MLCC/被动元件市场更新 电子/汽车 戴洁 SAC执政编号：S1720522090002 jie.dai@nomuraoi-sec.com 李之婧 SAC执证编号：S1720121120007 zhijing.li@nomuraoi-sec.com 证券研究报告 2026/2 请务必阅读报告正文后各项声明 被动元件供需趋紧 ◼ 借鉴我们9月26日报告，本轮AI 周期中海外厂商加速布局AI服务器用高端 MLCC带来的产能调整，或将带来新一波需求外溢效应，从而引发行业价格 改善，对国内厂商产生积极影响。 ◼ 行业低库存和高稼动背景下，涨价或更可能由行业补库引发 ◼ 投资建议：推荐三环集团，重申基本面改善逻辑 ✓ 三环集团持续推动MLCC 国产替代深化，我们重申公司MLCC业务基本面改 善逻辑（ 行业补库及中低端需求外溢带来产品价格改善、以及在高容领域 的持续替代），以及AI方面公司受益服务器用高毛利陶瓷插芯产品需求提升、 SOFC在数据中心应用机会扩大（据三环集团在投资者互动平台披露，三环 集团与美国Bloom Energy 建立长期合作关系，向后者提供SOFC隔膜片）。 资料来源： Wind ，野村东方国际证 ...

AI 用途 MLCC 呈村田(50%)与三星(40%)高度寡占格局，2026 年 Q1 村田稼动率指引达 95%满产，AI 订单量已达产能量 2 倍。 村田已针对 AI 服务器高端 MLCC 提价，中低端产品涨价预期将于 2026 年 3 月末明确；行业景气度正由"量增"向"价升"拐点过渡。 AI 产品因高层数(100μF 需 1,200-1,500 层)极度消耗产能，导致其 10%-15%的营收占比对应远超比例的产能占用，加剧供需紧张。 三环集团通过扩产承接海外外溢需求，2026 年 1 月产能达 500 亿颗/月 并满产，预计 Q1 业务数量同比增速至少达 35%。 2026 年上半年行业能见度高，村田/太诱 BBratio 已升至 1.1，若突破 1.2-1.3 阈值将触发行业性普涨信号。 2026 年 Q4 预计为机柜放量高峰，Blackwell 二代对高频特性 MLCC 需求将显著超越铝电解电容，带动高端品类持续景气。 博迁新材(80nm 镍粉入供三星)与洁美科技(离型膜加速导入三星)作为 全球 AI 供应链受益标的，需关注基本面兑现及估值消化。 AI 用途 MLCC 市场呈高度寡占格局。口径上，村 ...

Investment Rating - The report maintains a "Recommended" rating for companies such as 中芯国际 (SMIC) and 通富微电 (Tongfu Microelectronics) [2][3] Core Insights - The electronic industry is experiencing a comprehensive "inflation" phase, with multiple segments seeing price increases due to supply chain constraints and rising raw material costs [7][34] - AI demand is driving price hikes in PCB upstream materials, with significant increases in costs for electronic cloth and copper foil, leading to a new round of price increases in the CCL (Copper Clad Laminate) sector [10][17] - The MLCC (Multi-Layer Ceramic Capacitor) market is entering a price increase cycle, driven by high demand from AI servers and supply constraints from leading manufacturers [31][32] Summary by Sections 1. AI Demand Driving Price Increases in PCB Upstream Materials - The CCL industry has initiated a new round of price increases, with Japanese manufacturers announcing price hikes of over 30% for copper foil substrates and adhesive films [10] - The demand for high-end products is squeezing traditional production capacities, leading to a tighter supply-demand balance in electronic cloth [19] - The HVLP (High Voltage Low Profile) copper foil market is experiencing an expanding supply gap, enhancing the industry's pricing power [24] 2. AI Industry Driving Demand for MLCC - The MLCC sector is seeing a surge in prices, with a nearly 20% increase in spot prices for Korean MLCCs and leading manufacturers considering price hikes due to sustained high demand [31][32] - The supply-demand balance for high-end MLCCs is tight, with production rates at leading companies reaching 90-95%, indicating a potential for continued price increases [32] 3. Upstream Raw Material Price Increases and Semiconductor Price Trends - The semiconductor industry is expected to continue its price increase trend due to rising raw material costs and tight supply conditions [34] - Power semiconductors are also entering a new price increase phase, with companies like 新洁能 (New Clean Energy) announcing price hikes of at least 10% due to increased manufacturing costs [34] 4. Market Review - The electronic sector saw a weekly increase of 4.02%, outperforming the Shanghai and Shenzhen 300 index by 2.94 percentage points [37] - Year-to-date, the electronic sector has risen by 14.94%, again outperforming the broader index [37]

Investment Rating - The report maintains a "Recommended" rating for companies such as 中芯国际 (SMIC) and 通富微电 (Tongfu Microelectronics) [2][3] Core Insights - The electronic industry is experiencing a comprehensive "inflation" phase, with multiple segments seeing price increases due to rising costs and supply chain constraints [7][34] - AI demand is driving price hikes in PCB upstream materials, with significant increases in costs for electronic cloth and copper foil, leading to a new round of price increases in the CCL (Copper Clad Laminate) sector [10][17] - The MLCC (Multi-Layer Ceramic Capacitor) market is entering a price increase cycle, driven by high demand from AI servers and supply constraints from leading manufacturers [31][32] Summary by Sections 1. AI Demand Driving Price Increases in PCB Upstream Materials - The CCL industry has initiated a new round of price increases, with Japanese manufacturers announcing price hikes of over 30% for copper foil substrates and adhesive films [10] - The demand for high-end products is squeezing traditional production capacities, leading to tighter supply in electronic cloth [19] - The HVLP (High Voltage Low Profile) copper foil market is experiencing an expanding supply-demand gap, enhancing the industry's pricing power [24] 2. AI Industry Driving Demand Upward, MLCC Enters Price Increase Cycle - The MLCC sector is seeing a surge in prices, with a nearly 20% increase in spot prices and leading manufacturers considering price hikes due to sustained high demand from AI applications [31][32] - The global high-end MLCC market is currently in a state of supply-demand imbalance, with utilization rates of leading manufacturers reaching 90%-95% [32] 3. Upstream Raw Material Price Increases + AI Demand Driving Semiconductor Price Increases - The semiconductor industry is expected to continue its price increase trend due to rising raw material costs and tight supply of 8-inch wafers [34] 4. Market Review - The electronic sector saw a weekly increase of 4.02%, outperforming the CSI 300 index by 2.94 percentage points, with a year-to-date increase of 14.94% [37]

证券代码：300408 证券简称：三环集团 公告编号：2026-03 潮州三环（集团）股份有限公司 关于回购公司股份进展情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 潮州三环（集团）股份有限公司（以下简称"公司"）于 2025 年 4 月 10 日召开第十一届董事会第十次会议，审议通过了《关于回购公司股份方案的议 案》，同意公司使用不低于人民币 1.5 亿元且不超过人民币 2 亿元的自有资金或 自筹资金，以集中竞价方式回购部分公司 A 股股份，并在未来适宜时机用于股权 激励计划或员工持股计划。具体内容详见公司于 2025 年 4 月 11 日在中国证监会 创业板指定信息披露网站刊登的公告。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，公司在回购股份期间应当在每个月的前三个交 易日内披露截至上月末的回购进展情况。现将具体情况公告如下： 截至 2026 年 2 月 28 日，公司通过股份回购专用证券账户以集中竞价交易方 式回购公司 A 股股份 5,133,800 股，占公司当前总股本的 0.26 ...

Group 1 - North America is experiencing a power supply imbalance, exacerbated by the rapid expansion of AI data centers, leading to a core bottleneck in regional industrial development [1] - SOFC (Solid Oxide Fuel Cell) and MLCC (Multi-Layer Ceramic Capacitor) are positioned to address the power and circuit operation challenges in North American data centers, forming the core support for optimizing data center power systems [1] - The global SOFC market is projected to grow from approximately $1 billion in 2024 to $4.7 billion by 2033, with a compound annual growth rate (CAGR) of 15.7% from 2025 to 2033 [2] Group 2 - SOFC is recognized as a key solution for high-density loads due to its high energy conversion rate, reliable power stability, rapid deployment capability, low carbon emissions, and dynamic adjustable response [2] - Bloom Energy is a leading player in the global SOFC market, reporting revenues exceeding $400 million in Q2 2025, with a year-over-year growth of 19.5% [3] - The rapid development of the AI industry is driving significant demand for MLCCs, with increased GPU sales and computational power upgrades directly influencing this demand [4] Group 3 - The global MLCC market is concentrated, with Japanese and Korean manufacturers holding a dominant position, while domestic companies like Fenghua Advanced Technology and Sanhua Group are making strides in R&D and production capacity [5] - Domestic MLCC manufacturers are expected to leverage opportunities in the server market to catch up and potentially enter the global top tier by overcoming challenges in high-end materials and processes [5]

截至发稿，罗世锋累计任职时间11年98天，现任基金资产总规模37.22亿元，任职期间最佳基金回报 317.66%， 任职期间最差基金回报-20.4%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，诺德基金旗下1只基金重仓三环集团。诺德价值发现（012150）四季度持有股数69.05万股， 占基金净值比例为7.19%，位居第八大重仓股。根据测算，今日浮亏损失约229.93万元。 诺德价值发现（012150）成立日期2021年6月1日，最新规模4.39亿。今年以来收益9.6%，同类排名 2666/8891；近一年收益31.78%，同类排名2976/8137；成立以来亏损1.56%。 诺德价值发现（012150）基金经理为罗世锋。 2月27日，三环集团跌5.05%，截至发稿，报62.62元/股，成交14.25亿元，换手率1.19%，总市值1200.11 亿元。 资料显示，潮州三环(集团)股份有限公司位于广 ...

Investment Rating - The report maintains a "Recommended" rating for Industrial Fulian (601138.SH) with a target price of 57.39 CNY, projecting an EPS of 1.78 CNY for 2024, 3.15 CNY for 2025, and 4.14 CNY for 2026, with corresponding PE ratios of 32, 18, and 14 [51] Core Insights - The ongoing power supply shortage in North America is reshaping the energy landscape, creating new investment opportunities in Solid Oxide Fuel Cells (SOFC) and Multi-layer Ceramic Capacitors (MLCC) as critical solutions to address the energy and circuit operation challenges faced by data centers [7][10] - SOFC technology is highlighted as a key player in resolving the power supply issues for data centers, with a projected global market size of approximately 1 billion USD in 2024, expected to grow to 4.7 billion USD by 2033, reflecting a compound annual growth rate (CAGR) of 15.7% from 2025 to 2033 [16][17] - The rapid development of AI is driving significant demand for MLCCs, particularly in high-performance servers, where the demand for MLCCs is three times higher than that of standard servers, indicating a critical role in stabilizing power supply and filtering interference [40][41] Summary by Sections 1. North America's Power Supply Shortage - The imbalance in power supply and demand in North America is becoming increasingly severe, with projections indicating an average peak power gap of over 20 GW from 2027 to 2030 [7] - The expansion of data centers is intensifying the pressure on power supply, making SOFC a vital solution for addressing these challenges [10] 2. SOFC: The Solution to Data Center Power Challenges - SOFC technology offers high energy conversion efficiency (approximately 60%) and low emissions, making it suitable for distributed generation and combined heat and power systems [12][15] - The market for SOFC is expected to grow significantly, driven by the increasing demand for clean and efficient energy systems [16][17] - Key players in the SOFC market include Bloom Energy, which reported revenues exceeding 400 million USD with a year-over-year growth of 19.5% [21] 3. MLCC: Power and Signal Stabilizers in Circuit Modules - The demand for MLCCs is surging due to the rapid growth of AI, with high-performance servers requiring MLCCs to stabilize power supply and compensate for current fluctuations [40][41] - The global MLCC market is projected to grow from 34.895 billion USD in 2025 to 109.22 billion USD by 2034, with a CAGR of approximately 13.52% [42] - Japanese and Korean manufacturers dominate the high-end MLCC market, while domestic companies like Fenghua Advanced Technology and Sanhuan Group are making strides in R&D and production capacity [48][49] 4. Investment Recommendations - The report suggests focusing on companies involved in servers (Industrial Fulian), SOFC (Sanhuan Group, Weichai Power), and MLCC (Fenghua Advanced Technology, Jiemai Technology, Torch Electronics) as they are well-positioned to benefit from the growing demand in the AI-driven market [50]

2月25日，三环集团涨0.00%，成交额35.59亿元。两融数据显示，当日三环集团获融资买入额4.50亿 元，融资偿还4.08亿元，融资净买入4245.59万元。截至2月25日，三环集团融资融券余额合计10.14亿 元。 分红方面，三环集团A股上市后累计派现48.03亿元。近三年，累计派现17.42亿元。 融资方面，三环集团当日融资买入4.50亿元。当前融资余额10.01亿元，占流通市值的0.79%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，三环集团2月25日融券偿还2.64万股，融券卖出1.64万股，按当日收盘价计算，卖出金额 108.19万元；融券余量19.50万股，融券余额1286.41万元，超过近一年90%分位水平，处于高位。 资料显示，潮州三环(集团)股份有限公司位于广东省潮州市凤塘三环工业城内综合楼,香港铜锣湾勿地臣 街1号时代广场2座31楼，成立日期1992年12月10日，上市日期2014年12月3日，公司主营业务涉及电子 元件及其基础材料的研发、生产和销售。主营业务收入构成为：电子、通信元件及材料98.84%，其他 (补充)1.16%。 截至9月30日，三环集团股东户数3.02 ...

作为电子设备基础元件，MLCC是电子电路的"稳定器"。华强北市场内，有不少门店和柜台从事MLCC代理分销业务。 在华强电子世界一楼，晨宇电子柜台工作人员吴女士向《证券日报》记者表示："我们经营的部分MLCC产品，价格已经 于去年下半年启动上涨，涨幅为10%至30%不等。"此外，深圳市上兴电子有限公司门店相关负责人表示："无论是海外品牌还 是国内品牌，MLCC产品的价格普遍上涨，市场明显升温。" 我国厂商此前已经进行了一轮提价。例如，国内MLCC头部企业广东风华高新科技股份有限公司（以下简称"风华高科"） 于去年11月份发出涨价函，电感磁珠类产品价格调升5%至25%，压敏电阻类产品银电极全系列调升10%至20%，瓷介电容类产 品银电极全系列产品价格调升10%至20%，厚膜电路类产品价格调升15%至30%。对于涨价原因，风华高科相关负责人表 示："银价攀升，锡、铜、铋、钴等金属材料价格全面上涨，基于成本压力，公司上调了部分产品的价格。" 本报记者 丁蓉 随着全球人工智能产业加速发展，半导体领域涨价正从存储器蔓延至其他电子元器件。被誉为"电子工业大米"的MLCC （多层陶瓷电容器）市场景气度迎来提升。 2月25日， ...