China Technology: Solid MLCC price hike, with limited impact on downstream cost: Takeaways from supply chain chat

研报英文原文证据摘录

China Technology: Solid MLCC price hike, with limited impact on downstream cost: Takeaways from supply chain chat

Asia Pacific Equity Research

16 June 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of

Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

China Technology

Solid MLCC price hike, with limited impact on

downstream cost: Takeaways from supply chain chat

We hosted an industry expert call and a fireside chat with Fenghua (000636 CH, Technology

Not Covered) to understand recent MLCC pricing and supply-demand dynamics AC Billy Feng

in the China market. The MLCC price hike is solid, especially for the spot market;

(86-21) 6106 6359

however, with much lower (2-3%) bill-of-material (BOM) exposure, the overall billy.feng@jpmorgan.com

MLCC cost impact is limited for downstream, in our view. However, we remain SAC Registration Number: S1730520030005

cautious on consumer electronic applications, especially the Android smartphone J.P. Morgan Securities (China) Company

supply chain, with weakening demand from 2Q26 onward; we prefer the iPhone Limited

supply chain, thanks to stronger-than-expected volume, a more favorable model Ri Xu

mix and a new iPhone debut. Luxshare and Cowell are our top picks in (86-21) 6106 6318

downstream. ri.xu@jpmchase.com

SAC Registration Number: S1730522100001

• Key takeaways: (1) MLCC suppliers are running at almost full utilization J.P. Morgan Securities (China) Company

(>90% for international and >80% for domestic suppliers) due to limited Limited

capacity additions since 2019; (2) spot market prices are up 250-300% YTD, Cherry Liu