《摩根大通：亚洲MLCC行业研究：步入增长新阶段 未来五年需求驱动因素解析-250908（英文版）（18页）.pdf》由会员分享，可在线阅读，更多相关《摩根大通：亚洲MLCC行业研究：步入增长新阶段 未来五年需求驱动因素解析-250908（英文版）（18页）.pdf（18页珍藏版）》请在三个皮匠报告上搜索。

1、Asia Pacific Equity Research08 September 2025J P M O R G A NTechnology-SemiconductorsJay Kwon AC(82-2)758-J.P.Morgan Securities(Far East)Limited,Seoul BranchAkinori Kanemoto AC(81-3)6736 JPMorgan Securities Japan Co.,Ltd.Jerry Tsai AC(886-2)2725-J.P.Morgan Securities(Taiwan)LimitedSangsik Lee(82-2)7

2、58 J.P.Morgan Securities(Far East)Limited,Seoul BranchNeelay Y Kamath(91-22)6157 J.P.Morgan India Private LimitedIn this report,we introduce the long-term MLCC industry demand forecast and provide a comprehensive comparative analysis of Asian MLCC peers.We view the MLCC industrys long-term growth pr

3、ofile in a re-acceleration phase thanks to emerging new demand drivers related to AI/Auto/Robotics.This is likely to result in tighter S-D in coming years and we expect favorable commodity IT MLCC pricing supporting margin expansion alongside mix improvement.After bottoming-out in 2023,we see the ML

4、CC cycle and industry margin profile in a phase of gradual improvement,and view LT risk-reward turning attractive at below mid-cycle valuation.Our preferred OW ideas are:TDK,SEMCO,and Yageo vs.Neutral on Murata/Taiyo Yuden.MLCC industry is entering a growth acceleration phase in the next five years.

5、After 9%unit CAGR over 16-19(mobile driven cycle),the MLCC industry barely grew(+2%CAGR)between 19-22 amidst the pandemic.Auto electrification drove the demand pickup over the last three years(4%22-25E)and we see the next 3-5 years CAGR accelerating to 6-7%,thanks to new emerging applications(Roboti

6、cs and AI server).Faster edge AI adoption could be an additional content growth driver.Auto:better-than-feared 2025-YTD demand,ex-US EV/PHEV unit growth still solid,ADAS and autonomous driving pickup to be long-term drivers.7M25 PV demand from major markets(US,WE,and China)was up 5%y-y with EV/PHEV