Cailianshe reported on April 13 that the leading passive component factory Guoju Group html revenue in 23 was better than expected.
performance shows that Guoju's revenue in March this year was NT$4.035 billion, a month-on-month increase of 50.4%, and a year-on-year increase of 14.8%. Regarding the significant increase in performance in March compared with the previous month, Guoju said that it was mainly because the factory areas in mainland China resumed work one after another and customer order demand was strong.
JP Morgan speculated that some shipments of Guoju in February were postponed to March, causing a significant increase in revenue in March. However, during this period, the prices of passive components and customer demand also improved, which is also one of the reasons for outstanding performance. Guoju once said that the price is decided by market supply and demand, and the price increase will not be capped.
Guoji Stock Price Source: Yingwei Finance
Shenwan Hongyuan pointed out that passive components and panels were in the price upward channel in the first quarter, but the operating rate was still affected. We need to pay attention to the risk of supply and demand reversal caused by the decline in demand. Due to the inventory replenishment cycle and the supply side contracted in the first quarter, the overall supply is in a state of in short supply. As there is a risk of decline on the subsequent demand side, the supply and demand pattern may change.
targets potential production disruption problems in passive component factories in Southeast Asian countries, Goldman Sachs believes that the overall impact can be controlled. In Murata, its Philippines factory accounts for only 5% of its total MLCC output, and its utilization rate has been at a low level. Samsung Motor part, its Philippine factory (accounting for 40% of MLCC capacity) has a capacity utilization rate of 60%-70% in the first quarter of this year.
The mainstream application of domestic manufacturers is home appliance products, gradually penetrating into small-sized and large-capacity consumer and communication markets. According to the research of Western Securities Industry, Fenghua Hi-Tech household appliance MLCC accounts for 40%, and communication MLCC accounts for about 20%. Sanhuan Group 's MLCC is also mainly large-size and is used in LED drivers and power supplies. Domestic manufacturers improve MLCC performance and accelerate the penetration of consumer applications through formula improvement and process upgrade.
China AVIC Securities believes that under the peak season effect, Samsung's MLCC production capacity release slowed down after the suspension of production and international giants adjusted their capacity structure to increase the price of MLCC by more than 10%. Guoju Electronics, the leader in the MLCC capacitor industry, announced that the price of MLCC capacitors and resistors has officially increased by 30%. The suspension of production of Murata, the leader of
MLCC, also provides a basis for further price increases. At the same time, the construction of 5G will continue to drive demand for electronic components, and corporate revenue is expected to increase in the future. In the first half of the year, China Unicom and China Telecom will strive to complete the construction tasks of 47 cities and cities and 100,000 5G base stations, and strive to complete the construction of 250,000 5G base stations across the country in the third quarter. It is recommended to pay attention to leading enterprises with high market share of MLCC, Fenghua Hi-Tech (an internationally renowned old-fashioned passive components supplier under the Guangdong Provincial State-owned Assets Supervision and Administration Commission), and Torch Electronics (a high-quality civilian-soldier enterprise with ceramic capacitors and new ceramic materials).
