Beneficiary directions of multilayer ceramic substrate price increases

English summary

### Beneficiary directions of multilayer ceramic substrate price increases Time: 2026-07-31 17:46:19 Content: MLCC super cycle, inventory of core beneficiaries in upstream and downstream. Recently, the MLCC market has been bustling, with strong cyclicality. Today, let's take a look at which companies are the true core beneficiaries. Midstream manufacturing: The most elastic segment. This is the most elastic part of the entire supply chain and also the most watched. Fenghua Advanced Technology: The first tier of domestic players, with a monthly capacity of 63.5 billion units. Its technical strength is solid, and it is the only domestic manufacturer to receive full certification from Nvidia. It now supplies to Inspur and Huawei. In terms of pricing, it has raised prices by 8 to 25% in 2026. Sanyuan Group: Full industry chain layout, monthly capacity of 55 billion units, 100% self-sufficiency in powder materials. In the high-capacity MLCC segment, its gross margin can reach 42.3%, and it has passed vehicle-grade certifications from Toyota and Honda. Torch Electronics: Focuses on specialty and military MLCC, and has also made breakthroughs in the civil high-end market. It is now batch-supplying high-capacity MLCC for AI servers.