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文档简介
JapanEquityResearch
10April2026
Technology–ElectronicComponents
Technology–ElectronicComponents
AkinoriKanemotoAC
+813-6736-8628
akinori.kanemoto@
JPMorganSecuritiesJapanCo.
,Ltd.
Technology–Consumer/Industrial/Precision
JunyaAyada
+813-6736-8631
junya.ayada@
JPMorganSecuritiesJapanCo.,Ltd.
Seetheendpagesofthispresentationforanalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.
J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestment
decision.
Note:SharepriceandBBGconsensusasof4/6/2026.J.P.MorganestimatesareasofMar2026(NidecisasofDec).ForIbiden,Rohm,andTaiyoYuden,EPSandBPSareonadilutedbasis.Nissha’sFY25resultsareactual.
Valuation,pricetargets,andratings
TickerCompany
Share
Price
(JPY)
Price
Target
(JPY)
Return
Rating
Market
Capitalization
(JPYmn)
FY25E
(x)
P/E
FY26E
(x)
FY27E
(x)
FY25E
(JPY)
EPS
FY26E
(JPY)
FY27E
(JPY)
EV/EBITDA
FY25EFY26EFY27E
(x)(x)(x)
P/B
FY25EFY26EFY27E
(x)(x)(x)
6981MurataMfg.
3,786
4,800
26.8%
OW
7,431,925
32.23
23.27
15.87
117.45
162.71
238.58
14.0111.097.97
2.662.492.23
6976TaiyoYuden
4,581
5,700
24.4%
OW
596,531
39.02
26.09
12.71
117.41
175.61
360.34
7.986.514.29
1.761.701.53
6762TDK
2,077
3,200
54.1%
OW
4,036,425
20.05
15.97
13.41
103.55
130.05
154.88
7.856.635.71
2.041.881.72
6971Kyocera
2,503
2,400
-4.1%
N
3,779,962
27.72
27.45
25.49
90.26
91.17
98.17
16.0414.2013.08
1.071.151.23
6963Rohm
3,550
3,900
9.9%
OW
1,433,348
110.63
40.78
26.46
32.09
87.06
134.15
20.2612.329.91
1.551.531.49
6996Nichicon
1,858
2,400
29.2%
OW
130,060
21.71
16.64
12.56
85.58
111.64
147.99
6.214.903.99
1.101.050.99
6997NipponChemi-con
1,504
1,260
-16.2%
UW
37,146
18.57
9.14
6.23
81.00
164.51
241.44
8.456.565.24
0.870.790.69
6594Nidec
2,136
1,800
-15.7%
UW
2,547,327
19.64
12.20
10.68
108.74
175.11
199.95
10.026.455.45
1.331.201.08
6479MinebeaMitsumi
2,627
3,700
40.8%
OW
1,121,941
15.32
12.04
10.50
171.44
218.13
250.09
8.207.096.19
1.341.241.14
4062Ibiden
8,718
10,200
17.0%
OW
2,456,045
33.90
45.88
38.06
257.19
190.00
229.08
16.1912.419.08
4.213.873.53
6806HiroseElec
20,585
32,100
55.9%
OW
734,760
22.31
21.98
19.02
922.48
936.61
1,082.18
11.7410.729.79
1.851.821.77
6807JAE
2,382
2,395
0.5%
N
167,461
21.86
18.37
13.67
108.97
129.69
174.19
4.914.293.62
1.171.131.07
6770AlpsAlpine
2,172
2,440
12.3%
N
452,001
16.39
13.97
12.11
132.51
155.50
179.36
5.394.624.15
0.930.890.85
5334Niterra
7,512
9,100
21.1%
OW
1,496,749
14.32
13.24
11.96
524.47
567.33
627.84
8.637.496.62
1.911.761.61
6727Wacom
782
1,300
66.2%
OW
105,570
10.57
10.81
10.29
73.99
72.33
75.96
5.234.363.36
2.371.851.50
7915NISSHA
1,249
1,340
7.3%
N
59,972
59.13
14.39
10.97
21.12
86.80
113.89
6.264.954.39
0.510.510.49
SimpleAverage
20.6%
1,661,701
30.21
20.14
15.63
-
-
-
9.847.796.43
1.671.551.43
TikerCompany
Share
Price
Return
Rating
Market
ROE
DPS
DividendYield
DividendPayoutRatio
Price
Target
Capitalization
FY25E
FY26E
FY27E
FY25E
FY26E
FY27E
FY25EFY26EFY27E
FY25EFY26EFY27E
(JPY)
(JPY)
(JPYmn)
(JPY)
(JPY)
(JPY)
6981MurataMfg.
3,786
4,800
26.8%
OW
7,431,925
8.3%
11.1%
14.8%
60.0
62.0
66.0
1.6%1.6%1.7%
51.1%38.1%27.7%
6976TaiyoYuden
4,581
5,700
24.4%
OW
596,531
5.0%
7.3%
13.8%
90.0
90.0
90.0
2.0%2.0%2.0%
76.7%51.3%25.0%
6762TDK
2,077
3,200
54.1%
OW
4,036,425
10.5%
12.3%
13.4%
34.0
42.0
50.0
1.6%2.0%2.4%
32.8%32.3%32.3%
6971Kyocera
2,503
2,400
-4.1%
N
3,779,962
3.8%
4.0%
4.6%
50.0
50.0
50.0
2.0%2.0%2.0%
55.4%54.8%50.9%
6963Rohm
3,550
3,900
9.9%
OW
1,433,348
1.6%
4.4%
6.6%
50.0
50.0
50.0
1.4%1.4%1.4%
155.8%57.4%37.3%
6996Nichicon
1,858
2,400
29.2%
OW
130,060
5.1%
6.4%
8.1%
36.0
37.0
38.0
1.9%2.0%2.0%
42.1%33.1%25.7%
6997NipponChemi-con
1,504
1,260
-16.2%
UW
37,146
4.0%
7.6%
10.1%
20.0
20.0
20.0
1.3%1.3%1.3%
24.7%12.2%8.3%
6594Nidec
2,136
1,800
-15.7%
UW
2,547,327
7.0%
10.3%
10.6%
0.0
0.0
0.0
0.0%0.0%0.0%
0.0%0.0%0.0%
6479MinebeaMitsumi
2,627
3,700
40.8%
OW
1,121,941
9.0%
10.7%
11.3%
55.0
60.0
70.0
2.1%2.3%2.7%
32.1%27.5%28.0%
4062Ibiden
8,718
10,200
17.0%
OW
2,456,045
14.2%
9.3%
10.3%
25.0
21.0
22.0
0.3%0.2%0.3%
9.7%11.1%9.6%
6806HiroseElec
20,585
32,100
55.9%
OW
734,760
8.6%
10.0%
11.3%
540.0
560.0
580.0
2.6%2.7%2.8%
58.5%59.8%53.6%
6807JAE
2,382
2,395
0.5%
N
167,461
5.4%
6.3%
8.1%
60.0
60.0
60.0
2.5%2.5%2.5%
55.1%46.3%34.4%
6770AlpsAlpine
2,172
2,440
12.3%
N
452,001
6.3%
6.9%
7.6%
60.0
65.0
70.0
2.8%3.0%3.2%
45.3%41.8%39.0%
5334Niterra
7,512
9,100
21.1%
OW
1,496,749
14.2%
13.8%
14.0%
204.4
220.0
240.0
2.7%2.9%3.2%
39.0%38.8%38.2%
6727Wacom
782
1,300
66.2%
OW
105,570
26.5%
19.2%
16.1%
26.0
22.0
22.0
3.3%2.8%2.8%
35.1%30.4%29.0%
7915NISSHA
1,249
1,340
7.3%
N
59,972
0.9%
3.5%
4.6%
50.0
50.0
50.0
4.0%4.0%4.0%
236.7%57.6%43.9%
SimpleAverage
20.6%
1,661,701
8.1%
8.9%
10.3%
2.0%2.1%2.1%
59.4%37.0%30.2%
Note:SharepriceandBBGconsensusasof4/6/2026.J.P.MorganestimatesareasofMar2026(NidecisasofDec).ForIbiden,Rohm,andTaiyoYuden,EPSandBPSareonadilutedbasis.Nissha’sFY25resultsareactual.
Valuation,pricetargets,andratings(continued)
TickerCompany
Share
Price
Price
Target
Return
Rating
Market
Capitalization
FY25E
ROIC
FY26E
FY27E
FY25E
FCF
FY26E
FY27E
FY25E
FCFYield
FY26E
FY27E
NetDebt
FY25EFY26EFY27E
(JPY)
(JPY)
(JPYmn)
(JPYmn)
(JPYmn)
6981MurataMfg.
3,786
4,800
26.8%
OW
7,431,925
7.6%
10.7%
14.5%
136,480
236,183
384,288
1.8%
3.2%
5.2%
-522,695-572,158-787,146
6976TaiyoYuden
4,581
5,700
24.4%
OW
596,531
3.2%
5.5%
10.1%
18,759
22,965
48,176
3.1%
3.8%
8.1%
61,56262,04134,165
6762TDK
2,077
3,200
54.1%
OW
4,036,425
8.7%
9.9%
10.9%
99,389
158,779
217,910
2.5%
3.9%
5.4%
-85,244-98,208-170,620
6971Kyocera
2,503
2,400
-4.1%
N
3,779,962
2.1%
2.4%
2.9%
69,122
60,109
74,323
1.8%
1.6%
2.0%
-238,158-251,533-240,995
6963Rohm
3,550
3,900
9.9%
OW
1,433,348
0.9%
3.1%
4.6%
-14,215
47,013
64,270
-1.0%
3.3%
4.5%
-160,959-152,562-149,356
6996Nichicon
1,858
2,400
29.2%
OW
130,060
4.1%
5.5%
6.8%
6,855
7,098
9,939
5.3%
5.5%
7.6%
-33,479-29,614-31,538
6997NipponChemi-con
1,504
1,260
-16.2%
UW
37,146
2.3%
4.4%
5.7%
3,594
4,644
6,816
9.7%
12.5%
18.3%
53,05554,29452,830
6594Nidec
2,136
1,800
-15.7%
UW
2,547,327
3.8%
7.2%
7.6%
136,796
200,731
229,204
5.4%
7.9%
9.0%
287,795141,080-44,638
6479MinebeaMitsumi
2,627
3,700
40.8%
OW
1,121,941
5.8%
6.8%
7.7%
52,198
77,600
92,432
4.7%
6.9%
8.2%
291,192246,020192,237
4062Ibiden
8,718
10,200
17.0%
OW
2,456,045
5.4%
6.6%
7.4%
74,521
40,861
26,211
3.0%
1.7%
1.1%
-52,003-68,244-71,058
6806HiroseElec
20,585
32,100
55.9%
OW
734,760
7.8%
9.1%
10.3%
23,970
24,356
28,941
3.3%
3.3%
3.9%
-158,561-146,853-137,557
6807JAE
2,382
2,395
0.5%
N
167,461
4.6%
5.5%
7.0%
6,670
8,241
11,741
4.0%
4.9%
7.0%
-17,058-19,320-24,545
6770AlpsAlpine
2,172
2,440
12.3%
N
452,001
6.3%
6.3%
6.9%
-3,849
13,579
22,286
-0.9%
3.0%
4.9%
-48,840-29,168-23,516
5334Niterra
7,512
9,100
21.1%
OW
1,496,749
10.5%
10.0%
10.4%
102,717
110,138
121,885
6.9%
7.4%
8.1%
52,83115,487-43,950
6727Wacom
782
1,300
66.2%
OW
105,570
22.3%
17.4%
14.9%
9,532
9,729
10,218
9.0%
9.2%
9.7%
-26,070-38,443-51,338
7915NISSHA
1,249
1,340
7.3%
N
59,972
0.8%
2.6%
3.2%
-346
5,713
5,397
-0.6%
9.5%
9.0%
28,20424,94921,860
SimpleAverage
20.6%
26,587,224
6.0%
7.1%
8.2%
3.6%
5.5%
7.0%
Electroniccomponents
Sharepriceperformance
Note:Sharepriceasof4/6/2026
Source:BloombergFinanceL.P.,J.P.Morgan.
Earningsforecastsummary
Earningsforecastsummary
Electroniccomponents
FCF/ROIC/ROEestimates
Source:Companydata,J.P.Morganestimates.
Note:J.P.MorganestimatesareallasofMar2026(NidecisasofDec).
F/Xsensitivity
FY25
OP-COE
TickerCompanyName
OPF/XSensitivityOPF/XSensitivity(%)
USDEURRMB100KRWOthersUSDEURRMB100KRWOthers
JPYmnJPYmnJPYmnJPYmnJPYmnJPYmn
6881
MurataMfg.
270,000
4,500
-
-
-
-
1.67%
-
-
-
-
6976
TaiyoYuden
21,000
900
-
-
-
-
4.29%
-
-
-
-
6762
TDK
265,000
2,000
300
-
-
-
0.75%
0.11%
-
-
-
6971
Kyocera
100,000
1,000
1,000
-
-
-
1.00%
1.00%
-
-
-
6963
Rohm
6,000
800
-
-
-
-
13.33%
-
-
-
-
6996
Nichicon
6,000
100
-
-
-
-
1.67%
-
-
-
-
6997
NipponChemi-con
4,000
260
20
-
-
-
6.50%
0.50%
-
-
-
6594
Nidec
260,000
1,100
400
-
-
-
0.42%
0.15%
-
-
-
6479
MinebeaMitsumi
101,000
-
-
-
-
-
-
-
-
-
-
4062
Ibiden
61,000
800
100
-
-
-
1.31%
0.16%
-
-
-
6806
HiroseElec
41,000
360
170
-
60
-
0.88%
0.41%
-
0.15%
-
6807
JAE
10,000
200
-
-
-
-
2.00%
-
-
-
-
6770
AlpsAlpine
37,000
1,200
-120
-120
-
-
3.24%
-0.32%
-0.32%
-
-
5334
Niterra
137,000
600
400
250
-
300
0.44%
0.29%
0.18%
-
0.22%
6727
Wacom
13,000
98
40
0
-
-
0.75%
0.31%
0.00%
-
-
7915
Nissha
6,600
80
-
-
-
-
1.21%
-
-
-
-
Source:Companydata
Electroniccomponentssector
HistoricalvaluationsandrelativevaluationtoTOPIX(Bloombergconsensusbasis)
12-monthforwardP/EandrelativeP/EtoTOPIX
(X)
2.50
2.00
1.50
1.00
0.50
_
SectrAerageP/B(LHS)ReaeP/BTTOPX(RHS)
1.801.601.401.201.000.800.600.400.20
0.00
12-monthforwardP/BandrelativeP/BtoTOPIX
05/16
09/16
01/17
05/17
09/17
01/18
05/18
09/18
01/19
05/19
09/19
01/20
05/20
09/20
01/21
05/21
09/21
01/22
05/22
09/22
01/23
05/23
09/23
01/24
05/24
09/24
01/25
05/25
09/25
01/26
05/16
09/16
01/17
05/17
09/17
01/18
05/18
09/18
01/19
05/19
09/19
01/20
05/20
09/20
01/21
05/21
09/21
01/22
05/22
09/22
01/23
05/23
09/23
01/24
05/24
09/24
01/25
05/25
09/25
01/26
(X)
25.00
20.00
15.00
10.00
5.00
_
SectrAerageP/E(LHS)ReaeP/ETTOPX(RHS)
1.801.601.401.201.000.800.600.400.20
0.00
24-monthforwardP/BandrelativeP/BtoTOPIX
24-monthforwardP/EandrelativeP/EtoTOPIX
05/16
09/16
01/17
05/17
09/17
01/18
05/18
09/18
01/19
05/19
09/19
01/20
05/20
09/20
01/21
05/21
09/21
01/22
05/22
09/22
01/23
05/23
09/23
01/24
05/24
09/24
01/25
05/25
09/25
01/26
05/16
09/16
01/17
05/17
09/17
01/18
05/18
09/18
01/19
05/19
09/19
01/20
05/20
09/20
01/21
05/21
09/21
01/22
05/22
09/22
01/23
05/23
09/23
01/24
05/24
09/24
01/25
05/25
09/25
01/26
(X)
2.001.801.601.401.201.000.800.600.40
0.20
_
SectrAerageP/B(LHS)ReaeP/BTTOPX(RHS)
1.601.401.201.000.800.600.400.20
0.00
(X)
25.00
20.00
15.00
10.00
5.00
_
SectrAerageP/E(LHS)ReaeP/ETTOPX(RHS)
1.801.601.401.201.000.800.600.400.20
0.00
Note:BBGconsensusandsharepriceasof4/6/2026
Source:BloombergFinanceL.P.consensus,J.P.Morganestimates.
CY2025
1Q
2Q
3Q
4Q
CY20261QE
2QE
3QE
4QE
296.94
288.92
320.06
339.53
292.13
262.70
272.45
276.97
0.24%
-0.01%
3.26%
3.49%
-1.62%
-9.07%
-14.87%
-18.43%
-9.49%
-2.70%
10.78%
6.09%
-13.96%
-10.08%
3.71%
1.66%
55.01
44.79
56.50
84.33
60.41
49.69
56.79
71.66
12.95%
-1.77%
3.76%
9.39%
9.81%
10.93%
0.51%
-15.02%
-28.64%
-18.58%
26.15%
49.24%
-28.36%
-17.75%
14.29%
26.18%
60.55
57.50
60.64
60.45
59.00
57.37
59.10
55.46
0.95%
7.40%
5.54%
16.38%
-2.55%
-0.22%
-2.55%
-8.25%
16.57%
-5.03%
5.46%
-0.32%
-2.39%
-2.76%
3.00%
-6.15%
181.54
186.83
202.62
194.17
172.91
155.70
156.42
149.74
-3.48%
-1.56%
2.46%
-2.25%
-4.75%
-16.66%
-22.80%
-22.88%
-8.61%
2.92%
8.45%
-4.17%
-10.95%
-9.95%
0.46%
-4.27%
60.32
65.94
72.46
69.91
65.68
59.50
60.00
60.53
6.58%
8.05%
12.15%
6.88%
8.89%
-9.77%
-17.19%
-13.42%
-7.78%
9.33%
9.88%
-3.52%
-6.05%
-9.41%
0.85%
0.88%
44.96
49.60
54.64
52.32
49.16
44.39
44.92
45.32
7.14%
7.72%
11.19%
5.95%
9.33%
-10.50%
-17.78%
-13.39%
-8.97%
10.32%
10.16%
-4.23%
-6.06%
-9.69%
1.19%
0.88%
15.36
16.34
17.82
17.59
16.52
15.11
15.08
15.21
4.96%
9.07%
15.19%
9.75%
7.59%
-7.55%
-15.38%
-13.49%
-4.14%
6.40%
9.06%
-1.33%
-6.04%
-8.57%
-0.17%
0.87%
2.94
2.94
2.86
3.38
3.26
3.40
3.44
3.78
2.94%
-1.53%
-5.62%
5.05%
11.13%
15.63%
20.17%
11.88%
-8.68%
0.15%
-2.68%
18.03%
-3.39%
4.20%
1.14%
9.88%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
22.21
22.87
23.06
24.31
21.20
23.03
23.14
24.58
2.94%
-1.53%
-5.62%
5.05%
11.13%
15.63%
20.17%
11.88%
-8.68%
0.15%
-2.68%
18.03%
-3.39%
4.20%
1.14%
9.88%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Enddemandassumptions
FY
(mnunits)
CY2020
CY2021
CY2022
CY2023
CY2024
CY2025CY2026ECY2027E
Enddemandvolume(shipment)
Globalsmartphoneshipment
1,264.74
1,351.40
1,193.43
1,141.86
1,223.18
1,245.45
1,104.26
1,075.13
yoy%chg.
qoq%chg.Apple
-
6.85%
-11.69%
-4.32%
7.12%
1.82%
-11.34%
-2.64%
-
-
-
-
-
-
-
-
207.15
230.06
232.16
229.14
225.85
240.64
238.55
252.50
yoy%chg.qoq%chg.
-
11.06%
0.91%
-1.30%
-1.44%
6.55%
-0.87%
5.85%
-
-
-
-
-
-
-
-
Samsung
255.52
274.50
257.95
225.46
222.91
239.13
230.93
228.50
yoy%chg.qoq%chg.
-
7.43%
-6.03%
-12.59%
-1.13%
7.28%
-3.43%
-1.05%
-
-
-
-
-
-
-
-
Others
802.08
846.73
703.31
687.27
774.44
765.62
634.79
594.08
yoy%chg.qoq%chg.
-
5.57%
-16.94%
-2.28%
12.68%
-1.14%
-17.09%
-6.41%
-
-
-
-
-
-
-
-
GlobalPCshipment
308.17
341.73
284.20
242.28
247.65
268.63
245.71
249.53
yoy%chg. qoq%chg. GlobalNotebookPC(IncludingChrome)
-
10.89%
-16.83%
-14.75%
2.21%
8.47%
-8.53%
1.55%
-
-
-
-
-
-
-
-
228.33
256.38
208.12
179.83
186.54
201.52
183.79
186.35
yoy%chg. qoq%chg. GlobalDesktopPC
-
12.29%
-18.82%
-13.59%
3.73%
8.03%
-8.80%
1.39%
-
-
-
-
-
-
-
-
79.84
85.34
76.08
62.45
61.11
67.11
61.93
63.18
yoy%chg.qoq%chg.
-
6.89%
-10.85%
-17.91%
-2.15%
9.82%
-7.72%
2.03%
-
-
-
-
-
-
-
-
GlobalServershipment
12.67
12.92
13.83
11.35
12.09
12.12
13.88
15.03
yoy%chg. qoq%chg. GeneralServer
-
1.94%
7.04%
-17.90%
6.46%
0.25%
14.57%
8.27%
-
-
-
-
-
-
-
-
12.67
12.92
13.43
10.78
11.02
10.30
11.68
12.44
yoy%chg.qoq%chg.
-
1.94%
3.94%
-19.75%
2.27%
-6.49%
13.39%
6.51%
-
-
-
-
-
-
-
-
AIserver
-
-
0.40
0.58
1.07
1.81
2.20
2.58
yoy%chg.qoq%chg.
-
-
-
44.08%
84.66%
69.87%
21.28%
17.63%
-
-
-
-
-
-
-
-
IHS-GlobalAutoProduction
74.59
77.19
82.34
90.49
89.59
92.44
91.95
93.37
yoy%chg.qoq%chg.
-
3.49%
6.66%
9.90%
-0.99%
3.18%
-0.53%
1.55%
-
-
-
-
-
-
-
-
GlobalVehicleSales
77.18
80.27
78.98
86.69
88.17
87.26
88.92
89.92
yoy%chg.
qoq%chg. ICE
-
3.99%
-1.60%
9.75%
1.71%
-1.03%
1.90%
1.13%
-
-
-
-
-
-
-
-
71.50
68.36
62.49
64.64
61.25
56.76
54.89
52.84
yoy%chg.qoq%chg.
-
-4.40%
-8.59%
3.44%
-5.24%
-7.34%
-3.28%
-3.75%
-
-
-
-
-
-
-
-
xEV
5.68
11.91
16.50
22.05
26.91
30.51
34.02
37.09
yoy%chg. qoq%chg. HEV
-
109.57%
38.51%
33.65%
22.08%
13.34%
11.53%
9.00%
-
-
-
-
-
-
-
-
2.74
5.49
5.98
7.83
9.36
10.23
11.75
13.33
yoy%chg.qoq%chg.
PHEV
-
100.39%
8.76%
31.09%
19.48%
9.25%
14.91%
13.39%
-
-
-
-
-
-
-
-
0.89
1.82
2.74
4.06
6.43
6.62
7.36
7.66
yoy%chg.qoq%chg.
BEV
-
104.61%
50.66%
48.22%
58.69%
2.94%
11.10%
4.09%
-
-
-
-
-
-
-
-
2.04
4.58
7.77
10.15
11.11
13.65
14.90
16.09
yoy%chg.qoq%chg.
FCV
-
124.14%
69.48%
30.64%
9.52%
22.81%
9.20%
7.95%
-
-
-
-
-
-
-
-
0.01
0.02
0.02
0.01
0.01
0.01
0.01
0.01
yoy%chg.qoq%chg.
-
86.31%
-0.36%
-40.88%
-36.73%
15.00%
35.00%
40.00%
-
-
-
-
-
-
-
-
Source:IDC(Smartphone),Gartner®(PCandServer),S&PGlobal(Automotive)andJ.P.Morganestimates
ElectroniccomponentsSalesindexbyapplication
ForTelecom(2Q18=100)
ForPC&Servers(includingFCBGA,HDDrelated,2Q18=100)
140.00120.00100.0080.0060.0040.0020.00
0.00
2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Qcy18cy19cy20cy21cy22cy23cy24cy25
Teecm
160.00140.00120.00100.0080.0060.0040.0020.00
0.00
2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Qcy18cy19cy20cy21cy22cy23cy24cy25
Pc&server
ForAutomotive(2Q18=100)
ForIndustrialApplication(2Q18=100)
180.00160.00140.00120.00100.0080.0060.0040.0020.00
0.00
2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Qcy18cy19cy20cy21cy22cy23cy24cy25
ndustria
140.00120.00100.0080.0060.0040.0020.00
0.00
2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Qcy18cy19cy20cy21cy22cy23cy24cy25
Autmtive
Source:BasedoncompanydatafromMurataMfg.,TDK,TaiyoYuden,Rohm,Nidec,MinebeaMitsumi,HiroseElectric,JAE,Ibiden,Kyocera,Nichicon,
MLCCrevenuebyapplication$mn(yearly,quarterly)
16,000
14,000
12,000
$mn
10,000
8,000
6,000
4,000
2,000
0
cy11cy12cy13cy14cy15cy16cy17cy18cy19cy20cy21cy22cy23cy24cy25
AutomotivecomputerHandsetconsumer0thers
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
cy11cy12cy13cy14cy15cy16cy17cy18cy19cy20cy21cy22cy23cy24cy25
AutomotivecomputerHandsetconsumer0thers
$mn
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
cy10
cy11
cy12
cy13
cy14
cy15
cy16
cy17
cy18
cy19
cy20
cy21
cy22
cy23
cy24
cy25
AutomotivecomputerTeecomcustomerndustria&0thers
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q
cy10cy11cy12cy13cy14cy15cy16cy17cy18cy19cy20cy21cy22cy23cy24cy25AutomotivecomputerTeecomcustomerndustria&0thers
Source:Companydata,J.P.Morgan
MLCCrevenuemarketshare(yearly,quarterly)
0
cy05cy06cy07cy08cy09cy10cy11cy12cy13cy14cy15cy16cy17cy18cy19cy20cy21cy22cy23cy24cy25
MurataTaiyoyudenTDKKyoceraAVXSEMcOyageo
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
$mn
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
MurataTaiyoyudenTDKKyoceraAVXSEMcOyageo
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Qcy14cy15cy16cy17cy18cy19cy20cy21cy22cy23cy24cy25
MurataTaiyoyudenTDKKyoceraAVXSEMcOyageo
$mn
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q
cy14cy15cy16cy17cy18cy19cy20cy21cy22cy23cy24cy25MurataTaiyoyudenTDKKyoceraAVXSEMcOyageo
Source:Companydata,J.P.Morgan.
Source:Companydata,J.P.Morgan
MLCC
Salesbyapplication
$mn
ForSmartphone
1,600
1,400
1,200
1,000
800
600
400
200
0
1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Qcy10cy11cy12cy13cy14cy15cy16cy17cy18cy19cy20cy21cy22cy23cy24cy25
ForPC/Servers
$mn
1,000
900
800
700
600
500
400
300
200
100
0
1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Qcy10cy11cy12cy13cy14cy15cy16cy17cy18cy19cy20cy21cy22cy23cy24cy25
ForAutomotive
$mn
0
1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Qcy10cy11cy12cy13cy14cy15cy16cy17cy18cy19cy20cy21cy22cy23cy24cy25
1,400
1,200
1,000
800
600
400
200
ForConsumerandOthers
$mn
600
500
400
300
200
100
0
1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Qcy10cy11cy12cy13cy14cy15cy16cy17cy18cy19cy20cy21cy22cy23cy24cy25
MLCC$contentsforsmartphones,computers,autos
MLCC$contentsperhandset
70.0060.0050.0040.0030.0020.0010.00
0.00
1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q
cy11cy12cy13cy14cy15cy16cy17cy18cy1gcy20cy21cy22cy23cy24cy25
MLcccontentspercar(hs,$)yoy%chg.(rhs)
80%
60%
40%
20%
0%
_20%
_40%
MLCC$contentspercar
3.503.002.502.001.501.000.50
0.00
1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q
60%
50%
40%
30%
20%
10%
0%
_10%
_20%
_30%
_40%
cy11cy12cy13cy14cy15cy16cy17cy18cy1gcy20cy21cy22cy23cy24cy25
MLcccontentsperhandset(hs,$)yoy%chg.(rhs)
MLCC$contentspercomputer
12.0010.008.006.004.002.00
0.00
2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Qcy16cy17cy18cy1gcy20cy21cy22cy23cy24cy25
60%
40%
20%
0%
_20%
_40%
_60%
MLcc$contentsperbox(LHS,$)yoy%chg.(RHS)
Source:Companydata,J.P.Morgan
AutomotiveMLCC:$contentspercar,marketshare,marketsize
Source:J.P.Morgan,Companydata.
Note:CombinedTotalforMurataMfg.,TDK,TaiyoYudenandSEMCO
ShipmentforecastsforAIserversandASIC/GPUforAIservers
AIServershipmentforecastsGPU/ASICshipmentforecastsforAIserver
kunits
kunits
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
-
2022202320242025E2026E2027E2028E
NvidiaNvidia-CPXAMDASIC
500
-
2022202320242025E2026E2027E2028E
GPUAIServerASICAIServer
3,000
2,500
2,000
1,500
1,000
Source:Companyreports,Gartner®,J.P.Morganestimates.
Note:OurTaiwantechnologyteam‘sforecastsasofNov2025.
AIservershipmentforecasts
Source:Companyreports,Gartner®,J.P.Morganestimates.
SubstratesizeandlayerstructureforAI/GenserverGPUs/CPUs/ASICs
Source:J.P.Morganestimates.
Note:Thisisbasedonmeasurementsandinvestigationsweconductedontheproductscurrentlyonthemarket.
MLCCunitsperboxforgeneralpurposeserversandAIservers,ServerMLCCrevenuebysuppliers
MLCCcapacitanceindexperboxFY25SeverMLCCrevenueimage
500
450
400
350
300
250
200
150
100
50
0
FY24FY25EFY27EFY30E
Source:Companydata,J.P.Morganestimates.
Note:Theserver’sMLCCmountingcapacityisindexedwithabasevalueof100.Thisisbasedonmeasurementsandinvestigationsweconductedontheproductscurrentlyonthemarket.
MLCC:AutomotiveMLCCcontentspercar
MLCCcontentsperpowertrain
Asof2023
PureICE
MildHV
StrongHV
PHEV
EV/FCV
PowerTrain
300-500
1000-1200
1200-1600
1500-2000
2000-2500
ADAS
3000-5000
Safety
300-1000
NonSafety
500-2500
Infortainment
500-2500
Total
4600-11500
5300-12200
5500-12600
5800-13000
6300-13500
Asof2025
PureICE
MildHV
StrongHV
PHEV
EV/FCV
PowerTrain
300-500
1000-1200
1200-1600
2500-3000
2000-2500
ADAS
1500-5000(L2/31500-3000,L4/53000-5000)
Safety
300-1000
NonSafety
500-2500
Infortainment
500-2500
Total
4600-11500
6500-16200
6700-16600
8000-18000
7500-17500
MLCCASPperunitbya
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