminum shell.
The company has good profits, low debt ratio, operating cash flow healthy, with a total dividend of 79 million yuan in history. According to the company's annual report, the year-on-year growth of other business revenue accelerated, and the sales of scrap aluminum and accumulated raw materials increased. In order to expand production capacity, the subsidiary Hangzhou Aoxing Industry is building a new factory with a total investment of 12 million yuan, and has now completed 70% of the project progress.
Comprehensively compare the gross profit margins of the above companies, the gross profit margins of Huangshan Zhenzhou and Aoxing Electronics generally show a downward trend. Huaguan capacitor and emerald have increased steadily.
In terms of return on equity , Huangshan Zhenzhou and Aoxing Electronics have relatively strong profitability. Huaguan Capacitor and Emerald's return on equity have not exceeded 10% in recent years.
, film capacitor
film capacitors are widely used in many industries such as home appliances, communications, power grids, rail transit, industrial control, lighting and new energy. Compared with aluminum electrolytic capacitors and ceramic capacitors, the industry growth rate of film capacitors is faster. From 2015 to 2020, the industry scale increased from 6.49 billion yuan to 10.2 billion yuan, with an annual compound growth rate of 9.46%.
In 2020, due to the epidemic, the industry's growth rate reached 12.8% due to the growth of market demand for remote video facilities, epidemic prevention materials production equipment, medical care, servers, data centers, disinfection and lighting, as well as the growth of new energy demand.
From the perspective of the market segment size of downstream applications, the market size of photovoltaics, wind power and new energy vehicles reached 4.834 billion yuan, accounting for 47.39% of the total industry scale in 2020. Compared with the former two, film capacitor benefits more from the incremental market brought about by the development of the new energy industry.
Upstream of the film capacitor industry chain mainly includes base film, metal foil, wire, outer packaging resin and other materials. Among them, the base film, namely the electrical-grade electronic film, is the most important upstream raw material as the dielectric of the film capacitor, which determines the performance of the film capacitor and accounts for 60%-70% of the material cost.
The performance of film capacitors varies depending on the dielectric material. According to the film material used, film capacitors can be divided into polyester film capacitors, polypropylene film capacitors, metal foil type polystyrene film capacitors, etc.
Among them, the film capacitor used for lighting is mainly used in the field of ordinary household lighting. The cost price of polyester film is very low, and is basically produced by domestic manufacturers and has low requirements. Compared with the same volume of polypropylene film capacitor , the polypropylene film has higher voltage and capacity and better performance and quality.
domestic companies mainly engaged in polyester films include Aerospace Rainbow (SZ:002389), Heshun Technology (SZ:301237), Double Star New Material (SZ:002585), and Yilicom (NQ:834440). Among them, Yilicomb is listed on the Innovation Layer of the New Third Board. The company is mainly positioned as an optical polyester film for liquid crystal displays, and has a low correlation with the thin film for capacitors.
In the polypropylene film market for capacitors, there are currently six large-scale polypropylene film manufacturers in China, namely Hubei Longchen Technology Co., Ltd., Anhui Tongfeng Electronics Co., Ltd. , Ningbo Dadong Wanxiang Technology Co., Ltd., Foshan Plastics Group Co., Ltd. , Sichuan Dongcai Technology Co., Ltd. , Zhejiang Nanyang Technology Co., Ltd., and 6 companies. These six companies occupy 60%-70% of the market share, with a high industry concentration. In addition, Baizheng New Materials is also engaged in the production of polypropylene films.
Among them, Nanyang Technology is a subsidiary of A-share listed company Aerospace Rainbow, Dongcai Technology (SH: 601208), Da Southeast (SZ: 002263), Tongfeng Electronic (SH: 600237), and Foshu Technology (SZ: 000973) are all A-share listed companies.
Longchen Technology (NQ: 833243) is a listed company on the New Third Board basic layer . In the first half of 2021, the company's non-net profit increased by 508.76% year-on-year. The company's downstream customers include Hangzhou Xizi Group , Zhejiang Tianzheng Electrical Appliances, Wenzhou Wisconsin Industrial , Zhengtai Electric , Foshan Yike Capacitors, etc.
In 2015, has successfully developed a 2.8um ultra-thin capacitor polypropylene film and a 120 degrees Celsius-resistant polypropylene film for capacitors. In addition, the company independently developed the ordinary packaging film production line equipment transformation technology, which greatly reduces the production line cost and has strong technical strength among its domestic peers.
In July 2021, company spent 10 million to purchase 100% equity of Jiangsu Zhonglifang Industrial Co., Ltd. . Zhonglifang Industrial is a capacitor film research and development company, committed to the development of high-temperature resistant ultra-thin bidirectional tensile polypropylene capacitor films, and provides BOPP capacitor films, BOPP metallized films, capacitors and other products. This acquisition will help the company expand its business scale and increase its production capacity.
In April 2022, company issued an announcement to purchase a BOPP capacitor membrane production line with no more than 42 million yuan, and plans to establish a subsidiary Anhui Longchen Electronic Technology Co., Ltd. with Tongling Hi-Tech Investment, which holds an 80% stake in . It can be seen that the company's production capacity is expected to be significantly improved in the future.
Baizheng New Materials (NQ: 831519) is a basic layer listed company. The company's performance soared by 1142.71% in the first half of 2021, and its non-net profit reached 47.7686 million.
is affected by macro demand, and the new energy and photovoltaic industries are developing rapidly. The market demand for the company's capacitance film products has increased significantly. Moreover, the company's capacitance film sales price has also increased during the reporting period, reflecting that the current industry demand is relatively strong.
In December 2021, the company issued an announcement saying that it will further expand the company's production scale. The company plans to spend 128.5 million yuan to purchase two BOPP production line equipment from Dalian Sanrong Chemical Co., Ltd. to produce BOPP plastic film and other capacitance films.
Judging from the changes in two important projects under construction, the polypropylene capacitor film production line project has been completed by about 43%, and the capacitance film processing and expansion project has been completed by about 52.85%. It is expected that the company's production capacity will be effectively increased after it is put into production in 2022.
However, there is a risk in the upstream of this industry that the electrically-grade polypropylene resin required for raw materials depends on imports, and mainly purchases electrically-grade polypropylene resin from Korea Oil Chemical, Nordic Chemical , Wuhan Customs and Sinopec , , which poses a risk of a relatively concentrated supply of raw materials. Moreover, polypropylene resin is a petroleum derivative, and its price is easily affected by fluctuations in international crude oil prices. In addition, the coating machines and testing instruments used for production also rely on foreign imports.
Comparing the main data of the 2021 annual reports of the two companies, Longchen Technology's revenue scale and number of employees are slightly higher than Baizheng New Materials, and its gross profit margin is also higher. However, in terms of patent reserves, Longchen Technology is far lower than Baizheng New Materials.
From the perspective of production capacity comparison, Longchen Technology disclosed in its public transfer instructions in March 2015 that the company has 5 base film production lines, including 2 financial leasing and 3 purchased by itself.
Financing leasing the total production capacity of the two production lines is 3,600 tons/year. Two of the three production lines purchased by themselves have a production capacity of 1,200 tons/year. There is another production line in the trial production stage. The estimated production capacity is 3,000 tons/year, and a total of 9,000 tons/year.
In July 2021, the company acquired Jiangsu Zhonglifang and now holds 70% of its equity. According to the official website of the Zhonglifang, it has two capacitance film production lines with high automation, two large slitting machines, and advanced testing and testing instruments. In addition, the company disclosed in April 2022 that it plans to spend no more than RMB 4,200 to purchase a BOPP capacitance film production line.
In January 2022, the company acquired 52% of the equity of Jiangsu Shuangkai Electronics Co., Ltd. According to local news media reports in Lianshui County , Shuangkai Electronics is building a new factory with a total investment of about 1 billion yuan and a total construction area of 40,560.84 square meters. It is planned to invest in two phases in 6 years, and a total of 4 capacitor membrane processing production lines will be built. Among them: The first phase is planned to invest 450 million yuan within three years, with an estimated production capacity of 12,000 tons; the second phase is planned to invest 550 million yuan within three years, with an increase of 12,000 tons of production capacity, and achieve a total production capacity of 24,000 tons.
Baizheng New Materials disclosed in its public instruction manual in November 2014 that the company had a production capacity of 8,400 tons/year. No company expansion has been discovered since then. It was not until December 2021 that the company issued an announcement stating that it intends to purchase two BOPP production line equipment from Dalian Sanrong Chemical Co., Ltd. to produce BOPP plastic film and other capacitor films, with an agreed price of 128.500 million yuan.
To sum up, Longchen Technology's production capacity through acquisition + new production line will exceed Baizheng New Materials.
With the rapid development of my country's information industry, well-known foreign film capacitor manufacturers such as Japan's NISSEI-ARCOTRONICS, UK's BC Components, Germany's EPCOS, Japan's Panasonic and other companies have come to China to invest in and form joint ventures or wholly-owned . The scale of factories in Taiwan's Huarong Electronics, Maoyi Electronics, Zhishi Electronics and other companies in mainland China is also developing. The large-scale entry of foreign-funded enterprises has intensified the already fierce market competition in China.
Currently, American, German, Japanese manufacturers and domestic leading manufacturers occupy a major position in the high-end film capacitor market. High-end products are mainly used in new energy, industrial control and other fields, with high technical barriers and high added value. The market for mid- and low-end film capacitors is mainly occupied by Taiwanese and mainland manufacturers.
In terms of the supply of film capacitors, there are more than 100 large-scale film capacitor manufacturers in mainland China, with a total annual production capacity of about 12 billion, of which 60% of the products are exported. These enterprises have a large difference in annual production capacity, ranging from millions to more than one billion.
Overall, the global and domestic film markets are currently relatively dispersed and have low concentration. In 2020, the leading domestic manufacturer Fara Electronics (SH: 600563) accounted for about 19.88% of the domestic market, and the global market ratio was about 8%, ranking third in the world.
In addition to Fara Electronics, other domestic film capacitor manufacturers among domestic A-share listed companies include Tongfeng Electronics, Jianghai Co., Ltd., Foshu Technology (SZ: 000973), etc.
New Third Board listed companies include Xinyuan Co., Ltd. (NQ: 839229), Shenge Electronics (NQ: 873610), and Huaqiang Electronics (NQ: 834107).
Xinyuan Co., Ltd. currently has a relatively low proportion of capacitors in its business. In the first half of 2021, the revenue in graphite accounted for more than 60% of the company's total revenue, and the proportion of capacitors in the main business continued to decline.
On April 27, 2022, shareholders Xue Yong, Guangzhou Sanshun Commercial Investment Partnership, Liang Jin, Zhang Bao, Xie Zhimao, Xue Zhanqing, Xue Zhanfeng, Zhang Xuewen and the acquirer Sotong Development signed the "Memorandum of Asset Purchase - Intention Agreement". The acquirer intends to acquire the controlling stake of Xinyuan Shares by issuing shares or paying cash or a combination of the two, and the company's control will change.
Shenge Electronics is a Taiwanese-funded holding company. The company's business accounts for a high proportion of foreign countries, and most of the downstream customers are not in the new energy industry, so the company will find it difficult to benefit from the rapid growth of the new energy industry in the short term. However, the company's downstream customers are relatively high-quality. In March 2021, the company has expanded the production capacity of polypropylene film capacitor production line from 10 million to 13 million, and its future performance is expected to achieve steady growth. However, the company is currently small in scale, has relatively weak competitiveness in the industry, and there is a problem of concentration of single customers.
Huaqiang Electronics has a small revenue scale and a relatively low net profit. The net profit in the past three years has not exceeded 5 million. The company's main downstream customers are the LED lighting industry, which belongs to the mid- and low-end customers. The company's net profit grew relatively slowly, and the company's non-net profit in the first half of 2021 was only 131,600 yuan.
, Tantalum electrolytic capacitor
Tantalum electrolytic capacitor has the advantages of small size, wide use temperature range, long life, high insulation resistance, small leakage current, good impedance frequency characteristics, and high reliability.
is widely used in the military and high-end civilian fields due to its unique advantages, especially in the military fields, with obvious competitive advantages; in the civilian field, due to its high price and wide application range, it is only used in the high-end fields, and accounts for a low proportion in the entire capacitor market. According to data, the market size of China's tantalum electrolytic capacitors in 2020 was 6.3 billion yuan, an increase of 1.6% year-on-year.
In the domestic market, tantalum capacitor manufacturers mainly include Torch Electronics (SH: 603678), Judian Industrial, Hongda Electronics (SZ: 300726), Zhenhua Technology (SZ: 000733), etc.
From the perspective of upstream raw materials, tantalum capacitor raw materials mainly include tantalum oxide , niobium oxide, tantalum powder, tantalum wire , etc. At present, the core technologies of tantalum powder, tantalum wire and other products are still mastered by foreign companies. Therefore, tantalum capacitor raw materials are mainly supplied by foreign companies, such as Cabot of the United States, H.C. Starck of Germany, Zhuzhou cemented carbide, etc.
Domestic tantalum capacitor raw material suppliers are mainly Ningxia Oriental Tantalum Industry (SZ: 000962). As the largest niobium tantalum manufacturer in China, Ningxia Oriental Tantalum Industry's metal tantalum production accounts for about 60% of the national output.
3, summary
Overall, the capacitor industry is concentrated in the fields of aluminum electrolytic capacitors and film capacitors. Among them, film capacitors have the fastest growth rate, and the downstream demand for new energy vehicles, wind power and photovoltaics accounts for a high proportion, and the pulling effect is strong.
In the field of aluminum electrolytic capacitors, Huangshan Zhenzhou and Emerald both have expectations of capacity expansion, especially Emerald's expansion direction is to segment supercapacity products with faster growth rates.
Aoxing Electronics is in the upstream of the industry, has relatively healthy finances, and has steadily grown in past performance. In the field of thin-film capacitors, the upstream mainly engaged in base films include Longchen Technology and Baizheng New Materials. Both companies are actively expanding their production capacity. The performance has soared in the latest period. Baizheng New Materials disclosed that the product price has risen in its annual report, reflecting the strong downstream demand. Among the
film capacitors, Shenge Electronics is a small and beautiful company, but the company's current downstream is mainly smart homes, LED lighting, etc., and the new energy market has been expanded less.
Special note: The data and information in the article comes from public information such as company financial reports, securities research reports, industry reports, corporate official websites, official accounts, Baidu Encyclopedia , etc. I strive to make the content and views of the report article objective and fair, but do not guarantee its accuracy, completeness, timeliness, etc. The information or opinions in the article do not constitute any investment advice. Investors are responsible for any investment behavior determined independently. I shall not be liable for any direct or indirect losses arising from the use of the content of this article.
