Recently, a teardown report on NVIDIA's next-generation computing chips has reignited investment focus on the MLCC sector. The latest teardown of the Rubin architecture VR200 server rack by institutions revealed that compared to the previous generation, the number of MLCCs in the new rack increased significantly by 30%, with component value soaring 182%. The MLCC usage on a single GPU board nearly doubled. Hardware designs featuring high power consumption and high-voltage power supply necessitate the extensive adoption of high-voltage, high-capacity, high-end MLCC products, further widening the gap in essential industry demand.
The global MLCC supply-demand situation remains tight. Leading Japanese and Korean manufacturers have successively raised product prices, with multiple brands across various series experiencing price hikes of varying degrees. Coupled with limited overseas production capacity and major manufacturers' long-term capacity being locked in by customer long-term orders, the delivery lead time for high-end categories has currently extended to over twenty weeks, making it difficult for supply capacity to keep up with the surge in orders.
CITIC Securities research report states that with the continuous growth in AI server power, the quantity and quality requirements for chip inductors and chip capacitors serving GPUs/TPUs have significantly increased. Based on the projected shipments of GPUs/TPUs in 2027 and 2028, the chip inductor and chip capacitor industries are poised for explosive growth.
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I. MLCC Product Side
This is the core segment directly benefiting from the MLCC price increase. Domestic leading manufacturers are the first to benefit, leveraging their production capacity and technological advantages.
Core Logic: Multiple demands such as AI servers, automotive electronics, and consumer electronics recovery are converging, driving simultaneous volume and price increases for MLCCs.
Related Companies:
1. Fenghua Advanced Technology: Domestic MLCC leader with leading production scale and technical level, actively expanding into high-capacitance and automotive-grade products.
2. Sanhuan Group: Masters core MLCC materials and manufacturing technologies, possessing advantages in ceramic powder and dielectric material fields.
3. Yunzhong Technology: Specializes in precision molds and core components for MLCCs, providing critical support for the industry.
4. Hongyuan Electronics: Holds a significant position in the military MLCC sector, benefiting from defense informationization construction.
5. Torch Electronics: Deeply involved in MLCCs for many years, technologically leading in special ceramic capacitors.
6. Zhenhua Technology: Its subsidiary Zhenhua Fu is a major domestic MLCC supplier, with products widely used in military and high-end electronics fields.
7. Dalicap: Specializes in RF microwave MLCCs, possessing competitiveness in the 5G and communications sectors.
II. MLCC Raw Materials Side
Raw materials are the foundation of the MLCC industry chain; their price increases and technological breakthroughs directly impact the industry landscape.
(I) Release Film
Core Logic: Release film is a key consumable in the casting process during MLCC production, used to carry ceramic slurry and be peeled off before sintering. Its flatness and high-temperature resistance directly affect MLCC yield rates. As the MLCC industry expands production and the proportion of high-capacitance products increases, so do the quality and stability requirements for release film.
Related Companies:
1. Jiemei Technology: Domestic leader in release film, deeply integrated with major MLCC manufacturers like Fenghua Advanced Technology and Sanhuan Group, and one of the few domestic companies capable of supplying high-end MLCC release film.
2. Shuangxing New Material: Engaged in optical-grade and electronic-grade film materials, with MLCC release film being one of its important business segments.
3. Sidike: Specializes in functional coating composite materials, with MLCC release film being one of its core products.
(II) Metal Powder
Core Logic: Metal powder (mainly nickel and copper powder) is the core material for MLCC internal electrodes. Its purity, particle size distribution, and sphericity directly determine MLCC electrical performance and reliability. As MLCCs develop towards miniaturization and higher capacitance, the technical requirements for metal powder are also increasing.
Related Companies:
1. Boqian New Materials: Leading domestic supplier of nano metal powders, with products widely used in MLCCs, electronic pastes, etc., and a core supplier to Fenghua Advanced Technology and Sanhuan Group.
2. Yue'an New Material: Specializes in carbonyl iron powder, nickel powder, and other metal powders, possessing strong competitiveness in MLCC internal electrode materials.
3. Gripm Advanced Materials: Leveraging the technical advantages of its parent research institute, it has a deep presence in electronic powder materials like copper and silver powder.
(III) Dielectric Ceramic Powder
Core Logic: Dielectric ceramic powder (mainly barium titanate-based ceramic powder) is the "heart" of an MLCC, determining product capacitance value, temperature stability, and voltage resistance. It is the segment with the highest technical barriers in the MLCC industry chain. High-capacitance and automotive-grade MLCCs impose extremely stringent requirements on the formulation and sintering processes of dielectric ceramic powder.
Related Companies:
1. Sinocera Functional Materials: A globally leading supplier of MLCC dielectric ceramic powder, mastering core formulations and sintering technologies. Its product range covers from standard to high-capacitance series, deeply integrated with international giants like Murata and Samsung Electro-Mechanics.
2. Sanhuan Group: Possesses a full industry chain layout from dielectric ceramic powder to finished MLCC products, producing high-purity barium titanate powder in-house, with significant cost and technological advantages.
3. Fenghua Advanced Technology: Engages in dielectric ceramic powder through its subsidiary Fenghua New Materials, securing its own production while also supplying some products externally.
4. Zhongci Electronic: Specializes in electronic ceramic materials and devices, with technical expertise in ceramic powders for high-frequency and high-voltage MLCCs.
