Affected by this, the stock price of one manufacturer and another has hit a new high.
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%), a record of 17 In addition, MLCC Dachang Murata Manufacturing Co., Ltd. rose 0.70% to 18,750 yen.
The main reason for this situation is that the supply and demand situation of MLCC is out of balance. Guilong Fu, an analyst at SMBC Nikko Securities, pointed out that the original electronic machine manufacturer wanted to buy MLCC immediately, but now I have to wait for half a year. May get the goods.
Further exploration of the reasons for price increases, this round of price increases is mainly due to structural shortages. The same size of MLCC products, Japanese manufacturers originally produced capacitor values have been ahead of Taiwanese manufacturers and mainland manufacturers, since the end of 2016 The manufacturer's products have evolved to smaller sizes and higher capacitance values, resulting in structural shortages between the product areas produced by Japanese manufacturers before the end of 2016 and the product areas that Japanese manufacturers began 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. Murata, Taiyo Yuden, Samsung Motor and other three major manufacturers have won the global MLCC 6% market share. Among them, Samsung Motor said in June that the current Unable to accept new orders.
At present, MLCC major manufacturers are expanding their investment to cope with the shortage of supply. Murata Manufacturing Co., Ltd. will increase 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 increased demand for MLCC, the resolution will increase production. Its production subsidiary, Fukui Murata Manufacturing Co., has acquired 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, etc. 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 by 4.0% to 77.8 billion yen in April compared with the same month last year; sales in the Americas increased by 13.4% to 32.7 billion yen; Increased by 14.3% to 33.2 billion yen; China market increased by 4.2% to 108.7 billion yen; sales to other parts of Asia increased by 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 compared with the same month last year; resistance grew 11% to 13.5 billion yen; transformer sales grew 9% to 4 billion yen; Sales increased by 3% to 20.8 billion yen; actuators used for smartphone camera anti-shake and other applications grew by 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 due to the fact that the Japanese MLCC plant has started to increase prices with all customers. 4. Negotiations, demanding a 20-30% increase, Murata's earnings are 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!