MLCC Price increasing Leading Manufacturer Stock market value hit a new high,but market prospect uncertainty
The price increase of electronic components such as MLCC has not stopped. Taking MLCC as an example, in recent years, driven by the development of electric vehicles and industrial control industries, the demand for MLCC products has increased rapidly. However, the overall market supply is limited, resulting in imbalance between supply and demand, which has become one of the reasons for the frequent price increases of electronic components.
MLCC drives price increases, and manufacturers‘ stock prices hit record highs
According to the offer of the Harvest XQ Global Winner System, as of 12:50 am on July 2, the share price of Taiyo Yuden soared 5.17% to 3,255 yen, up from 3,380 yen (up 9.2%). New high in the year. In addition, MLCC Dachang Murata Manufacturing Co., Ltd. rose 0.70% to 18,750 yen.
The main reason for this situation is the imbalance between supply and demand of MLCC. SMBC Nikko Securities analyst Gui Longfu pointed out that the original electronic machine manufacturers wanted to buy immediately to buy MLCC, but now I am afraid I have to wait for half a year before I can get the goods.
Further exploration of the reasons for price increases, this round of price increases is mainly due to structural shortages. For the same size MLCC products, Japan‘s manufacturers have already produced capacitors that are ahead of Taiwan‘s manufacturers and mainland manufacturers. Since the end of 2016, Japan‘s manufacturers have developed smaller products and higher capacitance values before 2016. There is a structural shortage between the product areas and the product areas that Japan‘s manufacturers begin to produce at the end of 2016.
It should be known that there are not many manufacturers producing MLCC, and almost all of them are Asian manufacturers. The three major manufacturers such as Murata, Taiyo, and Samsung Electric have won the global MLCC 6% market share. Among them, Samsung Motor said in June that it is currently unable to accept new orders.
Currently, major MLCC vendors are expanding their investments to address undersupply. Murata Manufacturing Co., Ltd. will increase its investment this year, aiming to increase the capacity of MLCC with an annual output of more than 1 trillion by 10%.
Previously, on June 8, Murata also announced that in order to cope with the increase in demand for MLCC, the resolution will increase production. The production subsidiary "Fukui Murata Manufacturing Co., Ltd." has obtained land for construction and plans to invest 29 billion yen to build a new MLCC plant. The new plant is expected to start construction in September 2018 and be completed in December 2019.
Electronic parts factory is bullish, but there are unstable factors
In addition to MLCC, shipments of resistors, capacitors, inductors, transformers and other products are also rising. This upward trend is not only reflected in the overall amount, but also in shipments and major products.
According to the statistics released by the Japan Electronic Information Technology Industry Association (JEITA) on June 29, the global shipments of Japanese electronic parts factories in April 2018 increased by 5.1% from the same month of last year to 321.2 billion yen, the first time in three months. Growth, monthly shipments for the second consecutive month is higher than the 300 billion yen mark.
In terms of regional sales, Japanese electronics sales in Japan increased 4.0% in the same month last year to 77.8 billion yen in the same month last year; sales in the Americas increased 13.4% to 32.7 billion yen; sales to Europe were large It increased by 14.3% to 33.2 billion yen; the Chinese market grew 4.2% to 108.7 billion yen; sales to other parts of Asia grew 0.3% to 69 billion yen.
In terms of major product categories, Japanese factory capacitor sales in April increased 23% to 91.2 billion yen from the same month last year; resistance grew 11% to 13.5 billion yen; transformer sales grew 9% to 4 billion yen; inductance Sales increased by 3% to 20.8 billion yen; actuators used for smartphone camera anti-shake and other applications grew 8% to 19.6 billion yen; shipments of audio parts including smartphone headsets grew by 3% To 17.2 billion yen.
However, it is worth noting that sales of some parts and components have also declined.
Data show that connector sales fell 5% to 46.5 billion yen; sales of switching components including touch panels fell 12% to 33.7 billion yen; including TV tuner, filters and wireless modules Sales of RF components fell 8% to 25 billion yen.
Some analysts believe that the impact of various new applications, electronic components shipments will rise, especially the imbalance between supply and demand of related products such as MLCC will continue for some time.
Among them, Credit Suisse‘s report on June 14 raised the rating of Murata from the original “neutral” to “outperform”, which was caused by the fact that the Japanese MLCC factory has started to increase prices with all customers. Negotiation and demand for a 20-30% increase, Murata‘s income is expected to improve significantly.
For the same reason, Credit Suisse also raised the target price of Sun‘s other MLCC in Japan from 2,130 yen to 4,000 yen on June 14.
However, some analysts pointed out that due to the weak smartphone market, the demand for products such as MLCC is likely to peak. In addition, due to the continuous trade friction between China and the United States, it is likely to affect the global economic development. If the MLCC is equipped with Chinese-made electronic products for export. The decrease in the number of companies in the United States will also affect the development of electronic components such as MLCC in the future.
Overall, although the emergence of new applications is spurring the growth of sales of electronic components such as MLCC, in the future, when the market is uncertain, unstable factors still exist!