MLCC Powder Growth empowered by high-end MLCC demand: 10 key takeaways from fireside chat with Sinocera

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MLCC Powder Growth empowered by high-end MLCC demand: 10 key takeaways from fireside chat with Sinocera

Asia Pacific Equity Research

10 June 2026

MLCC Powder

Growth empowered by high-end MLCC demand: 10

key takeaways from fireside chat with Sinocera

JPM View: We hosted Sinocera’s senior management for a virtual fireside chat Asia Oils

yesterday (8 June) in conjunction with our MLCC zoom series. The key AC Lei Mu

takeaways from the event were that MLCC is being fueled by strong demand for

(86-21) 6106 6319

AI servers and automotive electronics, and the MLCC powder industry entered a lei.mu@jpmorgan.com

robust upward cycle in 1H26, exceeding both market and company expectations. SAC Registration Number: S1730521050002

Sinocera’s MLCC business is well-positioned to deliver over 20% annual revenue J.P. Morgan Securities (China) Company

growth, supported by thriving, newly completed, high-end MLCC product lines. Limited

Capacity has ramped up for high-end MLCC powders, which boast higher selling

prices and gross margins. Meanwhile, its portfolio of AI-related new materials is

progressing steadily. Backed by sound R&D systems and rational capital

arrangements, the company is poised for sustainable long-term development.

Global MLCC manufacturers are shifting production capacity to high-end

products, leading to capacity spillover and a notable rise in the utilization rate of

Sinocera’s conventional MLCC powder lines. The company’s AI and automotive-

grade products have completed qualification at Samsung and will enter mass

production in Q3. We believe such initiatives could materialize the company’s

earnings growth in 2H26 and onwards. In the long run, China’s stringent controls

on rare earth exports will create lasting advantages for domestic suppliers.