Recently, a disassembly report of Nvidia's next-generation computing power chip reignited investment interest in the MLCC sector. Following the latest disassembly of the Rubin architecture VR200 server, it was found that compared to the previous generation product, the quantity of MLCCs in the new cabinet has increased by 30%, and the component value has skyrocketed by 182%, with the onboard capacitor usage per GPU nearly doubling. The high power and high voltage hardware design forces the overall machine to adopt high-voltage, large-capacity high-end MLCC products on a large scale, further widening the demand gap in the industry.

The global supply and demand pattern for MLCCs remains tight. Major manufacturers in Japan and South Korea have raised product prices consecutively, resulting in various degrees of price increases across multiple brand series. Coupled with limited overseas production capacity and major manufacturers' long-term capacity locked in by customers, the delivery cycle for high-end products has extended to over twenty weeks, making it challenging for supply capacity to keep pace with the surge in orders.

CITIC Construction Investment research report states that as the power of AI servers continues to grow, the quantity and quality requirements for inductors and capacitors serving GPU/TPU chips have significantly increased. According to the projected shipment volumes of GPU/TPU in 2027 and 2028, the inductor and capacitor industry for chips is expected to experience explosive growth.

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1. MLCC Product Side

This is the core segment that directly benefits from the rise in MLCC prices, with leading domestic manufacturers leveraging their capacity and technology advantages to be the first to benefit.

Core Logic: Multiple demand resonances such as AI servers, automotive electronics, and consumer electronics recovery drive the volume and price rise of MLCC.

Related companies:

1. Fenghua Advanced Technology: Leading MLCC manufacturer in China, with advanced capacity scale and technology level, actively laying out high-capacity and automotive-grade products.

2. SanHuan Group: Masters core materials and manufacturing technology for MLCCs, with advantages in ceramic powders and dielectric materials.

3. Yunzuka Technology: Focused on precision molds and core components for MLCCs, providing key support for the industry.

4. Hongyuan Electronics: Holds an important position in the military MLCC field, benefiting from national defense informatization construction.

5. Torch Electronics: Having deepened their expertise in MLCC for years, they are technically advanced in the special ceramic capacitor field.

6. Zhenhua Technology: Subsidiary Zhenhua Fu is an important domestic supplier of MLCCs, with products widely used in military and high-end electronic fields.

7. Dalikaipu: Focused on RF microwave MLCCs, possessing competitiveness in the 5G and communication fields.

2. MLCC Raw Material Side

Raw materials are the cornerstone of the MLCC supply chain. Their price increase and technological breakthroughs directly impact the industry landscape.

(1) Release Film

Core Logic: Release film is a key consumable in the casting process of MLCC production, used to carry the ceramic slurry and peel off before sintering. Its flatness and high-temperature resistance directly affect the yield of MLCCs. As the MLCC industry expands and the proportion of high-capacity products increases, the quality and stability requirements for release films are also rising.

Related companies:

1. Jiemei Technology: Leading domestic release film manufacturer, deeply bound to major MLCC companies like Fenghua Advanced Technology and SanHuan Group, among the few companies able to supply high-end MLCC release film in China.

2. Double Star New Materials: Engaged in optical-grade and electronic-grade film materials; MLCC release film is one of its important business segments.

3. Sidike: Focused on functional coating composite materials, with MLCC release film as one of its core products.

(2) Metal Powders

Core Logic: Metal powders (primarily nickel powder and copper powder) are the core materials of MLCC internal electrodes, and their purity, particle size distribution, and sphericity directly determine the electrical performance and reliability of MLCCs. As MLCCs develop towards miniaturization and high capacitance, the technological requirements for metal powders are also increasing.

Related companies:

1. Boqian New Materials: A leading domestic supplier of nano metal powders, with products widely used in MLCCs and electronic slurries, being a core supplier for Fenghua Advanced Technology and SanHuan Group.

2. Yue'an New Materials: Focused on carbonyl iron powder and nickel powder, possessing strong competitiveness in the area of MLCC internal electrode materials.

3. Youyan Powder Materials: Leveraging the technological advantages of Youyan Institute, having deep roots in electronic powder materials such as copper powder and silver powder.

(3) Dielectric Ceramic Powder

Core Logic: Dielectric ceramic powder (mainly barium titanate-based ceramic powder) is the "heart" of MLCCs, determining the product’s capacitance, temperature stability, and voltage resistance. This is the segment with the highest technological barriers in the MLCC supply chain. High-capacity and automotive-grade MLCCs have extremely stringent requirements for the formulation and sintering process of dielectric ceramic powder.

Related companies:

1. Guoci Materials: A world-leading supplier of MLCC dielectric ceramic powder, mastering core formulations and sintering technologies, with products covering the full range from ordinary to high capacitance, deeply bound to international giants like Murata and Samsung Electro-Mechanics.

2. SanHuan Group: Possesses a complete industry chain layout from dielectric ceramic powder to finished MLCCs, producing high-purity barium titanate powders, with significant cost and technological advantages.

3. Fenghua Advanced Technology: Through its subsidiary Fenghua New Materials, it lays out dielectric ceramic powder, ensuring its own production while also supplying some products externally.

4. Zhongci Electronics: Focused on electronic ceramic materials and devices, possessing technical accumulation in ceramic powders for high-frequency and high-voltage MLCCs.