参观国巨MLCC工厂

研报英文原文证据摘录

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M

Update

August 19, 2026 04:47 AM GMT

Murata Manufacturing (6981) | Japan

Morgan Stanley MUFG Securities Co., Ltd.+

Shoji Sato

Equity Analyst

Tour of Principal MLCC Plant

Sota Harashima

Equity Analyst

On Aug 18, we joined a tour of the Takefu Plant of Fukui Murata

Manufacturing, Murata Manufacturing’s principal MLCC factory.

Key Takeaways

Fukui Murata Manufacturing produces the world’s most advanced MLCCs.

MLCC demand is seen remaining robust from Jul-Sep onward. Senior Executive

Murata Manufacturing (6981.T, 6981 JT)

Top Pick

Vice President Nagato Omori explained that output could be increased by at least

Electronic Components | Japan

20% using existing production capacity.

Stock Rating

Industry View

Price target

Shr price, close (Aug 18, 2026)

Mkt cap, curr, basic (bn)

Avg daily trading value (bn)

We raised our global MLCC shipment value forecasts on Aug 17.

Compared with Apr-Jun 2004, Murata Manufacturing’s MLCC sales have

increased 7.2x and its share has risen from 33.0% to 40.6%.

Murata challenge is not only expanding output to meet robust MLCC demand,

but also building second and third earnings pillars after MLCCs.

Fukui Murata Manufacturing is MLCC "mother plant" (principal MLCC factory):

Fukui Murata Manufacturing has 6,071 employees and around 3,600 manufacturing

contractors, for a total workforce of around 9,700, and produces cutting-edge

MLCCs as Murata's principal MLCC factory. It began producing capacitors in 1951 and

MLCCs in 1970. It has produced the world’s smallest MLCCs at Takefu, including the

start of full-scale mass production of 0201-size (0.25x0.125mm) MLCCs in 2013.

Murata Manufacturing produces many of its advanced MLCCs for AI/data center

(DC) applications at Fukui Murata Manufacturing.

Overweight

In-Line

¥12,500

¥7,496

¥13,644.9

¥71.7

Fiscal Year Ending

03/26 03/27e 03/28e 03/29e

Revenue, net (¥bn)

Operating profit (¥bn)*

Recurring profit (¥bn)*

Net income (¥bn)*

EPS, basic (¥)*

Prior EPS, basic (¥)*

EPS (¥)**

Prior EPS (¥)**

P/E, basic*

P/BV, basic

ROE (%)*

EV/EBITDA, basic

1,830.9 2,044.2 2,449.7 2,830.5

281.8 431.9 624.0 754.3

233.9 334.4 480.2 578.5

…