MLCC is known as "electronics industry rice", but in the past year, the MLCC market has fluctuated, downstream companies have "no rice to put in the pot", upstream companies have expanded their production of "growing rice", and the imbalance of supply and demand does not seem to improve in the short term.
3 gradient
MLCC market is divided into three echelons, and the first echelon of is the Japanese enterprise represented by Murata, TDK, and Sunsuodian .
The first-tier enterprises have the greatest say in the industry. At that time, TDK gave up the low-end MLCC market and turned to high-end MLCC products, which caused the market to be out of stock, causing panic for more than two years.
The second echelon is , represented by South Korea Samsung and Guoju and Huaxinke in Taiwan. The transformation storm of
TDK has benefited Guoju and Samsung. Before this, passive components were all buyers' market , with a price cut of 1% to 2% every year. But later, companies that became the seller market , and the second-tier companies such as Guoju began to increase their prices and their revenue increased steadily.
△Source: Guoju official website
The third echelon is the mainland Chinese enterprise represented by Fenghua Hi-Tech, Sanhuan Electronics, and Torch Electronics.
According to Fenghua Hi-Tech's statement in its financial report, mainland MLCC still has a certain gap in scale and technology with international advanced peers. The main reason is that the company faces the rapid expansion of its operational level and the technical gap in related materials and equipment, and the domestic independent supporting rate of related resources.
Revenue has increased significantly
is different from the stock level a few years ago. The last time it was because of the transformation of Japanese companies such as TDK, and this time it was out of stock. The reasons for out of stock are almost the same as those for out of stock MCU and power supply IC. The downstream demand is strong and the upstream production capacity is insufficient. At the same time, the epidemic lockdown and fire in the Dongguan plant of Huaxinke have jointly pushed up the price of MLCC and the revenue of upstream manufacturers.
△Source: Fenghua Hi-Tech
In April this year, Murata, the leader, released its financial report last year (April 2020 to March 2021), with both operating income and net income hitting record highs. The revenue of the capacitor department (mainly MLCC) was 626.5 billion yen, an increase of 12% year-on-year.
Murata predicts that although the global electronics industry chain is currently in a mess, driven by 5G and automotive electronics, Murata's revenue will continue to grow by 1.8% this year to 1.66 trillion yen, a new high, and the revenue of the capacitor department will increase by about 11% year-on-year.
YolideDen's revenue increased by about 9% last year, consolidated operating income increased by 15.3%, and consolidated net income increased by 4.8%. All three indicators hit new highs, and its capacitor department's revenue increased by 11.7% year-on-year to 218 billion yen.
, and Guoju Electronics set a record high in monthly revenue in the same period in March this year, with revenue reaching 8.726 billion NT$2, a 24.6% increase, a year-on-year increase of 116.3%, and revenue in the first quarter of this year increased by 137% year-on-year. Another company, Huaxinke, had a cumulative revenue of NT$18.384 billion in the first five months of this year, an increase of 53.52% year-on-year.
Among mainland companies, Fenghua Hi-Tech's revenue in Q1 was RMB 1.174 billion, a year-on-year increase of 68%, and non-net profit was RMB 179 million, a year-on-year increase of 116.13%.
"suming up"
In the seller's market with unbalanced supply and demand, the price is always dominated by the strong side. At the end of last month, news came out that Guoji will raise the price of MLCC by about 1% to 3% from June 1.
Before this, Huaxinke and Guoju had already raised prices.
In March this year, Guoju issued a price increase notice to the client, and the prices of resistors and MLCC increased by 10~20%, and the new price began to take effect on April 1. A week later, Huaxinke also issued a notice to raise the MLCC price, with an increase of up to 30% to 40%, at least twice as high as Guoju.
In addition to the above two companies, Japanese factories such as Murata and TDK raised their quotations as early as the beginning of the year, and Samsung Motor also officially started to rise in March.
Crazy expansion of production
Last November, Guoju's new factory in Dafa Industrial Zone, Kaohsiung held a groundbreaking ceremony. The factory's investment in the first phase exceeded NT$20 billion. It is expected to be put into mass production in the second half of 2022. By then, the total monthly production capacity of Guoju MLCCh will reach 100 billion , becoming the third largest manufacturer with a monthly production capacity of over 100 billion after Murata and Samsung Motors.
△Source: Guoju official website
In addition, the Taiwan-based manufacturer Heshentang , a long-planned Taoyuan Longtan new factory is expected to be put into production in the second half of 2021. Due to the small capacity foundation of Heshentang, the monthly production capacity of MLCC is only 800 million to 1 billion. After the new factory joins mass production, the production capacity will increase by about 60%. It is estimated that the new factory is expected to start contributing revenue in 2022.
Huaxinke spent NT$668 million in May last year to purchase part of the A15 factory in Kaohsiung Processing Zone from the related company East China Technology to expand high-end MLCC production capacity. In addition, Huaxinke also acquired Japanese electronic components manufacturer SOSIN Electric Co., Ltd. through its Japanese subsidiary Kamaya Motor to expand Huaxinke's product portfolio, scale and customer base.
In mainland enterprises, Fenghua Hi-Tech has carried out multiple capacity expansion and transformation projects, and plans to increase the MLCC production capacity from the current 18-20 billion to 65 billion per month in 2023, which is equivalent to recreating two Fenghua Hi-Tech.
△Source: Yuyang Technology
On December 16 last year, Yuyang Technology launched a project with an annual output of 500 billion MLCC. The total investment of the project is RMB 2.2 billion, divided into three phases. After the first phase is completed, the output will reach 250 billion pieces. In the future, Yuyang will continue to move towards automotive-grade and industrial-grade products, striving to break through the blockade of Japanese and Korean manufacturers.
On January 26 this year, Jiangsu Xinshengwei issued an announcement that it plans to invest more than 650 million yuan to produce MLCC chip capacitors currently in short supply in the international market. The project is located in Jiangsu Dakang Intelligent Equipment Industrial Park, Jingshijiu Road, Huai'an District. After the project is put into production, it will produce 35 billion MLCCs annually.
htmlOn May 11, Sanhuan Group issued an announcement, intending to issue the total amount of funds raised to specific objects not exceeding 7.5 billion yuan (including issuance fees), of which 3.75 billion is used to expand the production of MLCC.
In addition, Dongcai Technology issued an announcement on the evening of June 3 that the company plans to invest in the construction of a "high-performance polyester base film project for MLCC and PCB (printed circuit board) through its wholly-owned subsidiary Jiangsu Dongcai, Jiangsu Hai'an " in Jiangsu Hai'an . The investment amount of the project is 236 million yuan. After completion and full production, it is expected that the average annual sales revenue will be 355 million yuan and the total annual profit will be 66.67 million yuan.
Summary
MLCC out of stock is just a microcosm of the current status of the entire semiconductor industry. From the MLCC segment, you may see the supply pattern of the semiconductor industry. From the perspective of demand, the mainland is still the largest demand market, but most of them need to be imported. Although the current MLCC market is "chaotic", it is a good opportunity for domestic companies to seize opportunities and gain more market share. (text/Global Semiconductor Observation)
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