Summary of Key Points from the Conference Call Industry Overview - **Industry**: Electronic Components in Japan - **Investor Engagement**: 29 individual meetings and one group meeting held with institutional investors in Singapore and Hong Kong from September 29 to October 3, focusing on stock selection and trends from July to September, as well as medium-term earnings projections for fiscal year ending March 2027 [1][2] Core Insights - **Investment Themes**: There is a growing emphasis on selecting stocks related to AI, data centers, and other specific themes rather than focusing solely on earnings. Strong interest was noted in several companies: - **Ibiden**: High market share in NVIDIA's GPU ABF package substrates - **Murata Manufacturing and Taiyo Yuden**: Increasing sales in the AI/data center segment within their main MLCC businesses - **TDK**: Ongoing expansion in rechargeable battery earnings and improvements in HDD-related business - **Meiko Electronics**: Geopolitical advantage due to primary production site in Vietnam [3] Company-Specific Highlights Ibiden - **Sales Growth**: Reported ¥75.1 billion in sales from NVIDIA in fiscal year 2025, a 138% year-over-year increase. Expected sales to rise to ¥130.0 billion in fiscal year 2026 and ¥192.7 billion in fiscal year 2027. - **New Product Launch**: Anticipated shipments of Rubin ABF package substrates starting March 2026, expected to significantly boost earnings. - **Operational Performance**: Projected operating profit of ¥12.0 billion for Q2 fiscal year 2026, with a total of ¥58.7 billion for fiscal year 2026 [4][8] Murata Manufacturing - **Market Conditions**: Not expecting tight supply-demand conditions for MLCCs in the near future. Global MLCC shipment value is projected to increase from $12.64 billion in 2023 to $14.84 billion in 2025 (+11.6% YoY). - **Operational Performance**: Forecasting operating profit of ¥269.9 billion for fiscal year 2026, with a significant impact from currency fluctuations [9][10] TDK - **Earnings Outlook**: Expected operating profit of ¥266.3 billion for fiscal year 2026, marking a sixth consecutive year of all-time high profits. - **Product Focus**: Mobile-device rechargeable batteries and HDD-related business are key profit drivers. Anticipated improvements in HDD-related business profitability [10][11] Meiko Electronics - **Long-term Growth**: Projected operating profit of ¥24.1 billion for fiscal year 2026, driven by strong sales to smartphone and gaming segments. - **Strategic Initiatives**: Forming a joint venture with Taiwan-based ACCL to enhance production capabilities for AI servers [13][21] Additional Insights - **MLCC Market Dynamics**: MLCCs are critical components across various electronic devices, with AI server-related business expected to contribute approximately 7% of MLCC shipment value in 2025. - **Currency Impact**: A single yen change against the USD is estimated to impact operating profit by approximately ¥4.5 billion for Murata and ¥900 million for Taiyo Yuden [9][14] Risks and Considerations - **Upside Risks**: High-value-added ABF package products may drive earnings beyond expectations for Ibiden. For TDK, potential growth in HDD heads earnings is not factored into the base case. - **Downside Risks**: Increased competition from Taiwanese peers in the automotive PCB market and potential downturns in auto production could negatively impact Meiko Electronics [19][24][30] This summary encapsulates the key points discussed during the conference call, highlighting the performance and outlook of major players in the electronic components industry in Japan.

2025年4月，昀冢科技同意控股子公司池州昀冢增资扩股，引入外部投资方拟合计增资不超1.5亿元，取 得不超17.65%股权，增资用于MLCC业务。除宣城市徽元绿能贰号已出资5500万元认缴2516万元注册资 本外，近日宣城开盛产业投资发展有限公司已通过审批，拟出资4500万元认缴2058万元注册资本，双方 已签《增资协议》。增资后，池州昀冢注册资本将从34535.8959万元增至36594.3562万元，昀冢科技持 股降至81.9799%，仍具控制权。交易推进存在不确定性，公司将及时披露进展并防范风险。 ...

（原标题：博迁新材拿下镍粉产品大单销售额预计超43亿） 博迁新材表示，协议的履行预计将对公司本年度及以后期间的经营业绩产生积极影响。因协议存在一定 时间交货周期，具体收入需根据协议履约、交货进度逐步体现，收入确认存在不确定性，预计的销售金 额不构成业绩预测。 公开信息显示，博迁新材主营业务为电子专用高端金属粉体材料的研发、生产和销售，产品主要包括纳 米级、亚微米级镍粉和亚微米级、微米级铜粉、银粉、银包铜粉、合金粉。其中镍粉主要应用于MLCC 的生产，并广泛应用到消费电子、汽车电子等其他工业领域。2025年上半年，公司实现销售收入5.19亿 元，同比增长18.30%；实现净利润1.06亿元，同比增长93.34%。 9月28日晚间，博迁新材(605376)公告称，公司及子公司广新进出口与某公司（下称"X公司"）签署《战 略合作协议书》，约定自2025年8月起至2029年12月31日期间，预计向X公司销售5420—6495吨镍粉产 品。按照预计数量、公司目前产品售价及汇率估算，销售金额约43亿元至50亿元。 此次合作的达成，一方面基于博迁新材在镍粉领域的技术积累与品质优势，另一方面受益于MLCC行业 的持续增长。 ...

当前，AI服务器作为人工智能发展的核心基础设施，其应用边界正实现从集中式模型训练向全行业深度落地的跨越式拓展，持续为千行百业 的智能化转型注入强劲动力。然而，当英伟达B300GPU的整机功耗突破2000W大关，当单台AI服务器集群需要承载每秒10^18次浮点运算的超 高负荷，电力系统的稳定性已成为制约算力充分释放的核心瓶颈。在这一背景下，MLCC、电感等被动元器件虽体积微小，却凭借其不可替 代的功能，成为支撑AI算力稳定运行的基石级元件。 那么掘金AI服务器，本土被动元器件厂商——三环集团、顺络电子、风华高科、麦捷科技、火炬电子、宏达电子、泰晶科技、达利凯普等多 家A股上市公司的研发能力和实际进展如何？ 三环集团/顺络电子研发投入领先 从研发人员数量来看，三环集团研发人员数量稳居第一达1877人，顺络电子研发人员数量位居第二达1354人，风华高科研发人员数量位居第 三达1336人，麦捷科技研发人员数量为568人，宏达电子研发人员数量为336人，火炬电子研发人员数量为296人，泰晶科技研发人员数量为 227人，达利凯普研发人员数量为46人。 多家厂商已打开AI服务器市场 在持续研发投入的加持下，三环集团、顺络电 ...

Industry Overview - Passive components are essential for devices like smartphones, tablets, and laptops, with a significant increase in the number of components required for AI functionalities, such as MLCCs, which have increased by 20%-30% compared to traditional phones [2] - The demand for passive components in electric vehicles is projected to grow from $1.55 billion in 2021 to $4.29 billion by 2027, with a compound annual growth rate (CAGR) of 18.5% [2] Company Performance - In the first half of the year, the revenue rankings are as follows: SanHuan Group at 414.88 million, Shunluo Electronics at 322.42 million, and Fenghua Advanced Technology at 277.15 million [5] - Net profit rankings for the same period are led by SanHuan Group with 123.71 million, followed by Shunluo Electronics at 48.59 million, and Huojue Electronics at 26.13 million [7] - SanHuan Group and Shunluo Electronics maintain strong positions in both revenue and net profit within the industry [8] Inventory Analysis - SanHuan Group has the highest inventory at 216.32 million, followed by Huojue Electronics at 137.85 million, and Shunluo Electronics at 114.41 million [10] - In terms of gross margin, Dali Kipu leads with 67.48%, followed by Hongda Electronics at 57.3%, and SanHuan Group at 42% [11] - Huojue Electronics has the highest inventory impairment provision at 19.89 million, indicating weaker market demand compared to SanHuan Group and Shunluo Electronics, which have higher inventory but better turnover efficiency [13] Inventory Turnover - Hongda Electronics has the longest inventory turnover days at 459.1 days, while Shunluo Electronics has 94.4 days, indicating varying efficiency in inventory management across companies [14]

Core Viewpoint - Fenghua High-Tech (000636.SZ) emphasizes that its passive components are essential core components in the electronic information industry, including optical modules, servers, and communication devices [1] Group 1: Company Products - The company produces anti-sulfuration resistors, MLCCs, and RF inductors, which are directly applied in optical module products [1] - The company is expected to continue benefiting from the growth of the related industry chain [1]

Core Viewpoint - The report from Huazhong Securities indicates that Sanhuan Group achieved a net profit attributable to shareholders of 1.24 billion yuan in the first half of the year, representing a year-on-year growth of 20.6% [1] Financial Performance - In Q2 2025, the company recorded a net profit attributable to shareholders of 700 million yuan, which is an 18.9% year-on-year increase and a 32.3% quarter-on-quarter growth [1] - The company's performance reflects steady growth, primarily driven by the strong performance of its MLCC product line and increasing market recognition [1] Business Segments - The growth in sales of ceramic inserts and related products is attributed to the accelerated construction of global data centers and AI servers, leading to increased demand in the optical communication market [1] - The company has also made progress in the bioceramics sector, achieving stable mass production of ceramic heads and liners for hip joint prostheses [1] Investment Rating - The report maintains a "Buy" rating for the company, reflecting confidence in its growth prospects [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a solid performance in the first half of 2025, achieving a revenue of 4.15 billion yuan, a year-on-year increase of 21.0%, and a net profit attributable to shareholders of 1.24 billion yuan, up 20.6% year-on-year [4][6] - The growth is primarily driven by the strong performance of MLCC products and increased demand in the optical communication market due to the acceleration of global data center and AI server construction [4][5] - The company has made significant advancements in the SOFC sector, with the launch of a 300 kW SOFC commercialization demonstration project, marking a national first [5] Financial Summary - Revenue projections for 2025-2027 are 9.207 billion yuan, 11.432 billion yuan, and 14.151 billion yuan respectively, with corresponding net profits of 2.782 billion yuan, 3.714 billion yuan, and 4.830 billion yuan [6] - The expected EPS for the same period is 1.45 yuan, 1.94 yuan, and 2.52 yuan, with P/E ratios of 33.29, 24.93, and 19.17 respectively [6] - The company maintains a gross margin of approximately 43.3% in 2025, with a projected increase to 45.0% by 2027 [9]

Core Viewpoint - Murata Manufacturing Co., Ltd. is leveraging its leadership in passive components, particularly MLCCs, to explore new markets and upgrade its products in response to the growing demand driven by artificial intelligence and cloud computing [2][4]. Group 1: Market Opportunities - The global optical module market is expected to grow at an annual rate of 30-35% from 2025 to 2026, driven by AI cluster construction [4]. - Murata's products, especially MLCCs, are anticipated to see significant usage increases in AI PCs, with a focus on maintaining and enhancing market share [4][5]. - The company is closely monitoring market demands and technological trends, particularly the impact of TLVR technology on its products [4][5]. Group 2: Product Innovations - Murata showcased a range of products at the optical communication exhibition, including high-density multilayer ceramic capacitors (MLCCs) with superior electrical characteristics and compact designs [8][11]. - The company introduced ultra-wideband silicon capacitor products capable of supporting bandwidths up to 220GHz, utilizing advanced 3D structures to enhance capacitance within a small footprint [11][12]. - Murata's silicon capacitors are designed for high reliability and performance, with a focus on customization to meet diverse customer needs [12]. Group 3: Power Solutions - The company has developed innovative power chip solutions to address the growing energy efficiency demands of data centers, featuring a two-stage architecture to reduce power loss and enhance system reliability [13]. - Murata's thermal resistors are compact and responsive, suitable for temperature detection and protection in optical modules and data centers, with applications in automotive electronics and medical devices [13]. Group 4: Strategic Vision - Murata emphasizes its commitment to innovation and strategic collaboration within the industry to drive optical communication technology advancements and industry upgrades [14].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][19]. Core Views - The company has experienced rapid growth in its performance for the first half of 2025, driven by the recovery in downstream sectors such as optical communication and consumer electronics, leading to increased demand for its main products [2][3]. - The company's MLCC products have seen significant sales growth, with a notable increase in customer recognition and demand [2][3]. - The report highlights the company's ongoing technological advancements and product innovations, particularly in high-capacity MLCCs, which have begun to achieve mass production [3][9]. Financial Summary - The company reported a revenue of 5,727 million yuan for 2023, with projected revenues of 7,375 million yuan in 2024 and 9,236 million yuan in 2025, reflecting a year-on-year growth rate of 11.2% in 2023 and an expected 28.8% in 2024 [1][9]. - The net profit attributable to the parent company is projected to grow from 1,581 million yuan in 2023 to 2,190 million yuan in 2024 and 2,742 million yuan in 2025, with growth rates of 5.1% in 2023 and 38.5% in 2024 [1][9]. - The company's overall gross margin for the first half of 2025 was reported at 41.97%, with a net profit margin of 29.82% [2]. Market Position and Product Development - The company is benefiting from the increasing demand for AI computing power and the rapid development of global data centers, which has positively impacted the sales of its optical devices and related products [3][9]. - The company has successfully developed a comprehensive product matrix in the MLCC sector, covering various specifications and achieving mass production of high-capacity models [3][9]. - The report notes the successful launch of a 300 kW solid oxide fuel cell (SOFC) demonstration project, marking a significant milestone in the company's product offerings [8]. Valuation Metrics - The report provides projected earnings per share (EPS) of 0.82 yuan for 2023, increasing to 1.14 yuan in 2024 and 1.43 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio decreasing from 51.1 in 2023 to 29.5 in 2025 [1][9]. - The price-to-book (P/B) ratio is expected to decline from 4.4 in 2023 to 3.7 in 2025, indicating a potential improvement in valuation as the company grows [1][9].