(Producer/Author: Everbright Securities, Liu Kai, Wang Zhihan)
. Passive components are the cornerstone of the electronics industry, with a broad market 1.1. Passive components are the cornerstone of the electronics industry
electronic components cover a wide range of applications and play an important supporting role in the electronics industry. In general, electronic component refers to the basic unit that has independent circuit functions and constitutes a circuit. There are many types of electronic components, and the scope involved is constantly expanding.
electronic components can be roughly divided into components and devices according to whether the molecular composition and structure of the material change during the component manufacturing process. Components are products that do not change the molecular composition and structure during processing, including resistors, capacitors, inductors, , potentiometers, transformers, connectors, printed circuit boards, etc.; devices are products that change the molecular composition and structure during processing, mainly various semiconductor products, such as diodes, , transistors, field effect transistors, optoelectronic devices, integrated circuits, etc. Passive components are indispensable basic components and the cornerstone of the electronics industry. Because of its small size, it is often called "Rice of Electronics". Among passive components, capacitors, resistors and inductors are the three most widely used passive components.
is different from active components that pursue process and iterate quickly. The production process of passive components is relatively simple and the investment scale is relatively small. Passive component companies adopt the independent production model, similar to the IDM model of semiconductor chip companies. The electronic components industry is between electronic raw materials and the whole machine industry. The raw materials are magnetic core , enameled wire , skeleton and some auxiliary materials. The products are used in consumer electronics, automotive electronics, industrial control, aerospace and military industries, etc. The technical level and production capacity of components directly affect the development of the entire electronic industry, so they play a crucial fundamental role.
High-quality upstream materials are the basis for the high-quality performance of passive components, and component manufacturers are extending upstream. With the rapid development of electronic whole machines miniaturization, lightweight and thinning, electronic ceramic products will develop towards miniaturization, high reliability and multi-spec, and have put forward higher requirements for material performance, molding technology and grinding technology. In order to ensure component performance, passive component manufacturers have extended upstream to independently develop basic materials. For example, Sanhuan Group has positioned itself as an "advanced material expert" and has mastered the preparation technology of key basic materials such as new materials, electronic pastes, functional glasses, and nano powders; Fenghua Hi-Tech independently developed a series of electronic functional materials including electronic pastes, porcelain powders and other electronic functional materials, and has a complete preparation process for electronic ceramic materials, slurries, and thick films.
electronic components industry downstream application industries and customers are scattered, and are widely used in communications, consumer electronics, industrial electronics, automotive electronics, and medical aerospace fields. Among them, the communication market is the most important application field of the global passive electronic components. Although the rapid growth period of the global smartphone market has passed, the increase in 5G mobile phone penetration has still injected new impetus into the electronic components industry. In recent years, due to the continuous development of smartphones, the rise of smart homes, and the increasing widespread application of automotive electronics, the demand for passive components has continued to expand, and products have continued to develop towards thin, short, high frequency and low power consumption.
1.2. The passive component market is vast, and the demand in the mainland is strong. The demand for the passive component market in cloud computing, automotive electronics, new generation communication agreements, new energy and other fields remains growing. According to Mordor Intelligence data, the global passive components market size was US$32.77 billion in 2021 and is expected to reach US$42.82 billion by 2027, with an annual compound annual growth rate of 4.56% from 2021 to 2027. According to household application factory data, the sales revenue of capacitors in passive components in 2021 was US$16.1 billion, inductors were US$6.9 billion, and resistors were US$6 billion.
From a regional perspective, China and other regions of Asia have strong electronic production bases that are the most important demand market for passive components in the world, and the domestic passive components market is vast. According to Mordor Intelligence's forecast, China's passive components market will grow rapidly from 2022 to 2027.
1.3. In industrial changes, Japanese manufacturers still have the advantage
Taking advantage of government support and international mergers and acquisitions, Japanese manufacturers are the first to accumulate advantages. After World War II , Japan's electronics industry rose rapidly. On the one hand, thanks to the increasing demand for domestic electronic products, manufacturers' technical accumulation and innovation continued to flow. On the other hand, due to the reform of economic policies, the Japanese government adopted a low tariff level for raw materials, which reduced the raw material costs of manufacturers, and adopted high tariffs for domestic electronic products with higher production to protect trade. At the same time, it supported the passive components such as Murata and TDK, providing fertile ground for the development of local component manufacturers. TDK and Murata set up overseas offices, factories and subsidiaries from the 1950s and 1960s respectively, conduct cross-border mergers and acquisitions, and integrate global resources to grow rapidly.
After the 1970s, the United States, South Korea, Taiwan and mainland China also developed one after another. American manufacturer: large-scale mergers and acquisitions. The two leading passive components in the United States, Vishay and Jimei (kemet, which have been acquired by Guoju), have become the world's leading component manufacturers through multiple large-scale mergers and acquisitions. Wisconsolidated the production line of Vistrophen, General Semiconductor, the infrared component product line of Infineon , and the product line of International Rectifier Company, and expanded its business horizontally to become the world's first manufacturer of rectifier, glass diode and infrared components. Jimei has also made many acquisitions, such as acquiring the tantalum capacitor businesses of upstream tantalum powder manufacturers Niotan and Epcos, vertically integrating the industrial chain, and mastering leading technologies in the fields of organic solid-state capacitors, thin films and electrolytic capacitors. Korean manufacturer: platform advantage, focusing on MLCC. South Korean manufacturers mainly represent Samsung Motors. Samsung Electric has rapidly risen based on Samsung Group's strong platform capabilities in the electronics and semiconductor fields, focusing on MLCC, and other electronic components businesses include chip inductors and chip resistors. Samsung Electric is the world's second largest MLCC supplier after Murata, but in the relatively high-end automotive MLCC field, there is still a big gap with Murata and Sunsuodian .
set of manufacturers: capacity transfer + policy support. Taiwan, China, benefited from the transfer of production capacity of the United States, Japan and South Korea and the strong support of the government, has emerged a number of excellent component manufacturers such as Guojiu, Qilixin, Meilei, Meijie, Heshentang , and Huaxinke. Compared with American, Japanese and Korean manufacturers, Taiwanese manufacturers have weak technical strength and mainly rely on their economies of scale and cost advantages to win. Taiwanese manufacturers have become the biggest beneficiary of Japanese manufacturers' capacity structure adjustment because of MLCC. Although Japan's consumer electronics, home appliances and other industries were impacted by the United States, South Korea and Taiwan after the 1990s, the electronic components industry was able to stand invincible with its strong technical barriers, forming industry leaders such as Kyocera (Kyocera), Murata (MuRata), Panasonic ( Panasonic), Taiyo Yuden, TDK, Fujitsu, HITACHI, KOA, and Rohm. The reason is that on the one hand, Japanese companies rely on their craftsman spirit of and their continuous accumulation of production processes to extend to upstream material technology and dig deep into moats. On the other hand, relying on the downstream support of high-end and sophisticated enterprises, Japanese companies are actively deploying high-end fields such as automotive electronics, robotics, aerospace, etc., and constantly improving production with the help of strong industrial demand.
The demand for passive components in the Chinese market is strong, and there is a lot of room for domestic production. Similar to Taiwan, mainland manufacturers benefit from the new round of global production capacity transfer and strong government support. The difference is that the mainland has the largest market in the fields of consumer electronics, automotive electronics, communications, etc., and has become a highly anticipated new force.
1.4. Overseas leaders have large scale and scale expansion to form a platform company
Overseas leading component manufacturers all have a very large product line and never focus on a certain product.This is because different component products are similar, so when manufacturers accumulate strong strength in a certain component field, they can extend their market size by relying on technical accumulation. Judging from the revenue scale, overseas leaders are large in size. In 2021, Murata achieved operating income of US$15.378 billion, occupying the leading position in passive components. In 2021, TDK's revenue was US$13.952 billion, Sun Yudian's revenue was US$2.839 billion, and Guoju's revenue was US$3.815 billion.
2022Q1, the delivery time of overseas leading companies was basically the same, a small number of products rose during delivery, and the price trend was basically stable.
. Capacitor: The passive component with the highest output value
capacitor has the highest output value among the three passive components, and can be mainly divided into four categories: ceramic capacitor , aluminum electrolytic capacitor, thin film capacitor, and tantalum electrolytic capacitor. Due to its advantages of high voltage resistance, high temperature, small size and wide capacity range, MLCC (chip multi-layer ceramic capacitor ) is currently the largest capacitor.
Different capacitors are suitable for different application scenarios due to different performances. (1) Due to its large capacity and high tolerance, aluminum electrolytic capacitor is used in communication equipment , new energy vehicle and other fields. (2) tantalum electrolytic capacitor has a small leakage capacity and a long life. It can replace aluminum electrolytic capacitors in high-demand circuits. It is widely used in military communications, aerospace and other fields, and is also used in industrial control, film and television equipment and other products. (3) film capacitor is used in new energy vehicles, wind power photovoltaics, air conditioners, refrigerators, washing machines, fans, power supplies, etc. (4) MLCC is a ceramic capacitor, which is small in size, high reliability and high temperature resistance, and is widely used in various electronic precision instruments.
2.1, MLCC is a large amount of use and a wide domestic space.
Ceramic capacitors are the main type of capacitor products, with the advantages of small size, good high-frequency characteristics, long life, and large voltage range. Ceramic capacitors include single-layer ceramic capacitors, chip-type multi-layer ceramic capacitors (MLCCs) and lead-type multi-layer ceramic capacitors. MLCC has become the main ceramic capacitor due to its large capacity, high life, high temperature and high pressure resistance, small size, good quality and low price. MLCC is super small and very thin, but it is a multi-layer structure made of ceramic layer and electrode layer inside, which requires manufacturers to invest technical strength in materials, printing and lamination technology. With the rapid miniaturization of electronic components led by sheet-shaped multi-layer ceramic capacitors, the size has also changed as follows: size (EIA): 3216(1206)→2012(0805)→1608(0603)→1005(0402)→0603(0201)→0402(01 005). Among them, 3216(1206) refers to 3.2mm×1.6mm (0.12 inches×0.06 inches).
MLCC has three major uses. (1) Energy storage exchange mainly generates and releases electricity through the charging and discharging process. This purpose is achieved by large-capacity MLCC. (2) Pass DC to AC, and charge and discharge can be charged and discharged according to the polarity change of the input signal in the AC circuit, so that the circuit connecting both ends of the capacitor will show a conduction state, while the DC circuit is blocked. (3) The suppression of surge voltage can remove short-term surge pulse signals through the energy storage effect of capacitors, and can also absorb excess energy generated by the fluctuations in voltages. High reliability and miniaturization can be achieved by applying multi-layer ceramic capacitors with ESR and ESL lower than electrolytic capacitors in power circuit . In the popularization of
sheet-shaped multi-layer ceramic capacitors, "minimization" and "large-capacity" play an important role. The sheet-shaped multi-layer ceramic capacitors are steadily miniaturized and large-capacity through the thinning of the dielectric layer and the development of new dielectric materials. As a result, sheet-shaped multi-layer ceramic capacitors gradually seized the market from the first popular aluminum electrolytic capacitors , Tantalum electrolytic capacitors, and thin-film capacitors, and their sphere of influence continued to expand.
MLCC has relatively obvious periodic attributes
MLCC has relatively obvious periodic attributes, and the industry's prosperity is cyclical. MLCC product prices, demand and production capacity are characterized by cyclical fluctuations. When the industry's peak period of prosperity comes, product demand increases, prices rise, and production capacity expands significantly.2013-2015 was the trough of MLCC's development. Many Japanese manufacturers withdrew from the civilian market, and Murata announced that it would withdraw from the consumer goods market in 2016. Since the first half of 2017, due to changes in the industry demand structure, the industry's leading capacity has shifted, causing a gap in production capacity in the original field, and the supply of passive components has become tighter, which has led to the rise in MLCC prices. This price increase trend has continued until the first half of 2018. Starting from the second half of 2018, as the downstream consumer electronics peak season demand was lower than expected, the price of MLCC began to decline. With the sluggish demand for mobile phones/cars, the price of MLCC continued to be sluggish. The industry destocked reached the low price market in Q3 2019, and then began to rebound. In February 2020, due to the impact of the new crown epidemic, most manufacturers stopped working, and the MLCC market experienced a round of out-of-stock market.
As the epidemic improves and technological innovations, 5G and automotive electronics drive demand to rise. Since the second half of 2020, the supply of MLCC market has been relatively tight, and the delivery cycle has continued to be extended. Murata Manufacturing's production capacity has been occupied by automobile and mobile phone customers, with an average lead time of 16 weeks, of which the lead time of MLCC used in automobiles reaches 5 to 6 months. Against the backdrop of the continued shortage of wafer production capacity in the world, at the beginning of 2021, Murata Fukui Factory stopped work for several days due to heavy snow, Huaxinke Dongguan Dalang Factory fire, and AVX Penang Factory in Malaysia suspended work for 10 days due to the impact of the new crown pneumonia epidemic, which made the global MLCC supply problem even worse. From the perspective of the whole year of 2021, the price increase trend in the first quarter was mainly the price increase trend, the prices of some components continued to rise in the second quarter, and the prices remained basically stable in the third quarter. According to TrendForce, the order shipment ratio of MLCC suppliers in the fourth quarter showed a decline, demand for consumer products slowed down, and ODM factories continued to be affected by chip shortages, long-term and short-term materials and power restrictions in China, weakening customers' momentum to pull goods. Due to the repeated epidemic situation and the slow resumption of work in the manufacturing industry, the production shortage caused by the epidemic in the first half of 2022 will be difficult for ODM factories to fill in the second half of the year. On the demand side, demand in the second half of the year was not strong, causing the demand for consumption MLCC to fall, and market inventory continued to rise. TrendForce Consulting said that the average inventory level of each size reached more than 90 days, and it is estimated that the price of consumption MLCC to fall by another 3 to 6% in the second half of the year compared with the average of the first half of the year.
From the perspective of delivery trend, the end of 2018 to the beginning of 2019 was the peak of MLCC delivery. As major manufacturers expanded production, the supply volume increased, and the delivery period gradually decreased. It remained at around 25 weeks from September 2021 to January 2022.
MLCC has large usage and fast development
MLCC has a large market size. According to China Electronic Components Industry Association data, it is estimated that the global MLCC market will reach 149 billion yuan by 2025. By the end of 2020, China had become the world's largest MLCC market, with demand accounting for 40%. MLCC is one of the largest and fastest-growing chip electronic components varieties, and continues to benefit from the high downstream demand and the wave of domestic production. The prosperity of smartphones, communication equipment and automobile markets will directly determine the market demand of the MLCC industry. With the construction of new infrastructure such as 5G networks and data centers, coupled with the continued improvement of industries such as smart phones, Internet of Things, and automotive electronics, my country's electronic components industry will benefit significantly. In addition, in the context of Sino-US trade frictions, domestic terminal manufacturers have begun to transfer their supply chains to the domestic market, which will truly play the role of downstream in driving upstream development. Domesticization will promote the sustainable development of my country's electronic components industry. Judging from the global shipments of MLCC application fields, in 2020, about 59% of the demand for MLCC came from the mobile communications field, and about 15% came from PC and consumer electronics. This is mainly because innovation in the communications and consumer electronics fields has accelerated the speed of product renewal and replacement, and the demand for MLCC has always maintained a high level. In addition, in recent years, as automobiles develop towards intelligence and electrification, the automotive field has gradually become an important source of demand for MLCC, accounting for 7%.
According to Murata data, in 2021, there will be about 3,000 to 5,000 MLCCs on a car, and 1,000 MLCCs used on the latest high-end smartphones.Murata expects that by 2024, the usage of base station MLCC will reach about 1.4 times the usage of base station MLCC in 2019, helping the accelerated development of the MLCC industry. Hyundai car can be called "a collection of MLCCs". In the future, the MLCCs equipped on cars may further increase in both types and quantities. For example, in a high-end model of an electric vehicle equipped with the level 2+ autonomous driving function, the number of MLCCs used has reached more than 10,000.
Domestic space is large
MLCC The market leader effect is obvious, and the space for domestic production is huge. In 2020, Murata, Samsung Electric (SEMCO), and Guoju (YAGEO; including kemet) accounted for the top three sales, accounting for 31%, 19% and 15% of the global market respectively. Mainland manufacturers occupy a small share and have huge room for domestic production.
The supply and demand of my country's MLCC industry is very unbalanced and requires a large number of imported MLCC products. According to data from the General Administration of Customs, China's MLCC import dependence is high. In 2020, China's MLCC imports were 3.08 trillion and exports were 1.63 trillion, and imported products were mainly concentrated in the mid-to-high-end. Therefore, there is huge room for domestic production of MLCC in my country. At present, global technology competition is becoming increasingly fierce, and domestic MLCC manufacturers are ushering in a critical period of domestic production opportunities. Domestic companies such as Fenghua Hi-Tech, Sanhuan Group, Torch Electronics, and Hongyuan Electronics are all actively expanding production, and domestic MLCC will occupy more market share in the future.
According to the import situation of the General Administration of Customs MLCC, the average annual import volume from 2018 to 2020 was calculated as 2.6 trillion. If 50% were replaced, the scale of the domestic market will reach 1.3 trillion. MLCC products have a large market space. Domestic MLCC manufacturers have added multiple new expansion projects, releasing a large amount of production capacity after reaching production. In 2020, Sanhuan Group launched a high-quality MLCC project for 5G communications, with a monthly production capacity of 20 billion; in 2021, it established a high-capacity series multi-layer chip ceramic capacitor expansion project and a Shenzhen Sanhuan R&D base construction project, with a monthly production capacity of 25 billion. Fenghua Hi-Tech launched the construction project of Xianghe Industrial Park's high-end capacitor base in 2021, with a monthly output of 45 billion high-end MLCCs. Torch Electronics began to develop small-volume thin dielectric layer ceramic capacitor high technology in 2020, and is expected to increase production of 8.4 billion small-volume thin dielectric layer ceramic capacitors each year. Hongda Electronics opened a microwave electronic component production base construction project in 2021. The company said that after the project reaches full production, it is expected to add 2 billion new ceramic capacitors production capacity every year.
2.2, film capacitor benefit from the rise of the new energy industry
film capacitor is a capacitor with a metal foil as the electrode, overlapping it with the plastic film from both ends, and winding it into a cylindrical structure. The dielectric film materials used in film capacitors are mainly polyester films and polypropylene films. Polyester film is mainly used to produce DC capacitors, suitable for electronic products with high electronic integration; polypropylene film is mainly used to produce AC capacitors, suitable for electronics, household appliances, communications and power capacitors. The typical feature of
film capacitor is its high reliability, and its voltage and impact resistance are its biggest features. film capacitor is significantly better than aluminum electrolytic capacitors in terms of safety, voltage resistance and life.
According to statistics from the Electronic Components Industry Association, the market size of my country's film capacitors in 2019 was 9.04 billion yuan, accounting for more than 60% of the total global market output value, ranking first in the world. From 2010 to 2019, the annual compound growth rate of the market size of China's film capacitor industry was 13%, and it is estimated that the market size of domestic film capacitors in 2020 will reach about 10.2 billion yuan. The main manufacturers of thin film capacitors in my country include Fara Electronics , Jianghai Co., Ltd. and Tongfeng Electronics .
According to TTI data, except for individual categories, the delivery period of film capacitors in 2022 is basically stable, with a delivery cycle of about 30 weeks.
The high prosperity of new energy has driven high growth in demand for film capacitors
In recent years, the rise of the wind power, photovoltaics, and new energy vehicles in the new energy industry has created a new stage for film capacitors. The typical characteristics of thin-film capacitors are high reliability, and their voltage and impact resistance are their biggest characteristics.Since new energy vehicles, photovoltaics and wind power all require AC/DC conversion and high and low voltage buffering, their development has greatly boosted the demand for film capacitors, and the market has gradually changed from traditional lighting and home appliances to photovoltaics, wind power and new energy vehicles.
Photovoltaic, new energy vehicles, and wind power thin-film capacitor market size forecast: 1. New energy vehicle film capacitor demand calculation: (1) According to EVTank data and forecast, the global sales of new energy vehicles in 2021 will be 6.7 million, and will reach 22.4 million in 2025, and the new energy vehicle market is expected to grow steadily from 2022 to 2025; (2) According to the forecast of the China Association of Automobile Manufacturers, the national sales of new energy vehicles in 2022 will reach 5.5 million, and will exceed 10 million in 2025, and the new energy vehicle market is expected to grow steadily from 2022 to 2025; (3) According to the survey data, we estimate that the value of film capacitor bicycles in 2021 will be 290 As the demand for product capacity, number and pressure resistance increases, we assume that this value will increase by 5% per year in the next four years. 2. Measurement of photovoltaic film capacitor demand: (1) According to CPIA prediction data, the global photovoltaic new installed capacity in 22-25 will be 195-240GW, 220-275GW, 245-300GW, and 270-330GW, respectively, and the median will be taken as the predicted value; (2) According to CPIA prediction data, the national photovoltaic new installed capacity in 22-25 will be 75-90GW, 80-95GW, 85-100GW, and 90-110GW, respectively, and the median will be taken as the predicted value; (3) According to the survey data, we estimate that the value of thin film capacitors in each GW photovoltaic (with energy storage function) in 2021 will be about 5.5 million yuan/GW. As the demand for product reliability and voltage resistance increases, the product will be updated and updated. We assume that this value will increase by 3% per year over the next four years. 3. Measurement of wind power film capacitor demand: (1) According to GWEC forecast data, the global installed capacity of wind power in 2022-2025 will be approximately 100.6/102.4/105.7/119.4GW; (2) According to GWEC forecast data, the national installed capacity of wind power in 2022-2025 will be approximately 50/53/57/60GW; (3) According to the survey data, we estimate that the value of wind power film capacitor per GW in 2021 will be around 5 million yuan. With the increase in demand for product reliability and voltage resistance, we assume that this value will increase by 3% each year in the next four years.
2.3. Aluminum electrolytic capacitors are widely used.
Aluminum electrolytic capacitors refer to capacitors that use aluminum oxide film as dielectric, consisting of electrode foil, electrolytic solution , electrolytic capacitor paper and other materials. The main functions of aluminum electrolytic capacitors are: AC and DC resistance, and have functions such as filtering, vibration elimination, resonance , bypass, coupling and fast charging and discharging. Compared with other capacitors, it has the characteristics of large specific capacitance, high voltage withstand voltage, "self-healing" characteristics, and high cost performance, and is widely used in various electronic products.
aluminum electrolytic capacitors can be divided into liquid aluminum electrolytic capacitors and solid aluminum electrolytic capacitors according to the shape of the electrolyte. Liquid aluminum electrolytic capacitors can be divided into three types: lead type, welding sheet, welding pin type, and bolt type according to the lead-out method. Aluminum electrolytic capacitors can be divided into consumer aluminum electrolytic capacitors and industrial aluminum electrolytic capacitors according to their application fields. Consumer aluminum electrolytic capacitors are mainly used in consumer markets such as televisions, audio, monitors, computers and air conditioners. Industrial aluminum electrolytic capacitors are mainly used in industrial and communication power supplies, professional frequency converters, CNC and servo systems, wind power generation and automobiles. In addition, there are military-grade aluminum electrolytic capacitors.
aluminum electrolytic capacitors dominate the field of high voltage and large capacity and have unique advantages. The technological development trend of aluminum electrolytic capacitor mainly includes the following points: (1) Reducing volume and flattening; (2) Low impedance resistance, large ripple current resistance, long life; (3) Increased upper limit working temperature and increased life, etc.
Due to the good development situation in 5G communications, mobile phone fast charging, new energy, computer equipment and other fields, according to the announcement of Aihua Group, the global aluminum electrolytic capacitor market size in 2020 was approximately 51.44 billion yuan, and increased by 5.2% year-on-year. Due to the strong growth of the Chinese market, it is expected that the global aluminum electrolytic capacitor market size will reach 61.99 billion yuan in 2021, a year-on-year increase of 20.5%, and will reach 72.44 billion yuan by 2025.
From the perspective of supply, the capacitor delivery period has increased year by year since 2020, and the delivery cycle of some categories has reached a record high.In 2022, lead-type aluminum electrolytic capacitors account for the highest proportion of global aluminum electrolytic capacitor consumption. Vertical chip aluminum electrolytic capacitors (V-Chip) are a category that has rapidly grown in the aluminum electrolytic capacitor industry in 2022. In terms of value and consumption, they are the category with the largest growth rate in the past five years. Judging from the overall competitive landscape of the industry in recent years, Japan has been at the global leading level in the aluminum electrolytic capacitor industry. Four of the world's five largest aluminum electrolytic capacitor manufacturers are Japanese manufacturers, namely: Chemi-con, Nichicon, Rubycon and Panasonic. Due to the high production costs, Japanese companies are unable to compete with low-priced products from mainland China, Taiwan and South Korea. They have gradually closed their factories or reduced their production scale, gradually withdrawing from the market for medium and low-end aluminum electrolytic capacitors, focusing on the development of SMD chip capacitors for communications and industrial high-capacitance and conductive polymer solid-state electrolytic capacitors. With the rapid development of my country's aluminum electrolytic capacitor industry, the operating income of two leading aluminum electrolytic capacitor companies in mainland China (Jianghai Co., Ltd. and Aihua Group) has exceeded that of Taiwan, South Korea and other companies, and the revenue scale ranks third and fifth in the world respectively.
2021 Affected by the Malaysian epidemic, the production of factories set up by international major manufacturers such as Nichicon and Panasonic in Malaysia were limited, and the supply of aluminum electrolytic capacitors was further compressed.
Market size forecast for photovoltaic and aluminum electrolytic capacitors for new energy vehicles: 1. Measurement of photovoltaic aluminum electrolytic capacitor demand: (1) According to CPIA forecast data, the global photovoltaic installed capacity will be 195-240GW, 220-275GW, 245-300GW, and 270-330GW, respectively, and the median will be taken as the predicted value; (2) According to CPIA forecast data, the national photovoltaic installed capacity will be 75-90GW, 80-95GW, 85-100GW, and 90-110GW, respectively, and the median will be taken as the predicted value; (3) According to the survey data, we estimate that the value of China Aluminum electrolytic capacitors per GW photovoltaic (with energy storage function) will be 3.5 million yuan/GW in 2021 in 2021 As the downstream improves product reliability and pressure resistance, and the product updates and iterations, we assume that the value will increase by 3% every year in the next four years. 2. Calculation of demand for aluminum electrolytic capacitors for new energy vehicles: (1) According to EVTank data and forecasts, the global sales of new energy vehicles in 2021 will be 6.7 million, and will reach 22.4 million in 2025, and the new energy vehicle market is predicted to grow steadily from 2022 to 2025; (2) According to the forecast of the China Association of Automobile Manufacturers, the national sales of new energy vehicles will reach 5.5 million in 2022 and exceed 10 million in 2025, and the new energy vehicle market is predicted to grow steadily from 2022 to 2025; (3) According to the survey data, we expect the value of aluminum electrolytic capacitor bicycles to be 140 yuan in 2021. With the increase in demand for product capacity, number and voltage resistance, we assume that this value will increase by 5% every year in the next four years.
. Inductor: High degree of customization, supply dispersed 3.1. Inductor has the characteristics of high degree of customization
Inductor is a passive electronic component that can store electrical energy through magnetic flux. The basic principle of inductance is Lengz's law .
inductors have the characteristics of customized production, mainly playing the role of filtering signals, filtering noise, stabilizing current and suppressing electromagnetic shielding. The inductor has strong customization characteristics, and the three indicators of current size, inductance quantity and operating frequency will affect the specifications of the required inductor products. The current will affect the thickness of the coil used, the inductance will affect the number of layers wound on the coil, and the operating frequency will affect the selection of core material. Since inductor products are used in specific circuits, standardized production cannot be carried out.
inductors can be divided into three types: high-frequency inductors, power inductors and EMI inductors according to their purpose. High-frequency inductor: mainly used in radio frequency circuits of mobile phones, wireless routers and other products, and can be used from 100MHz to 6GHz.High-frequency inductors mainly play the following roles in RF circuits: ① Matching: To form a matching network with capacitors, eliminate impedance mismatch between the device and the transmission line, reduce reflection and loss; ② Filter: To form an LC filter with capacitors, filter out some unwanted frequency components, and prevent interference with the device's operation; ③ Isolation of AC (Choke): In active RF circuits such as PA, the RF signal is isolated from DC bias and DC power supply; ④ Resonance: To form an LC oscillation circuit with capacitors, as the oscillation source of VCO; ⑤ Balun: that is, a balanced unbalanced conversion, which forms an LC baron with capacitors, realizing the conversion between a single-ended RF signal and a differential signal. Power inductor: The main function is to stabilize the voltage. Commonly used DCDC circuits must use power inductors to maintain continuous current by accumulating and releasing energy. Most power inductors are wire-wound inductors, which can increase current.
EMI Inductor: also called decoupling inductor, Choke, usually translated as choke. The function of decoupling inductor is to filter out interference on the line, and engineers mainly use it to solve the test problems of product radiation emission (RE) and conductive emission (CE). EMI inductors are usually relatively simple in structure, mostly copper wires are wound directly on the ferrite ring.
3.2. Inductors are widely used, and supply dispersed
. Because the principle of inductor is very basic, inductors are widely used in electronic products, and inductors are used in almost all products with circuits.
According to data from the China Electronic Components Industry Association, the total sales of China's inductor market in 2020 were RMB 27.9 billion, and it is expected to reach RMB 41 billion in 2025, with an average annual compound growth rate of 8%. From the perspective of demand, the downstream applications of inductors are widely used, and mobile communications are the area with the largest proportion of inductor applications. By output value, in 2020, mobile communications accounted for 35% of inductor usage, industrial and infrastructure accounted for 22%, and computers accounted for 20%, which is the top three application areas.
is characterized by high customization, and the supply is relatively scattered and the price is relatively stable. Unlike capacitors and resistors, the supply in the inductor market is relatively dispersed and there are many manufacturers. In 2019, Murata, TDK and Sunsuodin accounted for the top three inductor sales in the world, with market share of 14%, 14%, and 13%, respectively.
. Resistance: High production process casts high barriers
4.1. High demand production process casts resistance manufacturers high barriers
resistors play an indispensable role in the circuit. The resistor consists of three parts: a resistor body, a skeleton and a lead-out end (the resistor body of the solid-core resistor is combined with the skeleton), which is mainly used to control voltage and current, and plays roles such as step-down, voltage division, current limiting, isolation, filtering (combined with capacitors), matching and signal amplitude adjustment.
resistors can be divided into fixed resistors, adjustable resistors, and special resistors according to their resistance value. Among them, fixed resistors account for the largest proportion, and chip resistors are the most widely used in fixed resistors. Chip resistors can be divided into thick film resistors and thin film resistors according to the process. A thick film is formed by screen printing by depositing resistive material on an insulating substrate (such as glass or alumina ceramic) and then sintered. The film is made by depositing resistive materials in an insulating matrix process (vacuum coating technology) through processes such as evaporation and sputtering in vacuum. The most commonly used film resistor is currently the most commonly used. The production of
chip resistors is more difficult, and the difficulties mainly include the following three points. (1) Resistive material deposits are difficult to deposition. Whether it is screen printing or evaporation sputtering, the resistive material is required to be uniformly distributed and has a small thickness. (2) High temperature control requirements are required to ensure the drying and sintering effect at a moderate temperature and duration. (3) High accuracy requirements, high printing accuracy requirements for electrodes, resistive materials, protective glass and other parts to ensure the accuracy of resistance values.
4.2. Chip resistors benefit from the development of 5G and automotive electronics, and demand continues to grow
Chip resistors are mainly used in the 5G communications field, automotive electronics, PC fields and home appliance fields. (1) 5G construction is the core content of new infrastructure and the most important tool for my country to stimulate the economy in the past five to ten years. The market has huge demand for small-sized chip resistors.(2) Benefiting from the development trend of electrification, intelligence and networking of the automobile industry, as well as the rapid increase in the cost of automotive electronics in complete vehicles, the growth rate of the automobile electronics market has far exceeded that of the vehicle market. In the future, with the application of autonomous driving, unmanned driving technology and new information technology in automobiles, the automotive electronics market will continue to grow. (3) The PC market is already relatively mature, mainly due to competition for scale and cost. (4) In recent years, the home appliance industry has developed towards the trend of intelligence, networking, and small-scale full-spinization in combination with the rapid development of the Internet of Things. At the same time, in order to meet the requirements of national new energy efficiency, new technologies such as variable frequency have also been widely used in home appliance products, bringing demands for high-power chip resistors, high-voltage resistors, alloy resistors, anti-vulcanization resistors and small-size resistors. Mobile terminals are the main application market for chip resistors. With the improvement of people's living standards, pursuing higher performance and fashion has become a trend, and the development of mobile terminals has driven the market growth demand for chip resistors. In 2020, the global annual demand for chip resistors is about 4186 billion, or about 350 billion per month. Subsequent applications of 5G, Internet of Things and automotive electrification will be the main growth points of chip resistors, and their main growth specifications are 01005, 0201, 0402, 0603, etc. With the development of automotive electronics, new energy, smart devices, and the continuous expansion of the 5G and Internet of Things market applications, the market's rigid demand for chip resistors will become increasingly prominent. According to Fenghua Hi-Tech's announcement, chip resistors will grow to 5571.6 billion units/year in 2023, about 465.9 billion units/month.
According to TTI data, the resistance transit period in 2022 is basically stable, and the delivery cycle of most categories is about 20-30 weeks.
In the global resistance industry, Taiwan Guojiu plays a dominant position, and mainland companies are represented by Fenghua Hi-Tech. Resistor The market share of the industry is relatively concentrated. According to data from Huajing Intelligence Network, the global resistance industry CR3 was 47% in 2020, and the market share of Taiwan Guoju ranked first, with a market share of 25%, followed by Housheng and Huaxinke, accounting for 12% and 10% respectively. The market share of other companies is below 10%.
. The leading effect of passive components market is obvious. Mainland manufacturers have become rising stars
5.1. The key to passive components lies in Know-How. The industry leader
5.1.1 High-quality materials + custom equipment + fine technology. Know-How accumulates and achieves high-quality
products. The continuous improvement in the manufacturing process of capacitors, resistors, inductors and other components requires a long time of Know-How to accumulate to produce high-quality products. Overall, such Know-How accumulation is reflected in the three links of materials, equipment and technology. 1. Only good materials can produce good products. "Good electronic products need good components to support, while good components need good materials to support." This is the persistence of Murata, Japan for decades. Materials are the basis for good manufacturing performance. The fineness, uniformity, and agglomeration characteristics of the material will affect the size and performance of the product. Therefore, only good materials can produce good products. Taking MLCC as an example, ceramic "formulation powder" is made of a mixture of barium titanate base powder and a modification additive. First of all, barium titanate base powder is very important for the performance of MLCC, and its manufacturing needs to meet the requirements of extremely high fineness and uniformity. Among all kinds of preparation methods, the hydrothermal method has advantages over other preparation methods in terms of material particle properties control and stability, market competitiveness, etc., which are specifically manifested in: uniform chemical composition, regular particle morphology, adjustable particle size from tens of nanometers to several microns, uniform size, and stable product properties. It is currently recognized as the preparation method of barium titanate powder that meets the development requirements of MLCC. Currently, only Japanese Murata, Sakai Chemical and others can use hydrothermal method to produce MLCC barium titanate powder on a large scale, among which Murata is used for self-use, Sakai Chemical is used for export.
Know-How in the hydrothermal method is: 1) There are many factors that affect the properties of barium titanate in the hydrothermal system. The regulation of the phase structure and particle properties of barium titanate is extremely complex. Usually, a property of barium titanate is affected by multiple factors and process parameters, and one factor or parameter also affects multiple properties at the same time. They are related or even contradictory to each other, making the control of the properties of barium titanate particles very complicated and difficult; 2) Aqueous solutions, especially alkaline solutions, are highly corrosive under high temperature and high pressure, and the properties of barium titanate particles are very sensitive to reaction temperature uniformity and solution state. Hydrothermal reaction equipment not only meets the requirements of uniform temperature and state of the reaction solution, but also resistant to corrosion and wear. Secondly, modification additives are equally important to the performance of MLCC. Modification additives include rare earth elements, such as yttrium, holmium, dysprosium, etc. to ensure the insulating properties of the formula powder; another part of the additives, such as magnesium, manganese, vanadium, chromium, molybdenum, tungsten, etc., are mainly used to ensure the temperature stability and reliability of the formula powder. These additives must form a uniform distribution with barium titanate powder to control the microstructure and electrical characteristics of the dielectric ceramic material during sintering.
2. The equipment requires customized transformation from the enterprise itself. Since each manufacturer has different understandings of materials and processes, the equipment manufacturer's equipment is indeed a standardized product, which requires each component manufacturer to transform the equipment that suits it. Taking MLCC as an example, the most critical equipment in the MLCC production process is the casting machine. The specific process of casting molding is to mix ceramic powder with various additives (binders, plasticizers, dispersants, etc.) in a solvent to form a uniformly stable charge. During molding, the mass flows from the trough to the baseband, and the wet belt is formed through the relative movement of the scraper and the baseband, and the thickness is controlled by the distance between the scraper and the baseband. The wet diaphragm is sent to the dry chamber together with the base band. During the solvent evaporation process, the plasmid sheet with a certain strength and flexibility is formed by bonding the ceramic particles together with the binder to form the ceramic particles. The dried plasmid sheet and the base band are separated from the reel from the base band for use. Then, holes can be punched, punched or cut in the desired shape, and finally the finished product is obtained by sintering. MLCC manufacturers generally transform the casting machine based on their own Know-How to achieve better results. In the extruder part, the manufacturer will transform the device itself so that the pressure of the extruder is more precisely adjusted and a thinner medium is obtained. In the scraper link, using an air knife instead of mechanical tools can achieve better uniformity, but the position, wind speed and vacuum of the air knife also need to be accurately controlled. If the air volume is too small, the thickness will be too large, and the angle is incorrect, which will cause bubbles to occur on the film surface. The cooling links on the casting roller will affect the uniformity of the film, so the casting roller and cooling roller will be designed as jacket type. The cross flow of cooling water reduces the temperature difference on the surface of the roller and ensures uniform cooling of the plastic film.
3. The pursuit of excellence in technology comes from the accumulation of Know-How. After using good materials and customized equipment, we still need to continue to try and accumulate specific processes to obtain better processes. Taking MLCC as an example, in the multi-layer co-firing process, the glue-discharged product is placed in a high-temperature sintering furnace, and the curve is set to sinter the green body into porcelain, forming a ceramic body with a certain strength and hardness. In this process, it is inevitable to solve the problem of how ceramic dielectrics and internal electrode metals with different shrinkage rates will not delaminate or crack after firing at high temperatures, that is, the problem of co-firing of ceramic powder and metal electrodes. Co-fired technology is the key technology to solve this problem. Mastering co-fired technology can produce MLCC with thinner media (less than 2 μm) and higher layers (more than 1,000 layers). Currently, Japanese companies are ahead of other countries in MLCC sintering special equipment technology. They not only have various nitrogen atmosphere kilns (bell cover furnaces and tunnel furnaces), but also have obvious advantages in equipment automation and accuracy.
To sum up, (1) In the material link, the production process, formula and performance of the material are difficult to determine in advance. It must be tried and improved continuously in the actual production link. This process requires a long time to accumulate, and it also requires a continuous improvement of the mentality of striving for excellence, so that the performance of the material continues to improve. Murata has strong technical strength in ceramic materials and radio frequency materials; Kyocera continues to focus on ceramic materials and has become the world leader; TDK is an expert in magnetic materials. (2) In the equipment process, since standardized equipment does not meet the individual needs of the enterprise, the enterprise needs to transform the equipment based on its own understanding of materials and processes. The equipment transformation plan cannot be determined in advance, and workers need to continuously improve during the attempt, which also requires a long time and a mentality of striving for excellence. Murata, Kyocera and TDK generally use self-developed equipment and do not apply for patents externally to avoid leaking their designs through patents. (3) In the process, a large number of manufacturing methods and precision control cannot be obtained through theoretical advance planning. They can only be constantly trying to improve in the actual application process, and achieve better results through gradual progress. Japan's leading companies have accumulated over the years in their respective fields, and have achieved perfect results and quality control in each link, so they can produce the highest quality products. Generally speaking, the three most critical links of materials, equipment and technology require a lot of attempts and improvements, and require continuous exploration.
5.1.2 Horizontal expansion + vertical deepening, scale expansion ensures continuous growth of revenue
Japanese leading component manufacturers all have a very large product line and never focus on a certain product. This is because different component products are similar, so when manufacturers accumulate strong strength in a certain component field, they can extend their market size by relying on technical accumulation. The first extension is lateral expansion, from a single product to more products. Although different components have great differences in principle, they are similar in manufacturing, and they mainly include three main technical difficulties: materials, equipment and process. Therefore, when a manufacturer has strong strength in a certain field, it can enter more products based on this technical ability, thereby expanding the market size. For example, for Murata, after mastering the technology of ceramic capacitors, it can expand into filters, quartz crystals, resistors and other fields with similar technical characteristics; Kyocera is based on its deep understanding of electronic ceramics, expanding into downstream semiconductors, automobiles, and industry; TDK is focusing on the field of magnetic materials, extending from ferrite cores to inductors, capacitors, tapes, and magnetic heads.
The second extension is longitudinal deepening, extending from components to solutions. This is because when manufacturers have multiple product lines, they can combine these products into solutions and promote them to customers, enhancing their customer stickiness, and also in line with the development trend of lightweight and thinner electronics industry. For example, Murata has launched a RF front-end module solution based on his accumulation in the field of RF filters, which meets the needs of downstream customers for thin and high integration in the 5G era; Kyocera is moving from electronic ceramic products to communication modules; TDK is expanding from ferrite magnetic materials to downstream areas such as optical discs and tapes. Through horizontal expansion and vertical deepening, component companies have achieved significant scale expansion while ensuring their technical strength and ensured their own continuous growth. This is also the reason why there are many giant companies in the Japanese component industry.
5.2. Mainland manufacturers accelerated their growth
2011~2021, the revenue of major passive component manufacturers in mainland China continued to rise, and in addition to being affected by external adverse factors in the short term, the overall trend of accelerated growth was shown.
Leading passive component manufacturers have seen significant increases in their share prices since their listing. From 2020 to the present, Fara Electronics has risen by 229.56%, Jianghai shares have risen by 203.23%, and Zhongci Electronics has risen by 692.98%.
, Investment analysis 6.1, Sanhuan Group: vertically integrated casting core capabilities, domestic space, broad
high technology + low cost + good management, vertically integrated building company moat. Sanhuan Group is an advanced material company that masters the core technology of powder configuration, which is the key to distinguishing the company from other structural ceramic manufacturers. The company is based on materials and has mastered the core technologies in all aspects such as molding, sintering, post-processing, and equipment, realizing high-end vertical integration, thus ensuring technological innovation and cost control, and building a wide and deep moat. With high technology + low cost + good management, the company has continuously expanded its new product line and achieved snowball product expansion. In 2022H1, the company achieved operating income of 2.894 billion yuan, a year-on-year increase of 0.6%; and achieved net profit attributable to shareholders of 939 million yuan, a year-on-year decrease of 12.9%. Based on electronic ceramics, the company's product line continues to expand. The company has 50 years of experience in electronic ceramic production. The leading products have developed from the initial single resistor to a diversified product structure mainly composed of optical fiber ceramic ferrules and sleeves, ceramic packaging bases, MLCCs, ceramic substrates and mobile phone appearance parts. Among them, optical fiber connector ceramic ferrules, alumina ceramic substrates, and ceramic substrates for resistors are among the forefront in the world in production and sales. (1) As a key optical connection device, the company's optical fiber ferrule products benefited from the demand brought about by 5G communication construction. The demand has increased significantly, and the business maintained high growth; (2) The company's PKG ceramic packaging base broke the foreign monopoly and benefited from the huge space for domestic and high-end components, and its share is expected to be further increased; (3) The company is one of the major ceramic substrate manufacturers in my country, with outstanding market position, and its product physical and chemical indicators and usage performance have reached the advanced level of similar international products.
ceramic substrate large-optical board business is progressing well and the application prospects of new energy are broad. Large-size, "large-size, non-corrosive ceramic substrate", are substrates for high-power lGBT, high-insulation requirements, high-power LED lamps, UV lamps and thick-film integrated circuit boards. With the application of new generation semiconductors in new energy terminals, especially the increase in the market share of photovoltaic industry and new energy vehicles, the application volume of large optical board business will continue to increase, and the market prospects will be broad, becoming a new market highlight of the company's ceramic substrates.
6.2. Fenghua Hi-Tech: a domestic MLCC leader, fundraising and expansion of production have further improved its competitiveness
For more than 30 years, it has focused on the component industry to create a domestic MLCC leader. The company was founded in 1984 and went public in 1996. The company has a relatively complete industrial chain and is currently an electronic component enterprise with a large scale in the domestic chip passive component industry, complete component product series production and strong international competitiveness. The company's products are widely used in fields including consumer electronics, communications, computers and smart terminals, automotive electronics, power and industrial control, medical care, etc. Affected by the short-term cycle downward of MLCC, the company achieved revenue of 2.118 billion yuan, a year-on-year, -21.5%; net profit attributable to shareholders was 368 million yuan, a year-on-year, -27.2%. Keep up with market changes and adjust the implementation progress of high-end capacitor construction projects. On August 19, 2022, the company issued an announcement that the newly added monthly production of 5 billion MLCCs planned by the Xianghe Phase I project has reached full capacity. Based on market changes and actual project conditions, the company adjusted the overall implementation progress of the project. In the early stage construction, it gave priority to significantly increase the proportion of products in high-end market applications such as high capacity, automotive specifications and industrial control, and responded to strong demand in high-end market applications.
downstream demand is high, and the company's main business continues to benefit. With the increase in downstream market applications such as 5G, automotive electrification and intelligence, industrial control automation, and the Internet of Things, the demand for applications of electronic components continues to grow. On the basis of continuing to consolidate and expand the market in the home appliance application field, the company focuses on the expansion of high-capacity and high-reliability products in the high-end application market, including the communications field, 5G base station, automotive electronics, new energy, large servers and other application fields. The 01005 product has successfully entered the packaging and wearable market. Split edge business and focus on the main business.(1) In August 2022, the company issued an announcement, intending to transfer its 99.88% equity in Guangdong Fenghua Xindian Technology Co., Ltd. to Foshan Guoxing Optoelectronics Co., Ltd. for 270 million yuan through an agreement transfer. This transaction constitutes an related transaction. Fenghuaxin Electric's main business is semiconductor discrete devices and integrated circuits, and its synergy with Fenghua High-Tech. (2) In 2021, the company introduced strategic investors to increase capital and expand shares in Naidian Soft Technology Electronics (Zhuhai) Co., Ltd. through public listing to divest the circuit board business. By divesting edge business, the company further concentrates advantageous resources to strengthen its main business of passive electronic components.
6.3. Fara Electronics: Photovoltaics and new energy vehicles are growing rapidly, and the film capacitor leader continues to benefit
Company is the film capacitor leader. The company is one of the major domestic enterprises specializing in the research, development, production and sales of film capacitors. The scale of film capacitors ranks first in China and the top three in the world. Film capacitors are widely used in many industries such as home appliances, communications, power grids, rail transit, industrial control, lighting and new energy. The rapid growth of demand for photovoltaics and new energy vehicles will effectively promote the development of the film capacitor industry. In 2022H1, the company achieved revenue of 1.763 billion yuan, an increase of 37.46% year-on-year; net profit attributable to shareholders was 432 million yuan, an increase of 18.82% year-on-year. The company's total operating income in 2021 was 2.811 billion yuan, a year-on-year increase of 48.66%, and its net profit attributable to shareholders was 831 million yuan, a year-on-year increase of 49.51%, and its net profit attributable to shareholders was 735 million yuan, a year-on-year increase of 51.01%, its gross profit margin was 42.14%, and its net profit margin was 30.04%. Among the company's total revenue in 2021, the downstream of new energy vehicles accounted for about 27%, and the wind power and photovoltaics accounted for about 31%. The downstream of the economy is high, which is conducive to promoting the company's performance to continue to grow steadily.
As the leader in film capacitors, the company will fully benefit from the high downstream prosperity. The company's downstream structure has been successfully completed from traditional lighting, home appliances to new application fields of photovoltaics, wind power, and new energy vehicles. Among the company's revenue in 21 years, new energy vehicles and photovoltaic wind power account for 27% and 31% respectively. The company will fully benefit from the high downstream prosperity. In 22Q1, the revenue of new energy vehicles and photovoltaics increased by 110% and 70% respectively; among the revenue, new energy vehicles, photovoltaics, wind power and industrial control accounted for 33-34%, 25%, 5% and 25% respectively.
6.4. Jianghai Co., Ltd.: domestic aluminum electrolytic capacitor leader, aluminum electrolytic capacitor + thin film capacitor + supercapacitor multi-wire layout
domestic aluminum electrolytic capacitor leader. The company was established in 1958 and has started producing aluminum electrolytic capacitors in 1970. It has a history of more than 50 years and has a profound foundation. Demand in downstream new energy and automotive charging pile fields is strong, with emerging markets (5G, medical care) and users emerging one after another. The company invested in the construction of Hubei Haicheng small capacitor project, and as of the end of 2020, it has invested 270 million yuan, forming a capacity of 450 million yuan of output. In 2022H1, the company achieved revenue of 2.17 billion yuan, an increase of 30.33% year-on-year; net profit attributable to shareholders was 299 million yuan, an increase of 46.39% year-on-year. The company's total operating income in 2021 was 3.55 billion yuan, a year-on-year increase of 34.71%; net profit attributable to shareholders was 435 million yuan, a year-on-year increase of 16.66%; net profit attributable to shareholders was 412 million yuan, a year-on-year increase of 42.06%; gross profit margin was 25.93%, and net profit margin was 12.35%. Aluminum electrolytic capacitors are the company's main source of revenue. The company's operating income of aluminum electrolytic capacitor business in 2021 was 2.847 billion yuan, accounting for about 80.2% of the total revenue; the supercapacitor operating income was 240 million yuan, accounting for about 6.8% of the total revenue; the film capacitor operating income was 224 million yuan, accounting for about 6.3% of the total revenue.
film capacitors and supercapacitor businesses are developing rapidly. The company's film capacitor research and development started in 2011. It has been certified by users in many application fields and sold in bulk. It cooperates with the United States and the United States. The on-board film capacitors are progressing well and are in a stage of rapid development. Another product that the company's strategic development is supercapacitors, which are considered one of the ideal environmentally friendly energy storage devices in the 21st century and are widely used. The company's lithium-ion supercapacitors have reached the international advanced level. The company's subsidiary Youpu Electronics starts with basic management and takes large customers and project-based approaches to steadily promote cost control and quality control. The product extends upstream and deepens vertically to build a moat.The chemical foil and corrosive foil are the main materials used in aluminum electrolytic capacitors and are products that extend the company's industrial chain. They largely determine the performance and cost of the capacitors. The main performance indicators reach the domestic advanced level. Sales are mainly based on internal supporting facilities, and the proportion of exports has increased year by year. Based on the original intention of "a good material is good for capacitors", the company actively deploys the technical and process research and industrialization of key materials for three major capacitors, extending the capacitor industry chain, effectively ensuring material performance, quality and supply, effectively improving the market competitiveness of the capacitors, and forming advantages in the industrial chain. In 2021, the company's production volumes of foils and corrosive foils were 14.53 million square meters and 9.54 million square meters, respectively, an increase of 23% and 3% year-on-year respectively.
6.5. Aihua Group: a leading domestic consumer aluminum electrolytic capacitor, industrial control product accelerates the increase in volume
Aihua Group is the largest enterprise in China's aluminum electrolytic capacitors and the leading consumer aluminum electrolytic capacitors. The company's products include aluminum electrolytic capacitors, upstream corrosion foils, and melted foils. The vertical integration ensures the company's supply of aluminum foil raw materials for aluminum electrolytics. After 37 years of development, the company has a deep understanding of products, industries and markets, and has accumulated experience in keeping with the world in recent years. Aihua has become a Chinese company with international advanced level in the capacitor industry. Aihua Group's aluminum electrolytic capacitor production capacity exceeded 15 billion units in 2021, and production orders showed a strong growth trend compared with 2020. In 2022H1, the company achieved revenue of 1.78 billion yuan, a year-on-year increase of 17.55%; net profit attributable to shareholders was 238 million yuan, a year-on-year increase of 2.50%. The company's total operating income in 2021 was 3.234 billion yuan, a year-on-year increase of 28.51%, and its net profit attributable to shareholders was 487 million yuan, a year-on-year increase of 28.05%. The gross profit margin is 29.6%, and the net profit margin is 15.15%. The company's operating income of consumer electronics power business in 2021 was 1.672 billion yuan, accounting for 52% of its operating income; the operating income of lighting and control business was 704 million yuan, accounting for 22% of its operating income; the operating income of industrial control business was 704 million yuan, accounting for 22% of its operating income.
aluminum electrolytic capacitor market has increased significantly, and the increase in domestic penetration rate is beneficial to the domestic leader. According to the information center of the China Electronic Components Industry Association, the global demand for aluminum electrolytic capacitors in 2021 was about 151 billion, a year-on-year increase of 14.7%, and will reach 173 billion by 2025. The average growth rate in the five-year period from 2020 to 2025 is about 5.6%. After decades of continuous and refined efforts, the domestic capacitor manufacturing industry has made breakthrough developments in these years. The continued localization of major core raw materials and production equipment has further highlighted the advantages of domestic enterprises, and the penetration rate of domestic aluminum electrolytic capacitors has seen a rapid growth. Focusing on the development opportunities of emerging markets, the company has entered new markets of photovoltaic and automotive. With the layout of the national new infrastructure and new energy development strategies, downstream industries have ushered in the rapid development of markets such as photovoltaic inverters, 5G base station equipment, and data center construction. The company closely follows the development opportunities of emerging markets and successfully enters the supply chain of global leading enterprises in the photovoltaic market in 2021, forming a good trend of comprehensive layout in the fields of vehicle-mounted, industrial control, lighting, charging, etc. The horizontal expansion and vertical deepening of the business have enabled the company to accumulate more comprehensive product experience.
6.6. Jiemei Technology: Based on electronic thin carrier tape, it continuously expands new businesses.
is a leading thin carrier tape company. The company's main business is the research, development, production and sales of thin carrier tapes of electronic components. The products mainly include paper carrier tapes, adhesive tapes, plastic carrier tapes, transfer tapes (release films) and other series of products. The company has been deeply engaged in the electronic information industry for many years. The main products, paper carrier tape, has achieved high integration of the industrial chain, has obvious competitive advantages, and has basically completed the process of domestic production. It currently has the largest market share in the world. In 2022H1, the company achieved revenue of 712 million yuan, a year-on-year -26.92%; net profit attributable to shareholders was 110 million yuan, a year-on-year -50.77%. The company's total operating income in 2021 was 1.861 billion yuan, a year-on-year increase of 30.58%; net profit attributable to shareholders was 389 million yuan, a year-on-year increase of 34.47%; net profit attributable to shareholders was 380 million yuan, a year-on-year increase of 36.04%; gross profit margin was 38.27%, and net profit margin was 20.90%.The company's operating income of paper tape business in 2021 was 1.335 billion yuan, accounting for 72% of its operating income; the operating income of tape business was 266 million yuan, accounting for 14% of its operating income; the operating income of plastic tape business was 114 million yuan, accounting for 6% of its operating income; the operating income of release membrane business was 112 million yuan, accounting for 6% of its operating income.
The traditional business has obvious advantages and its production capacity continues to expand. According to the company's disclosure in February 2022, in order to match the large-scale expansion of production by downstream customers, the company's paper carrier tape has improved the production line technology. The original production line's production capacity was 20,000 tons/year to 28,800 tons/year, and the total self-production capacity reached 91,200 tons/year. It is expected that the new production line will increase by 28,800 tons/year after it is put into production, and the total self-production capacity will reach 120,000 tons/year. The tape will expand from 2.2 million rolls to 4.2 million rolls in 2021, and the subsequent production capacity will be gradually released, which is one of the new growth points this year. There are currently 60 production lines for plastic carrier tapes, and 15 new production lines are planned to be added in 2022. The new production lines focus on the use of equipment that is more suitable for the production of semiconductor carrier tapes. Raise funds to expand new businesses and enrich product types. The company raised funds to invest in the production of 36,000 tons of optical BOPET films and 6,000 tons of CPP protective films per year. Optical-grade BOPET films are mainly used to produce MLCC, release films for polarizers, etc., which will benefit from the growth in demand for MLCC; CPP cast films are mainly used in aluminum-plastic films, brightening films and ITO conductive film processes, benefiting from the continued growth in demand for new energy applications. The project has been shipped in batches in September 2021.
6.7. Maijie Technology: a pioneer in domestic production, inductor + filter business is developing
Company profile
Focus on magnetic components and radio frequency industries, and inductor and filter business are developing rapidly. The company's current main business is divided into two categories according to product segments: electronic components and LCM LCD display modules. The company's electronic components focus on layout and breakthroughs around 5G applications and automotive electronics, and the inductor and filter business are growing rapidly. In the LCM LCD display module business, Xingyuan Electronics' revenue continues to grow, and the company is currently in a relatively leading position in the domestic market in medium-sized LCM modules. The company raised funds to invest in inductor and filter expansion projects, and is expected to continue to expand its sales scale in the future. In 2022H1, the company achieved revenue of 1.592 billion yuan, a year-on-year -3.45%; net profit attributable to shareholders was 90 million yuan, a year-on-year -35.39%.
The company's total operating income in 2021 was 3.318 billion yuan, a year-on-year increase of 42.47%; the net profit attributable to shareholders was 304 million yuan, a year-on-year increase of 752.03%; the net profit attributable to shareholders was 264 million yuan, a year-on-year increase of 6158.80%; the gross profit margin was 21.06%, and the net profit margin was 9.52%. The company's operating income of LCM LCD display module business in 2021 was 1.908 billion yuan, accounting for about 57.5% of the total revenue; the operating income of electronic components business was 1.408 billion yuan, accounting for about 42.4% of the total revenue.
domestic inductor leader, benefiting from the high downstream prosperity. As consumers' requirements for digital products such as mobile phones increase, the demand for inductor devices in domestic and foreign markets is constantly increasing. In recent years, the company has gradually improved and expanded its production capacity and sales channels, and its market share has increased significantly, and it has become a leading enterprise among domestic inductor manufacturers. According to data from the China Electronic Components Industry Association, the total sales of China's inductor market in 2020 were RMB 27.9 billion, and it is expected to reach RMB 41 billion in 2025, with an average annual compound growth rate of 8%. Benefiting from the high prosperity of 5G and automotive electronics, the inductor business is expected to grow rapidly. LTCC and SAM have both been mass-produced, and RF filters are facing the opportunity of domestic production. The RF front-end market is growing rapidly. According to QYR Electronics Research Center's forecast, the global RF filter market size is expected to reach US$21.91 billion in 2023. At this stage, the RF front-end market is still monopolized by the US and Japanese giants, and this trend will remain in the short term. Domestic companies are still in the early stages in terms of RF devices. With the help of this wave of 5G construction and promotion, the domestic RF industry has ushered in a good development opportunity. After careful layout, the company has mass-produced LTCC filters and SAW filters and introduced them to mainstream customers. It is expected to continue to expand sales scale and consolidate its market position in the future.
uses Jin Zhichuan as a carrier to accelerate the layout of automotive electronics business in all aspects.With its subsidiary Jin Zhichuan as a carrier, the company accelerates the process of layout of automotive electronics business in all aspects, improves its independent innovation capabilities and necessary production capacity in this field, and invests in the implementation of automotive electronics research and development projects to achieve the strategic purpose of stably supplying well-known automotive electronic components manufacturers such as Huichuan Technology, Inbor, Weimeis, and McGmitt. In 2021, Jinzhichuan achieved sales revenue of 427 million yuan, a year-on-year increase of 19.24%; net profit of 38.82 million yuan, a year-on-year increase of 15.65%.
(This article is for reference only and does not represent any of our investment advice. If you need to use relevant information, please refer to the original text of the report.)
selected report source: [Future Think Tank].
