Ju Chao Zi Xun·2025-09-27 14:27Core Insights - The AI server market is expanding rapidly, driven by the need for high-performance computing and the increasing demand for passive components like MLCCs and inductors to support stable AI operations [2][7] - Domestic passive component manufacturers in China, such as SanHuan Group and Shunluo Electronics, are leading in R&D investments and personnel, positioning themselves to capitalize on the AI server market [4][6] R&D Investment - SanHuan Group leads with R&D investment of 29,263.6 million yuan, followed by Shunluo Electronics at 27,730.2 million yuan, and Fenghua Advanced Technology at 12,401.5 million yuan [4] - Other companies' R&D investments include: Maijie Technology (8,180.9 million yuan), Hongda Electronics (6,734.1 million yuan), Huojue Electronics (5,014.4 million yuan), Taijing Technology (2,292.78 million yuan), and Dali Kipu (930.1 million yuan) [4] R&D Personnel - SanHuan Group has the highest number of R&D personnel at 1,877, followed by Shunluo Electronics with 1,354 and Fenghua Advanced Technology with 1,336 [6] - Other companies' R&D personnel counts include: Maijie Technology (568), Hongda Electronics (336), Huojue Electronics (296), Taijing Technology (227), and Dali Kipu (46) [6] Market Progress - SanHuan Group has seen a significant increase in MLCC demand for AI servers, with usage up by over 80% compared to general servers, averaging 3,000 to 4,000 units per server [7] - Shunluo Electronics has developed a new structure tantalum capacitor that is compact and reliable, gaining traction in AI server applications [8] - Fenghua Advanced Technology has made advancements in high-capacity MLCCs and has developed products suitable for high-voltage applications in AI servers [8] - Maijie Technology has successfully designed inductors for high-efficiency power management chips used in AI servers [9] - Taijing Technology has developed a temperature-compensated oscillator for AI data center applications, achieving industry-leading low phase noise performance [9] - Dali Kipu specializes in RF microwave MLCCs and has gained a competitive edge in the domestic market [9] R&D Expense as a Revenue Percentage - In 2025, Shunluo Electronics is projected to have the highest R&D expense as a percentage of revenue at 8.6%, followed by Hongda Electronics at 7.9% and SanHuan Group at 7.1% [10] - Other companies' percentages include: Taijing Technology (5%), Dali Kipu (4.8%), Maijie Technology (4.6%), and Huojue Electronics (2.8%) [10]