MLCC capacitors price increase, comprehensive list of benefiting companies

Recently, a teardown report of NVIDIA's new generation computing chip once again sparked investment attention in the MLCC sector. The latest analysis of the Rubin architecture VR200 server system found that compared to the previous generation, the number of MLCCs installed in the new cabinet increased by 30%, with component value soaring by 182%, and the onboard capacitor usage per GPU nearly doubling. The hardware design featuring high power consumption and high voltage power supply is pushing the entire system to adopt high-voltage, high-capacity high-end MLCC products on a large scale, further widening the industry's urgent demand gap.

The global MLCC supply and demand pattern remains tight. Leading manufacturers in Japan and South Korea continue to raise product prices, with multiple brands across their full series experiencing various degrees of price increases. Coupled with limited overseas production capacity and large manufacturers' long-term customer lock-in of future capacity, high-end product delivery cycles have extended to over twenty weeks, making it difficult for supply to keep up with surging orders.

CITIC Construction Investment's research report states that as AI server power continues to grow, the number and quality requirements for chip inductors and chip capacitors used in GPU/TPU services will significantly increase. Based on the projected shipment volumes of GPU/TPU in 2027 and 2028, the chip inductor and chip capacitor industry is expected to experience explosive growth.

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I. MLCC Product Side

This is the core link directly benefiting from MLCC price increases, with domestic leading companies taking the lead due to their capacity and technological advantages.

Core logic: The resurgence of AI servers, automotive electronics, consumer electronics, and other multiple demands resonate, driving both volume and price increases in MLCCs.

Related companies:

1. Fenghua High Tech: China's leading MLCC manufacturer, with leading capacity and technical level, actively expanding high-capacity and automotive-grade products.

2. Sanhuan Group: Controls core materials and manufacturing technology for MLCCs, with advantages in ceramic powder and dielectric materials.

3. Yunzhong Technology: Focuses on precise molds and core components for MLCCs, providing key support for the industry.

4. Hongyuan Electronics: Holds an important position in military-grade MLCCs, benefiting from national defense informatization.

5. Huoju Electronics: Has been deeply involved in MLCC for years, with leading technology in special ceramic capacitors.

6. Zhenhua Technology: Its subsidiary Zhenhua Fu is an important domestic MLCC supplier, with products widely used in military and high-end electronics.

7. Dali Kaipu: Specializes in RF microwave MLCCs, with competitiveness in 5G and communications fields.

II. MLCC Raw Materials Side

Raw materials are the foundation of the MLCC industry chain; their price increases and technological breakthroughs directly impact industry structure.

(1) Release Films

Core logic: Release films are critical consumables in the film casting process of MLCC production, used to carry ceramic slurry and peel off before sintering. Their flatness and high-temperature resistance directly affect MLCC yield. As the industry expands and high-capacity products increase, the quality and stability requirements for release films are also rising.

Related companies:

1. Jemei Technology: Domestic leader in release films, deeply linked with major MLCC manufacturers like Fenghua High Tech and Sanhuan Group, one of the few companies capable of supplying high-end MLCC release films domestically.

2. Shuangxing New Materials: Focuses on optical-grade and electronic-grade thin film materials; MLCC release films are one of its key business segments.

3. Stic: Specializes in functional coating composite materials; MLCC release films are among its core products.

(2) Metal Powders

Core logic: Metal powders (mainly nickel and copper powders) are the core materials for MLCC internal electrodes. Their purity, particle size distribution, and sphericity directly determine the electrical performance and reliability of MLCCs. As MLCCs trend toward miniaturization and high capacitance, the technical requirements for metal powders are becoming increasingly stringent.

Related companies:

1. Boqian New Materials: Leading domestic supplier of nano-metal powders, with products widely used in MLCC and electronic paste fields; key supplier for Fenghua High Tech and Sanhuan Group.

2. Yue'an New Materials: Focuses on carbonyl iron powder, nickel powder, and other metal powders, with strong competitiveness in internal electrode materials for MLCCs.

3. Yuyan Powder Materials: Leverages technical advantages from the Yuyan General Institute, with deep layout in copper and silver powders for electronic powders.

(3) Dielectric Ceramic Powder

Core logic: Dielectric ceramic powder (mainly barium titanate-based ceramics) is the "heart" of MLCCs, determining capacitance, temperature stability, and voltage withstand capability. It is the most technically barrier-rich segment in the MLCC industry chain. High-capacitance and automotive-grade MLCCs demand extremely strict formulations and sintering processes for dielectric ceramic powders.

Related companies:

1. Guoci Materials: Globally leading supplier of dielectric ceramic powders for MLCCs, mastering core formulations and sintering technology, with products covering from standard to high-capacitance series, deeply linked with international giants like Murata and Samsung.

2. Sanhuan Group: Has a full industry chain layout from dielectric ceramic powders to finished MLCCs, producing high-purity barium titanate powders with significant cost and technological advantages.

3. Fenghua High Tech: Through its subsidiary Fenghua New Materials, it develops dielectric ceramic powders, ensuring self-supply while also providing some products externally.

4. Zhongci Electronic: Focuses on electronic ceramic materials and devices, with technological accumulation in ceramics for high-frequency and high-voltage MLCCs.