When AI Diverges | How to View MLCC Next [Tianfeng Electric New] Meeting Minutes

English summary

Meeting Key Points:

1. Core viewpoints and research background

- In July, the research team completed a survey of the entire MLCC industry chain (covering original manufacturers, distributors, and supply chain), believing that after the adjustment, the MLCC sector has prominent valuation cost-effectiveness and is a good window for positioning.

- Oppose the rigid analogy between AI and the new energy industry; there are core differences:

- The entire new energy industry chain is basically dominated by China, while AI is dominated by China in only a few links.

- The core of new energy demand is the penetration rate logic, with relatively predictable demand; AI demand has a high ceiling but unclear growth node. …