MLCC is a widely used passive component. Ceramic capacitors have the characteristics of small volume and large voltage range. They occupy more than half of the market share in the capacitor market, and multilayer ceramic capacitors have become the main ceramic capacitors. MLCC downstream mobile terminals, automobiles and military applications account for the highest proportion. According to the data of Zhiduoxing consultant, the application proportions of the three are 33.3%, 13.8% and 12.3% respectively in 2020, accounting for about 59.4% in total. According to the China electronic components industry association, the global MLCC market will reach 101.7 billion yuan in 2020. Driven by the development of 5g and automotive electronics industry, MLCC industry is expected to grow steadily in the next few years.
MLCC production process and equipment: MLCC is made by alternately stacking ceramic dielectric and metal internal electrode and co firing. Two adjacent internal electrodes form a sector capacitor, and an MLCC is equivalent to several such sector capacitors in parallel. The specific equipment includes tape casting machine, printing machine, laminating machine, sintering furnace, detection and packaging equipment, etc. According to estimates, the global MLCC equipment market size is about 54.4 billion yuan. Assuming that the global MLCC expands its production at a rate of 10% per year and the renewal cycle of the stock production line is 10 years, the annual new market scale of MLCC equipment is about 10.9 billion yuan.
China's MLCC enterprises actively expand production, and equipment manufacturers are expected to develop rapidly. Under the background of industry improvement and localization, Chinese MLCC enterprises have strong willingness to expand production. In 2021, Guang Dong Fenghua Advanced Technology (Holding) Co.Ltd(000636) , Chaozhou Three-Circle(Group) Co.Ltd(300408) and other enterprises announced large-scale production expansion plans. The barrier of MLCC core equipment is relatively high. Previously, high-end tape casting machine, laminating machine and six face detector were mainly supplied to Japanese and Korean enterprises. With the development of China's MLCC industry and the continuous progress of Chinese enterprise technology, China's MLCC equipment manufacturers have gradually made breakthroughs in some links and are expected to achieve rapid development. Taking ODV under Zhuhai Bojay Electronics Co.Ltd(002975) as an example, the detection speed of its six face detection machine has exceeded 1W pieces / min, the detection speed and accuracy have reached the industry-leading level, and the localization has been promoted rapidly.
Beneficiary objects: Zhuhai Bojay Electronics Co.Ltd(002975) , Shenzhen Lihexing Co.Ltd(301013) etc.
Risk tip: the prosperity of the industry is declining or the downstream expansion is less than expected; Technology research and development is less than expected.
