GUOYUAN SECURITIES(SZ:000728) Zhi Tong Cai Jing·2025-09-05 03:48Group 1 - The MLCC industry inventory has significantly decreased compared to the peaks in 2022-2023, and is expected to stabilize from 2024 onwards, indicating a reasonable overall inventory level after more than two years of inventory destocking [1] - The industry is currently in a mild recovery phase supported by multiple demand factors such as automotive electronics and AI servers, with a low likelihood of a significant downturn [1] - Historical trends show that the MLCC industry experiences cycles of approximately 4-5 years, with three major price uptrends since 2016 driven by supply-demand dynamics and external factors like the pandemic and technological advancements [1] Group 2 - Domestic substitution in the MLCC market is accelerating, particularly in mid-to-low-end general-purpose and consumer electronics, but there is an urgent need for breakthroughs in high-end MLCCs [2] - Leading domestic manufacturers like Fenghua and Sanhuan are making significant investments to advance high-capacity and automotive-grade technologies, aiming to reach the global first tier in production capacity [2] - Emerging companies such as Dali Kaipu and Weirong Technology are focusing on niche markets to fill gaps in RF and ultra-miniature products [2] Group 3 - The demand for MLCCs is expanding due to the proliferation of electric vehicles, the application of smart driving technologies, and upgrades in consumer electronics and AI servers [3] - Technological advancements are driving MLCC products towards miniaturization, high capacity, high frequency, high reliability, and high voltage, which in turn enhances average selling prices (ASP) and opens up future market opportunities [3]