村田最新业绩：MLCC需求，暴增！

Core Viewpoint - Murata Manufacturing reported a 4.3% year-on-year increase in net sales for Q3 of FY2025, reaching 467.5 billion yen, while operating profit fell by 50.2% to 37.9 billion yen due to goodwill impairment related to the acquisition of Resonant [3][5]. Financial Performance - Net sales for Q3 FY2025 were 467.5 billion yen, up from the previous year, while operating profit dropped to 37.9 billion yen, a significant decline of 50.2% [3][4]. - Net profit decreased by 64.8% to 25 billion yen, attributed to the impairment loss from the Resonant acquisition [3][4]. - The company’s revenue from passive components, including capacitors, grew by 11.7% to 295.5 billion yen, with MLCC sales increasing by 12.2% to 239.1 billion yen [8][10]. Market Demand and Orders - Demand for MLCCs in the AI server sector is strong, leading to a 29.4% increase in capacitor orders to 268.1 billion yen [6][12]. - The total order amount for Q3 was 500.7 billion yen, reflecting an 11.5% year-on-year increase, with a book-to-bill ratio of 1.07, indicating orders slightly exceeded sales [6][12]. Strategic Focus - The company plans to prioritize gaining market share in the high-end smartphone segment, which will significantly impact the SAW filter business [6]. - There is a cautious approach regarding price increases, with the company considering market conditions before making any decisions [3][6]. Future Outlook - The full-year sales forecast for FY2025 has been raised by 60 billion yen to 1.8 trillion yen, driven by the depreciation of the yen and increased demand from AI servers and smartphones [12][13]. - However, operating profit expectations have been lowered by 10 billion yen to 270 billion yen due to the impact of impairment losses [12][13].