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文档简介
AsiaPacificEquityResearch
19June2026
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.
Valuation,pricetargets,andratings
Note:SharepriceandBBGconsensusasof6/17/2026.J.P.MorganestimatesareasofMar,Apr,May,Jun2026(NidecisasofDec).ForIbiden,Rohm,andTaiyoYuden,EPSandBPSareona
Valuation,pricetargets,andratings(continued)
Note:SharepriceandBBGconsensusasof6/17/2026.J.P.MorganestimatesareasofMar,Apr,May,Jun2026(NidecisasofDec).ForIbiden,Rohm,andTaiyoYuden,EPSandBPSareonadilutedbasis.
Source:BloombergFinanceL.P.consensus,J.P.Morganestimates
Electroniccomponents
Sharepriceperformance
Note:Sharepriceasof6/17/2026
Source:BloombergFinanceL.P.,J.P.Morgan
Earningsforecastsummary
Note:BBGconsensusasof6/17/2026.
Source:BloombergFinanceL.P.consensus,J.P.Morganestimates
Earningsforecastsummary
Note:BBGconsensusasof6/17/2026.
Source:BloombergFinanceL.P.consensus,J.P.Morganestimates
Electroniccomponents
FCF/ROIC/ROEestimates
Note:J.P.MorganestimatesareallasofMar,Apr,May,June2026.
Source:Companydata,J.P.Morganestimates
F/Xsensitivity
Source:Companydata
Electroniccomponentssector
HistoricalvaluationsandrelativevaluationtoTOPIX(Bloombergconsensusbasis)
12-monthforwardP/EandrelativeP/EtoTOPIX
(X)
3.50
3.00
2.50
2.00
1.50
1.00
0.50
_
SectrAerageP/B(LHS)ReaeP/BTTOPX(RHS)
2.001.801.601.401.201.000.800.600.400.20
0.00
12-monthforwardP/BandrelativeP/BtoTOPIX
07/16
11/16
03/17
07/17
11/17
03/18
07/18
11/18
03/19
07/19
11/19
03/20
07/20
11/20
03/21
07/21
11/21
03/22
07/22
11/22
03/23
07/23
11/23
03/24
07/24
11/24
03/25
07/25
11/25
03/26
07/16
11/16
03/17
07/17
11/17
03/18
07/18
11/18
03/19
07/19
11/19
03/20
07/20
11/20
03/21
07/21
11/21
03/22
07/22
11/22
03/23
07/23
11/23
03/24
07/24
11/24
03/25
07/25
11/25
03/26
(X)
30.00
25.00
20.00
15.00
10.00
5.00
_
SectrAerageP/E(LHS)ReaeP/ETTOPX(RHS)
1.601.401.201.000.800.600.400.20
0.00
24-monthforwardP/BandrelativeP/BtoTOPIX
24-monthforwardP/EandrelativeP/EtoTOPIX
07/16
11/16
03/17
07/17
11/17
03/18
07/18
11/18
03/19
07/19
11/19
03/20
07/20
11/20
03/21
07/21
11/21
03/22
07/22
11/22
03/23
07/23
11/23
03/24
07/24
11/24
03/25
07/25
11/25
03/26
07/16
11/16
03/17
07/17
11/17
03/18
07/18
11/18
03/19
07/19
11/19
03/20
07/20
11/20
03/21
07/21
11/21
03/22
07/22
11/22
03/23
07/23
11/23
03/24
07/24
11/24
03/25
07/25
11/25
03/26
(X)
3.00
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
(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:BBGconsensusandsharepriceasof6/17/2026
Source:BloombergFinanceL.P.consensus,J.P.Morganestimates
Enddemandassumptions
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
2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q
cy18cy19cy20cy21cy22cy23cy24cy25cy26
Teecm
160.00140.00120.00100.0080.0060.0040.0020.00
0.00
2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q
cy18cy19cy20cy21cy22cy23cy24cy25cy26
Pc&server
ForAutomotive(2Q18=100)
ForIndustrialApplications(2Q18=100)
180.00160.00140.00120.00100.0080.0060.0040.0020.00
0.00
2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q
cy18cy19cy20cy21cy22cy23cy24cy25cy26
ndustria
120.00100.0080.0060.0040.0020.00
0.00
2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q
cy18cy19cy20cy21cy22cy23cy24cy25cy26
Autmtive
Source:BasedoncompanydatafromMurataMfg.,TDK,TaiyoYuden,Rohm,Nidec,MinebeaMitsumi,HiroseElectric,JAE,Ibiden,Kyocera,Nichicon,
Quarterlyautomotivecomponentrevenuesand$contentspercar,comparisonwiththeoreticalcontentsgrowth
Automotivecomponentrevenuesfor14$contentspercarfor14Japanesecomponentmakers
Japanesecomponentmakers
40.00%
30.00%
20.00%
10.00%
0.00%
_10.00%
_20.00%
_30.00%1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q
cy16cy17cy18cy19cy20cy21cy22cy23cy24cy25cy26
$contentspercarfor14Japanesecomponentmakers($,hs)yoy%chg.(rhs)
300.00
250.00
200.00
150.00
100.00
50.00
0.00
6,000
5,000
4,000
3,000
2,000
1,000
0
1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Qcy16cy17cy18cy19cy20cy21cy22cy23cy24cy25cy26
TotaofAutomotiveRevenuesforfor14Japanesecomponentmakers($mn,hs)
yoy%chg.(rhs)
80.00%
60.00%
40.00%
20.00%
0.00%
_20.00%
40.00%
_60.00%
350
300
250
200
150
100
50
0
Comparisonbetween$contentspercarfor14Japanesecomponentmakersandtheoretical$contentstrend
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
cy15
cy16
cy17
cy18
cy19
cy20
cy21
cy22
cy23
cy24
cy25
cy26
contentspercar($)cAGR+6%peryearcAGR+7%peryear
Source:CompanydatafromIbiden,Niterra,MabuchiMotor,MurataMfg.,TDK,TaiyoYuden,Nichicon,NipponChemi-con,NipponDenpaKogyo,AlpsAlpine,HiroseElectric,JAE,Yokowo,Rohm,J.P.Morgan
Comparisonofautomotivesemiconductorsandelectroniccomponents
$contentscomparisonformajoranalog/discrete/MCUmakersand
14Japanesecomponentmakers
AutomotiveSEMIrevenuesformajoranalog/discrete/MCUmakers
MajorAnaogandDiscretesemimakersrevenueforAutomotive($mn)
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q
cy2019cy2020cy2021cy2022cy2023cy2024cy2025cy2026
Autosemi,JapanAutocomponent$contentspercar($)
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q
cy2019cy2020cy2021cy2022cy2023cy2024cy2025cy2026
semiDoarcontentspercarJapanEeccompDoarcontentspercar
450
400
350
300
250
200
150
100
50
0
YoY%changeof$contentsformajoranalog/discrete/MCUmakersand14Japanesecomponentmakers
Renesas(Automotive)ROHM(Automotive)NXP(Automotive)ON(Automotive)sTM(ADG)FX(ATV)
Note:Forsemiconductors,itisthetotalofIFX,STM,ONSemiconductor,NXP,Rohm,andRenesas
Electronics;forJapaneseelectroniccomponents,itisthetotalofIbiden,Niterra,MabuchiMotor,MurataMfg.,TDK,TaiyoYuden,Nichicon,NipponChemi-con,NipponDenpaKogyo,AlpsAlpine,Hirose
Electric,JAE,andYokowo.
Source:Companydata,J.P.Morgan
Autosemi,JapanAutocomponent$contentspercar($)
1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Qcy2019cy2020cy2021cy2022cy2023cy2024cy2025cy2026
semiDoarcontentspercarJapanEeccompDoarcontentspercar
70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
_10.00%
_20.00%
_30.00%
FAmakerssales/ordersvs.industrialcomponentsales
FAmakerssalesandindustrialcomponentsales
index(2Q18=100)
FAmakersordersandindustrialcomponentsales
index(2Q18=100)
180.00160.00140.00120.00100.0080.0060.0040.0020.00
0.00
2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q
cy18cy19cy20cy21cy22cy23cy24cy25cy26
componentsaesFAsaes
180.00160.00140.00120.00100.0080.0060.0040.0020.00
0.00
2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q
cy18cy19cy20cy21cy22cy23cy24cy25cy26
componentsaesFAorder
Note:FAmanufacturersareFanuc,SMC,andYaskawaElectric;theelectroniccomponentsarefromMurataManufacturing,TDK,TaiyoYuden,Rohm,Nidec,MinebeaMitsumi,Hirose,JAE,Ibiden,Kyocera,Nichicon,NipponChemi-con,Niterra,andNissha.
MLCCrevenuebyapplication$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
4,500
4,000
3,500
3,000
$mn
2,500
2,000
1,500
1,000
500
1
0
Q3Q1cy10
Q3Q1Qcy2y26
Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q1
cy11
cy12
cy13
cy14
cy15
cy16
cy17
cy18
cy19
cy20
cy21
cy22
cy23
cy24
AutomotivecomputerTeecomcustomerndustria&0thers
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
1
0%
26
Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q3Q
1Q
cy10
cy11
cy12
cy13
cy14
cy15
cy16
cy17
cy18
cy19
cy20
cy21
cy22
cy23
cy24
cy2y
AutomotivecomputerTeecomcustomerndustria&0thers
Note:CompanydataincludesMurata,TaiyoYuden,TDKandSEMCO
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
MurataTaiyoYudenTDKKyoceraSEMCOYageo
MLCCrevenuemarketshare(yearly,quarterly)
$mn
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
MurataTaiyoYudenTDKKyoceraSEMCOYageo
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q
CY14CY15CY16CY17CY18CY19CY20CY21CY22CY23CY24CY25CY26
MurataTaiyoYudenTDKKyoceraSEMCOYageo
$mn
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1QCY14CY15CY16CY17CY18CY19CY20CY21CY22CY23CY24CY25CY26
MurataTaiyoYudenTDKkyoceraSEMCOYageo
CY24
CY25
CY26
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
44%
44%
43%
44%
42%
45%
45%
46%
45%
12%
12%
12%
12%
12%
13%
12%
11%
11%
14%
13%
12%
12%
12%
12%
12%
13%
13%
18%
19%
23%
21%
23%
24%
25%
24%
24%
12%
12%
11%
11%
11%
6%
6%
6%
7%
M/S
CY201Q
41%
13%
11%
25%
10%
CY23
CY211Q
41%
12%
11%
25%
11%
3Q
40%
13%
10%
25%
12%
4Q
42%
13%
10%
24%
11%
2Q
41%
12%
10%
27%
10%
4Q
42%
12%
11%
23%
12%
3Q
40%
12%
10%
26%
12%
2Q
42%
12%
10%
25%
12%
1Q2Q3Q4Q
Murata
TaiyoYudenTDK
SEMCO
Others
CY22
1Q2Q3Q4Q
41%
12%
11%
25%
12%
44%
12%
15%
17%
11%
43%
12%
12%
21%
12%
43%
12%
14%
18%
13%
42%41%43%45%
12%
11%
11%
12%
15%
15%
14%
13%
18%
20%
19%
17%
13%
12%
12%
12%
Note:CompanydataincludesMurata,TaiyoYuden,TDKandSEMCO
MLCC
Salesbyapplication
$mn
ForSmartphone
1,600
1,400
1,200
1,000
800
600
400
200
0
1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q
cy10cy11cy12cy13cy14cy15cy16cy17cy18cy1gcy20cy21cy22cy23cy24cy2y26
ForPC/Servers
$mn
1,000
g00
800
700
600
500
400
300
200
100
0
1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q
cy10cy11cy12cy13cy14cy15cy16cy17cy18cy1gcy20cy21cy22cy23cy24cy2c5y26
ForAutomotive
$mn
0
1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Qcy10cy11cy12cy13cy14cy15cy16cy17cy18cy1gcy20cy21cy22cy23cy24cy2y26
1,400
1,200
1,000
800
600
400
200
ForConsumerandOthers
$mn
600
500
400
300
200
100
0
1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q
cy10cy11cy12cy13cy14cy15cy16cy17cy18cy1gcy20cy21cy22cy23cy24cy2c5y26
MLCC$contentsforsmartphones,computers,autos
MLCC
3.503.002.502.001.501.000.50
0.00
1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q
60%
50%
40%
30%
20%
10%
0%
_10%
_20%
_30%
_40%
cy11cy12cy13cy14cy15cy16cy17cy18cy1gcy20cy21cy22cy23cy24cy5y26
$contentsperhandset
MLcccontentsperhandset(hs,$)yoy%chg.(rhs)
MLCC$contentspercomputer
8.007.006.005.004.003.002.001.00
0.00
2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q2Q4Q
cy16cy17cy18cy1gcy20cy21cy22cy23cy24cy2y26MLcc$contentsperbox(LHS,$)yoy%chg.(RHS)
80%
60%
40%
20%
0%
_20%
_40%
_60%
70.0060.0050.0040.0030.0020.0010.00
0.00
1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q
cy11cy12cy13cy14cy15cy16cy17cy18cy1gcy20cy21cy22cy23cy24cy5y26
MLcccontentspercar(hs,$)yoy%chg.(rhs)
120%
100%
80%
60%
40%
20%
0%
_20%
_40%
_60%
MLCC$contentspercar
Note:CompanydataincludesMurata,TaiyoYuden,TDKandSEMCO
Source:Companydata,J.P.Morgan
AutomotiveMLCC:$contentspercar,marketshare,marketsize
AutomotiveMLCCrevenuesformajorfoursuppliers
$contentspercarofMLCCformajorfoursuppliers
AutomotiveMLCCmarketshareforfourmajormakers
Note:CombinedTotalforMurataMfg.,TDK,TaiyoYudenandSEMCO
Source:J.P.Morgan,Companydata.
MLCCSalesforecastbyapplication
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
ConsumerPC/TabletTelecomAutomotiveOthersServerAIServer
$mn
0
CY20CY21CY22CY23CY24CY25CY26ECY27ECY28ECY29ECY30E
ConsumerPC/TabletPCsTelecomAutomotiveOthersServers
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
$mnCY10CY11CY12CY13CY14CY15CY16CY17CY18CY19CY20CY21CY22CY23CY24CY25CY26ECY27ECY28ECY29ECY30E
Consumer1,8111,5771,2219098237568729211,1841,0131,1121,3171,002764725870887905923942960
YoY%chg.
-12.9%
-22.6%
-25.6%
-9.4%
-8.2%
15.3%
5.6%
28.5%
-14.4%
9.8%
18.4%
-23.9%
-23.8%
-5.1%
20.0%
2.0%
2.0%
2.0%
2.0%
2.0%
PC/Tablet
1,577·
1,467·
1,450
985·
803
679·
848
949·
1,379
1,443·
1,629
1,898·
1,617
1,029·
1,226
1,532·
1,543·
-1,610·
1,689
1,757·
1,828
-6.9%
YoY%chg.
24.9%
11.9%
45.3%
4.6%
12.9%
16.5%-14.8%-36.3%
19.1%
25.0%
0.7%
4.4%
4.9%
4.0%
4.0%
-1.2%-32.1%-18.5%-15.5%
Server3904214304384514655116148599021,0821,5158375988161,2002,2584,5279,42014,25119,644
8.0%
2.0%
2.0%
3.0%
3.0%
10.0%
20.0%
40.0%
5.0%
20.0%
YoY%chg.
36.4%
47.1%
88.2%
100.5%
108.1%
51.3%
37.8%
40.0%-44.7%-28.6%
Telecom
1,790
2,510
2,994
2,820
2,737
3,013
3,098
3,238
4,114
4,036
4,552
4,997
3,761
3,095
3,105
3,516
3,187·
3,349
3,518
3,696
3,883
YoY%chg.
40.2%
19.3%
-5.8%
-2.9%
10.1%
2.8%
4.5%
27.1%
-1.9%
12.8%
9.8%
-24.7%
-17.7%
0.3%
13.2%
-9.4%
5.1%
5.1%
5.1%
5.1%
Automotive
740·
864·
1,013
1,080·
1,175
1,332·
1,684
1,957·
2,559
3,036·
3,046
4,119·
4,252
4,409·
4,508
4,921
5,146·
5,646·
6,110
6,682·
7,234
YoY%chg.
16.8%
17.2%
6.6%
8.8%
13.4%
26.4%
16.2%
30.7%
18.7%
0.3%
35.2%
3.2%
3.7%
2.2%
9.2%
4.6%
9.7%
8.2%
9.4%
8.3%
Others
627
545·
391
302·
365
411·
431
745·
1,065
888·
964
1,229·
926
765·
753
631
644·
656·
670
683
697
YoY%chg.
-13.0%
-28.4%
-22.7%
21.0%
12.5%
4.9%
73.0%
42.9%
-16.7%
8.6%
27.6%
-24.7%
-17.4%
-1.6%
-16.2%
2.0%
2.0%
2.0%
2.0%
2.0%
Total
6,934
7,384
7,498
6,534
6,354
6,656
7,444
8,424
11,160
11,318
12,385
15,076
12,395
10,659
11,133
12,671
13,665
16,694
22,330
28,010
34,246
yoy%chg.
6.5%
1.5%
-12.9%
-2.7%
4.8%
11.8%
13.2%
32.5%
1.4%
9.4%
21.7%
-17.8%
-14.0%
4.4%
13.8%
7.8%
22.2%
33.8%
25.4%
22.3%
ConsumerPC/TabletServer
Telecom
Automotive
Others
AIServer
26%
23%
6%
26%
11%
9%
21%
20%
6%
34%
12%
7%
16%
19%
6%
40%
14%
5%
14%
15%
7%
43%
17%
5%
13%
13%
7%
43%
18%
6%
11%
10%
7%
45%
20%
6%
12%
11%
7%
42%
23%
6%
11%
11%
7%
38%
23%
9%
11%
12%
8%
37%
23%
10%
9%
13%
8%
36%
27%
8%
9%
13%
9%
37%
25%
8%
9%
13%
10%
33%
27%
8%
8%
13%
7%
30%
34%
7%
7%
10%
6%
29%
41%
7%
1%
7%
12%
9%
28%
39%
5%
5%
7%
11%
7%
28%
40%
7%
3%
6%
11%
17%
23%
38%
5%
11%
5%
10%
27%
20%
34%
4%
22%
4%
8%
42%
16%
27%
3%
37%
3%
6%
51%
13%
24%
2%
47%
3%
5%
57%
11%
21%
2%
53%
Source:J.P.Morganestimates
MLCCutilizationformajorfourmakers
110.0%
100.0%
90.0%
80.0%
70.0%
50.0%
60.0%
2Q4Q
2Q4Q
2Q4Q
2Q4Q
2Q4Q
2Q4Q
2Q4Q
2Q4Q
2Q4Q
2Q4Q
2Q4Q
2Q4Q
2Q4Q
2Q
cOE
cy13
cy14
cy15
cy16
cy17
cy18
cy19
cy20
cy21
cy22
cy23
cy24
cy25
cy26
simpeaerageUT
Source:Companydata(MurataMfg.,TaiyoYuden,SEMCO,TDK),J.P.Morgan
MLCCmonthlycapacityandyoy%chg.
(bnunits/month)
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
800.00
700.00
600.00
500.00
400.00
300.00
200.00
100.00
0.00
MurataTaiyoYudenTDKSEMCOYageoyoy%chg.
Source:Companydata(MurataMfg.,TaiyoYuden,SEMCO,TDKandYageo),J.P.Morganestimates
MurataMfg.factoryproduction
Announced
Products
Location
Startofconstruction
Completion
Building
TotalCapexforbuilding(¥mn)
ConstructionSize
Totalfloorarea(m^2)
Buildingarea(m^2)
Totalarea(m^2)
2014/09
MLCC
Fukui
2014/12
2015/09
ForProduction
10,000
Steelframeabove5stories
22,620
3,600
-
2015/04
R&D
Nagaoka
2015/05
2016/02
TrainingFacilities
NA
Steelframeabove2/3stories
Training3,386
Lodging953
Training2,006
Lodging357
-
2015/05
MLCC
Izumo
2015/04
2015/12
ForProduction
18,000
Steelframeabove4stories
5,334
1,331
-
2015/05
MLCC
Izumo
2015/04
2016/10
ForProduction
Steelframeabove6stories
22,436
3,504
-
2015/10
NA
Kanazawa
2015/11
2016/09
ForProduction
12,000
Steelframeabove7stories
34,709
5,694
-
2015/12
Tooling
Sabae
2016/01
2017/01
ForProduction
2,700
Steelframeabove4stories
8,181
1,500
-
2016/05
Modules
Komoro
2016/08
2017/05
ForProduction
NA
Steelframeabove5stories
10,624
2,537
-
2016/7
MLCC
Toyama
2016/10
2017/06
ForProduction
NA
Steelframeabove6stories
28,500
4,443
-
2016/10
MLCC
Fukui
2017/02
2017/10
ForMaterialProduction
10,000
Steelframeabove7stories
18,119
3,522
-
2017/03
Inductor
Tome
2016/05
2017/03
ForProduction
1,900
Steelframeabove3stories
5,750
NA
-
2017/03
HQ
Nagaokakyo
2016/03
2017/03
NA
NA
Steelframeabove2/3stories
9,525
NA
-
2017/06
NA
Komoro
2016/08
2017/06
ForProduction
NA
Steelframeabove5stories
10,624
2,537
-
2017/06
Metrocirc
Toyama
2016/10
2017/06
ForProduction
17,000
Steelframeabove6stories
29,299
5,906
-
2017/07
MLCC
Yokaichi
2016/08
2017/07
ForMaterial
NA
Steelframeabove7stories
12,574
1,985
-
2017/10
Metrocirc
Wakura
2018/02
2019/01
ForProduction
3,500
Steelframeabove3stories
11,310
3,310
-
2017/10
Metrocirc
Kanawaza/Nomi
2017/10
2017/10
Factoryacquisition
NA
NA
NA
NA
121,760
2017/11
MLCC
Fukui
2017/02
2017/11
ForProduction
10,000
Steelframeabove10stories
18,119
3,500
-
2017/11
NA
Okayama
2017/12
2018/11
ForProduction
10,000
Steelframeabove6stories
28,384
4,908
-
2017/11
R&D
Yokohama
2018/05
2020/10
Innovationcenter
40,000
Steelframeabove18/
below2stories/1towerbuilding
65,335
7,415
7,415
2017/12
NA
Okayama
2017/04
2017/12
ForLogistic
1,600
Steelframeabove5stories
4,893
1,317
-
2018/03
MLCC
Philippine
2017/02
2018/03
ForProduction
5,000
RCabove2stories
73,117
32,278
-
2018/05
Metrocirc
Ise
2018/06
2019/04
ForProduction
4,000
Steelframeabove6stories
13,887
2,779
-
2018/06
MLCC
Fukui
2018/06
2019/12
ForProduction
29,000
Steelframeabove6stories
Production:54,144
Energy:4,295
Production:9,383
Energy:1,800
-
2018/06
MLCC
Izumo
2017/05
2018/06
Logistic,Welfare
3,800
Steelframeabove3/6stories
L7,319/W4,640
L1,470/F1,914
-
2018/08
Battery
Wuxi
-
2018/08
Logistic,Welfare
16,000
Productionsteelframeabove5storiesWelfaresteelframeabove6stories
Production:88,178
Welfare:7,308
22,508
-
2018/08
MEMSsensor
Finland
2018/08
2019/12
ForProduction
5,000
Above5stories
16,000
NA
-
2018/09
MLCC
Izumo
2018/10
2019/11
ForProduction
40,000
Production:Steelframeabove4storiesEnergy:Steelframeabove3stories
41,125
10,210
-
2018/10
MLCC
Okayama
2018/10
2019/10
ForProduction,Material
10,000
Steelframeabove5/below1stories
25,845
5,841
-
2018/10
NA
Malaysia
2018/10
2020/01
ForProduction
4,000
Reinforcedconcrete,3floorsaboveground/
1towerbuilding
23,007
7,699
-
2018/11
MLCC
Wuxi
2018/11
2019/12
ForProduction
14,000
Production:Reinforecedconcrete,4storiesOffice:Reinforcedconcrete.5stories
Energy:Reinforcedconcrete,3stories
Poduction:94,925
Office:15,708
Energy:16,595
Poduction:22,155
Office:15,708
Energy:16,595
-
2019/12
EMIFilter/AntennaCoil
Thailand
2018/12
2019/10
ForProduction
EMIFilterPlant:1,500
AntennaCoilPlant:1,400
EMIFilterPlant:Reinforcedconcrete,2stories
AntennaCoilPlant:Reinforecedconcrete,2stories
EMIFilterPlant:9,993
AntennaCoilPlant:9,995
EMIFilterPlant:5,166
AntennaCoilPlant:5,138
-
2019/07
ElectrodeMaterials
Shiga(Yasu)
2019/07
2021/02
ForMaterialProduction
14,000
Steelframeabove7stories
23,052
4,289
-
2019/08
MLCC
Shimane(Izumo)
2019/08
2020/07
ForProduction
4,990
Steelframeabove4stories
9,328
2,812
-
2019/12
Ceramicmaterial
Okayama
2019/12
2020/12
ForProduction
16,000
Production:Steelframeabove7storiesOffice:Steelframeabove3stories
Energy:Steelframeabove2stories
Production:33,262
Office:3,812
Energy:1,706
Production:5,306
Office:1,361
Energy:873
-
2021/11
RFmodule
Nagano
2021/11
2022/12
ForProduction
5,770
Steelframeabove5stories
13,460
3,300
-
2021/11
MLCC
Thailand
2021/07
2023/03
ForProduction
12,000
Reinforcedconcrete,2floorsaboveground
80,950
35,088
-
2022/01
R&D(Platingtechnology)
Fukui(Sabae)
2022/02
2023/08
ForR&D
6,400
Steelframeabove6/below1stories
11,322
1,797
-
2022/03
MLCC
Shimane(Izumo)
2022/03
2023/04
ForProduction
12,000
Steelframeabove4stories
22,120
6,314
-
2022/03
NA
Shenzhen
2020/12
2022/03
Welfare
NA
Reinforcedconcreteabove5stories
9,446
2,019
-
2022/05
NA
Yokaichi
2022/05
2023/05
Welfare
3,550
Steelframe,above3stories(4storiesinsomeareas)
6,584
2,400
-
2022/06
Inductor
DaNang
2022/06
2023/08
ForProduction
4,320
RCabove4stories
22,637
5,486
-
2022/11
MLCC
Wuxi
2022/11
2024/04
ForProduction
44,500
Production:RCabove3stories
Wareghouse:Steelframeabove4storiesEC:RC,1basementlevel,above4stories
Production:27,140
Warehouse:11,630
EC:12,519
Production:6,557
Warehouse:2,797
EC:2,409
-
2023/08
MLCC
Philippines
2023/08
2025/09
ForProduction
11,200
RCabove2stories
77,981
32,454
-
2024/5
MLCC
Izumo
2024/3
2026/3
ForProduction
47,000
NA
69,676
10,742
2025/05
Inductor
HoChiMinh
2025/05
20261H
ForProduction
3,000
RCabove3stories
10,576
3,500
-
2026/02
MLCC
Fukui(Echizen)
2023/11
2026/02
ForR&D
35,000
Steelframeabove5stories
41,709
-
54,450
2026/05
Thermistor
Yokaichi
2026/05
2026/08
ForProduction
16,900
Steelframe,5stories
18,010
2,951
-
2026/05
Chipinductors
noisesuppressionfilters
Miyagi(Tome)
2026/05
2027/12
ForProduction
9,700
Steelframe,4stories
13,391
3,902
-
Source:Companydata
MLCCsupply-demandmodel
bnunits
20%
15%
10%
5%
0%
-5%
-10%
2017201820192020202120222023202420252026E2027E2028E2029E2030E
MLCCindustryprocurement(RHS)MLCCindustryvolume(supply,RHS)MLCCindustryS-D(%,LHS)
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
-
Source:Companydata,J.P.Morganestimates
MLCCcapacityutilizationandtrendofimpactonoperatingprofitfrompricedeclines
MurataMfg.–ImpactonoperatingprofitfrompricedeclinesandMLCCindustrycapacityutilization
TaiyoYuden–ImpactonoperatingprofitfrompricedeclinesandMLCCindustrycapacityutilization
100.0%
90.0%
80.0%
70.0%
60.0%2Q4Q2Q4Q2Q4Q2Q4
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