Japan is the world's largest producer of RCL and quartz devices. Although this earthquake did not seriously endanger the local production plants, it caused a shortage of electricity and raw materials, and indirectly affected the production of passive device factories. This effect may not be eliminated in the next 3-9 months, which is aggravated by the already passive supply of passive devices. Especially for the aluminum electrolytic capacitor industry with large electricity demand and the MLCC industry with high precision production requirements, the production capacity has a great influence.
Giants such as Nichicon, Nippon-Chemicon, Murata, TDK, and Taiyo Yuden have either confirmed the damage suffered in the earthquake or have not released the news. On the one hand, the industry is concerned about the production capacity of components, and on the other hand, it makes predictions on the alternative opportunities for Chinese manufacturers. .
Inductors account for 81% of global Japan chip inductors, 76% of solid capacitors, aluminum capacitors, and 52% of MLCCs. They are the world's largest, with a chip resistance of 39%, ranking second in the world, second only to Taiwan. In the earthquake, TDK shut down a production plant. Murata closed the Miyagi prefectural EMI suppression filter and coil manufacturing plant, Sendai Piezoelectric and high-frequency component manufacturing plant, and Hill's functional polymer capacitor. Factory.
In the inductor market, due to the development of Sunlord Electronics in recent years, the proportion of Japanese corporate customers in sales has decreased, but Japanese customers led by Panasonic still account for a large proportion; on the other hand, major competitors Murata, TDK, etc. Manufacturers are also Japanese companies.
Capacitors affected by the earthquake (Fukushima and the surrounding area) are one of the major concentrations of Japanese aluminum electrolytic capacitor manufacturers. Take Nichicon as an example. From the geographical point of view, Nichicon's affected aluminum electrolytic capacitor production plants and business divisions are mainly located in Nagano, Hotaka, Ohmachi and Tomita. The Rubycon is mainly affected by Akita and Fukushima's two factories and business units. Chemi-con also has several factories and divisions in Fukushima and Iwate. In particular, Chemi-con's specializing in the production of foiled sorghum plants (that is, the former KDK foil plant before the merger) was particularly affected, which may have hit the chemical foil industry chain that was originally hit by Chinese companies.
Guosen Securities stated that we believe that China’s export demand for aluminum electrode foil in Japan will be greatly affected in the short term, but it will directly benefit Chinese aluminum electrolytic capacitor manufacturers (especially high-end manufacturers). In the medium and long term, we believe that this earthquake event may affect the industrial layout of Japan's aluminum electrolytic capacitors. The first part of nuclear radiation may form long-term (or even permanent) storage. Japanese aluminum capacitor manufacturers will have to accelerate the external transfer of their own industrial chain, which will provide enterprises with technological advantages and industrial chain advantages in China. Forming good.
According to news reports, Nippon-Chemicon Aluminum Capacitors Co., Ltd. said that since the original plant is located in the northeast of Japan, aluminum capacitors are naturally afraid of the salt in the air, so the plant is located Inland, at present, the original production line is not affected by the earthquake. Moreover, as up to 60% of Jiameigong's production capacity has been produced overseas, it is expected that the impact of the earthquake on supply will be reduced.
Japanese companies in the MLCCL field Murata from high capacity to low capacity product line is complete, other Japanese manufacturers are mainly high-capacity MLCC-based, the domestic can produce high capacity only Fenghua Gaoke, Yuyang technology, a few, these companies are expected in the next six months Benefit from domestic high-capacity import substitution of MLCC and transfer of orders from foreign manufacturers.
Guoxin Securities believes that domestic Farah Electronics has strong competitiveness in thin-film capacitors and Jianghai shares in the global market for aluminum electrolytic capacitors. Jianghai shares have a large gap with Japan's major rivals such as Chemicon and Nichicon. If overseas competitors are affected more, there will be greater demand for import substitution.
Resistance Industrial and Commercial Times reported that Murata's three plants in and around Miyagi Prefecture in Japan have been suspended, and the damage situation remains to be clarified. The products produced by these three factories include EMI suppression filters, MLCCs, and surface acoustic waves. Filters, etc.
The savvy news sources pointed out that Taiwanese agents, including Mikvision, who represents the Sunjuice MLCC, were unable to respond to the original post-earthquake situation.
Protection components Japan's protection component manufacturers are not located in the northeastern part of Japan. Currently, they are initially affected by earthquakes, and the protection components are not high-precision products. Therefore, as long as factories and equipment are not damaged after the earthquake, there should be no production capacity. As for the upstream raw materials for the protective components, many of them are supplied by Japanese companies, but the raw materials are mostly moved to overseas regions such as Southeast Asia, and it is expected that the protection of components will not cause supply problems.
The demand and competition of passive components and raw material manufacturers are affected at the same time, and the overall impact is limited.
Giants such as Nichicon, Nippon-Chemicon, Murata, TDK, and Taiyo Yuden have either confirmed the damage suffered in the earthquake or have not released the news. On the one hand, the industry is concerned about the production capacity of components, and on the other hand, it makes predictions on the alternative opportunities for Chinese manufacturers. .
Inductors account for 81% of global Japan chip inductors, 76% of solid capacitors, aluminum capacitors, and 52% of MLCCs. They are the world's largest, with a chip resistance of 39%, ranking second in the world, second only to Taiwan. In the earthquake, TDK shut down a production plant. Murata closed the Miyagi prefectural EMI suppression filter and coil manufacturing plant, Sendai Piezoelectric and high-frequency component manufacturing plant, and Hill's functional polymer capacitor. Factory.
In the inductor market, due to the development of Sunlord Electronics in recent years, the proportion of Japanese corporate customers in sales has decreased, but Japanese customers led by Panasonic still account for a large proportion; on the other hand, major competitors Murata, TDK, etc. Manufacturers are also Japanese companies.
Capacitors affected by the earthquake (Fukushima and the surrounding area) are one of the major concentrations of Japanese aluminum electrolytic capacitor manufacturers. Take Nichicon as an example. From the geographical point of view, Nichicon's affected aluminum electrolytic capacitor production plants and business divisions are mainly located in Nagano, Hotaka, Ohmachi and Tomita. The Rubycon is mainly affected by Akita and Fukushima's two factories and business units. Chemi-con also has several factories and divisions in Fukushima and Iwate. In particular, Chemi-con's specializing in the production of foiled sorghum plants (that is, the former KDK foil plant before the merger) was particularly affected, which may have hit the chemical foil industry chain that was originally hit by Chinese companies.
Guosen Securities stated that we believe that China’s export demand for aluminum electrode foil in Japan will be greatly affected in the short term, but it will directly benefit Chinese aluminum electrolytic capacitor manufacturers (especially high-end manufacturers). In the medium and long term, we believe that this earthquake event may affect the industrial layout of Japan's aluminum electrolytic capacitors. The first part of nuclear radiation may form long-term (or even permanent) storage. Japanese aluminum capacitor manufacturers will have to accelerate the external transfer of their own industrial chain, which will provide enterprises with technological advantages and industrial chain advantages in China. Forming good.
According to news reports, Nippon-Chemicon Aluminum Capacitors Co., Ltd. said that since the original plant is located in the northeast of Japan, aluminum capacitors are naturally afraid of the salt in the air, so the plant is located Inland, at present, the original production line is not affected by the earthquake. Moreover, as up to 60% of Jiameigong's production capacity has been produced overseas, it is expected that the impact of the earthquake on supply will be reduced.
Japanese companies in the MLCCL field Murata from high capacity to low capacity product line is complete, other Japanese manufacturers are mainly high-capacity MLCC-based, the domestic can produce high capacity only Fenghua Gaoke, Yuyang technology, a few, these companies are expected in the next six months Benefit from domestic high-capacity import substitution of MLCC and transfer of orders from foreign manufacturers.
Guoxin Securities believes that domestic Farah Electronics has strong competitiveness in thin-film capacitors and Jianghai shares in the global market for aluminum electrolytic capacitors. Jianghai shares have a large gap with Japan's major rivals such as Chemicon and Nichicon. If overseas competitors are affected more, there will be greater demand for import substitution.
Resistance Industrial and Commercial Times reported that Murata's three plants in and around Miyagi Prefecture in Japan have been suspended, and the damage situation remains to be clarified. The products produced by these three factories include EMI suppression filters, MLCCs, and surface acoustic waves. Filters, etc.
The savvy news sources pointed out that Taiwanese agents, including Mikvision, who represents the Sunjuice MLCC, were unable to respond to the original post-earthquake situation.
Protection components Japan's protection component manufacturers are not located in the northeastern part of Japan. Currently, they are initially affected by earthquakes, and the protection components are not high-precision products. Therefore, as long as factories and equipment are not damaged after the earthquake, there should be no production capacity. As for the upstream raw materials for the protective components, many of them are supplied by Japanese companies, but the raw materials are mostly moved to overseas regions such as Southeast Asia, and it is expected that the protection of components will not cause supply problems.
The demand and competition of passive components and raw material manufacturers are affected at the same time, and the overall impact is limited.
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