[Tianfeng Auto] MLCC Update Recommendation: Frequent Price Hike News Recently, Q3 Industry Marginal Acceleration Clear - 0729

English summary

At this point, sorting out potential Q3 price hikes at original manufacturers: 1. Japanese and Korean manufacturers: 1) Samsung: channel partially up 30% in August, possible adjustment in September; 2) Taiyo Yuden: September price hike, possibly 20%; 3) Murata: possible price hike in H2. 2. Taiwanese manufacturers: Yageo: just adjusted on 7/1, recently using auction-style bidding for hidden price hikes. 3. Domestic manufacturers: 1) Sanchuan: low and medium capacitance parts had few adjustments, August up 40-50%; 2) Yunzhong Technology: previous adjustment pace was 40% each in June/July, 20% in August, but early implementation slow, so pace may be 100% direct in August; 3) Fenghua Advanced: just raised on 7.20, will observe industry prosperity for future adjustments. Bullish on continued price hike catalysts, Q3 performance entering clear acceleration: 1. We previously noted that in Q3 there is almost no batch capacity release in AI side across the industry, while Rubin stocking actually starts in Q3, AI supply-demand gap is widening. ...