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新材料周报:霍尼韦尔官宣1拆3,2025年AI服务器应用将带动MLCC需求增长超100%
Huafu Securities·2025-02-10 00:26

Investment Rating - The industry rating is "Outperform the Market" [4][53]. Core Insights - Honeywell announced plans to split into three companies by 2026, focusing on automation, aerospace, and advanced materials, with projected revenues of $18 billion, $15 billion, and $4 billion respectively by 2024 [24][25]. - The AI server applications are expected to drive MLCC demand growth by over 100% in 2025, as stated by Murata Manufacturing, indicating a strong recovery in the passive components industry [28][29]. - The semiconductor industry is projected to reach $626 billion in revenue in 2024, with a year-on-year growth of 18.1%, driven by AI demand [26][28]. Market Overview - The Wind New Materials Index closed at 3553.44 points, up 5.42% week-on-week [10]. - The semiconductor materials index rose to 6198.55 points, increasing by 3.59% [10]. - The organic silicon materials index reached 5811.08 points, with a 2.44% increase [10]. Key Company Highlights - Top gainers this week included Jinbo Co. (16.25%), Jinfat Technology (15.05%), and Kaisheng Technology (12.08%) [20][21]. - The passive components industry has seen a resurgence, with Murata reporting a 2% increase in revenue to 448 billion yen and a 43.8% rise in net profit to 71 billion yen [29]. Recent Industry Trends - The demand for high-performance materials is expected to grow as domestic manufacturing upgrades continue, with companies like Guocera Materials and Huate Gas being highlighted for their growth potential [6][24]. - The global tablet market is projected to see a total shipment of 147.6 million units in 2024, with Xiaomi ranking fifth in market share [30][32].