Key takeaways of MLCC expert call

研报英文原文证据摘录

Key takeaways of MLCC expert call

China (PRC) | Industrials EquityJuneResearch16, 2026

We hosted a call with Felix Fei, GM of Huaxingrong. AI-driven demand

is creating structural shortages, esp. in high-capacitance MLCC. Capacity

shifts from JP/KR players toward AI applications tightened supply of

consumer electronics and auto-grade MLCC. Spot px hike began in 1Q26

and px of some products was up 8-10x, while pass-through to end

customers has just started in Jun. Expert expects AI demand + cautious

capex to support the upcycle to last beyond 2028.

Structural shortage with AI demand amid overall supply balance. Expert sees overall supply

for MLCC is currently sufficient but supply for high-capacitance products dedicated for AI

servers is in shortage driven by strong AI demand. While the consumer electronics segment

(acc for c.35% of downstream demand) shows limited growth, automotive electronics,

representing 25% of demand, remains one of the few consistently expanding sectors. Overall

industry capacity is not in shortage following years of expansion after the 2018 upcycle and the

subsequent downturn since 2022. Instead, the current market tightness stems from structural

shortage triggered by explosive AI server demand for X6S and X7R high-capacitance MLCCs

deployed in AI servers. With strong demand from AIDC expansion, leading Japanese (Murata,

Taiyo) and Korean players (SEMCO) are switching production capacity from consumer

electronics-grade high-capacitance MLCCs (X5R, ASP of RMB12-13/K pcs) to higher-margin

AI server MLCCs (X6S, X7R, ASP of RMB1000+/K pcs), creating a supply shortage in standard

high-capacitance MLCC. The shortage is now transmitting to mid-capacitance MLCCs.

Supply shortage triggered spot price hike since 1Q26; OEM price hike still at early stage;