20230130_东方证券_电子行业证券研究报告：国产化与需求共振MLCC拐点可期_25页.pdf
|MLCC MLCC MLCC MLCC 93%MLCC MLCC 21 22 MLCC 1 TrendForce MLCC 2 22Q4 MLCC MLCC MLCC MLCC 2026 1547 2021 MLCC 484 MLCC 1 IDC 2021 13.7 5G 42%2022-2025 5G 14%2025 5G 70%5G MLCC 2 MLCC MLCC 18000 6 3 MLCC MLCC MLCC 2020 CR3/CR5 66%/82%79%6%MLCC MLCC MLCC 5G MLCC MLCC 2017 17/2020 100/2020 2021 MLCC 5400 MLCC MLCC MLCC MLCC MLCC/2023 01 30 021-63325888*8514 S0860514050005 BPT856 S0860522090002 MLCC MLCC 2 1 MLCC.5 1.1 MLCC.5 1.2 MLCC.6 1.3 MLCC.9 2 MLCC.10 2.1 MLCC.10 2.2 MLCC.12 2.3 MLCC.13 3.14 3.1.14 3.2 MLCC.15 4.17 4.1.17 4.2.19 4.3.20 5.22 ZXAZxOtOtQoPtNpMtOsNoP9PaO8OsQmMsQsRjMrRmNkPoNnNaQqRtPvPpMnOwMrMqO MLCC 3 1 MLCC.5 2 MLCC.5 3 2020.5 4 MLCC.6 5 MLCC.6 6 MLCC.7 7 MLCC.7 8 MLCC.7 9 MLCC.8 10 MLCC.8 11 2019 MLCC.8 12 MLCC 2020.9 13 2005-2022 MLCC.9 14 2022 MLCC.10 15.10 16 5G.11 17 MLCC.11 18 MLCC.11 19 MLCC.11 20 2021-2025.11 21 MLCC.12 22.13 23.13 24 MLCC.13 25.13 26 MLCC.13 27 MLCC.14 28 MLCC 2020.14 29 MLCC 2020.15 30 2018-2021 MLCC.15 31 2017-2020 MLCC.15 32 2017-2020 MLCC/.15 33 MLCC.15 34.16 MLCC 4 35 2017-2020 MLCC/.17 36 2017-2020 MLCC.17 37.17 38.18 39 2019-2022Q3.18 40.18 41.18 42.19 43.19 44.20 45.20 46.21 47 2018-2022H1.21 48.21 49.22 MLCC 5 1 MLCC 1.1 MLCC MLCC Multilayer Ceramic Capacitor MLCC MLCC 1 MLCC 2 MLCC Murata Murata MLCC ECIA/89%65%52%(SLCC)(MLCC)93%3 2020 ECIA MLCC 6 MLCC MLCC ESR 4 MLCC ML C C 4-630V 6.3-1700V,2.5V-3000V 0.1 F-1F 0.1 F-10000 F 470pF-10000 F 0.5pF-100uF 3-5 9-10 100Hz-1MHz 100Hz-1MHz 100Hz-100MHz ESR class1 Panasonic Industry Aircity MLCC MLCC 1 MLCC 2 Q ESR MLCC 3 LTCC 5 MLCC 1.2 MLCC MLCC 2026 1547 2017-2021 MLCC 752 1147 CAGR 11%2017-2021 MLCC 4 5 CAGR 5%2020 MLCC 910 MLCC 7 4.3 MLCC MLCC 2021 MLCC MLCC 2026 1547 2021-2026 CAGR 6%6 MLCC 7 MLCC MLCC 2021 MLCC 2016 257 2021 484 2016-2021 CAGR 13%2021 MLCC MLCC 42%8 MLCC MLCC MLCC MLCC MLCC-10%0%10%20%30%40%0200400600800100012001400160018002017 2018 2019 2020 2021 2022E 2026E-10%-5%0%5%10%15%01234562014 2015 2016 2017 2018 2019 2020 2021MLCC 0%10%20%30%40%50%01002003004005006002016 2017 2018 2019 2020 2021 MLCC 8 9 MLCC MLCC MLCC MLCC MLCC 20%-25%MLCC 35%-45%MLCC MLCC MLCC 2019 12%10 MLCC MLCC MLCC 20%-25%35%-45%/5%5%-10%/5%5%-10%20%-30%1%-5%10%-20%10%-20%20%-35%20%-30%11 2019 MLCC MLCC 36%MLCC IoT MLCC 36%MLCC 16%MLCC 5G 28%20%14%12%9%8%6%3%堺 Ferro FujiTi MLCC 9 12 MLCC 2020 1.3 MLCC MLCC MLCC MLCC 2021 MLCC MLCC MLCC MLCC MLCC 2023 1 2022 22Q4 22Q3 MLCC 13 2005-2022 MLCC wind 36%21%16%14%13%IoT-100%-50%0%50%100%150%200%250%MLCC 10 MLCC TrendForce MLCC 2022 MLCC MLCC MLCC MLCC MLCC 14 2022 MLCC MLCC 22Q1-Q2 22Q2-22Q3 22Q3-22Q4(E)-3%-5%-2%-4%-1%-2%-2%-3%-1%-2%TrendForce 22Q4 MLCC MLCC 2022 Q3 22Q2 1 MLCC 15 wind 2 MLCC 2.1 MLCC MLCC Bluetooth Wi-Fi(NFC)GPS MLCC MLCC 051015202520Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 MLCC 11 16 5G 17 MLCC MLCC 1 iPhone 4 MLCC 177 iPhone 12 max MLCC 1500 MLCC 8 MLCC 2 5G IDC 2022-2025 5G 14%2025 5G 70%4G 700 MLCC 5G MLCC 1000 MLCC 3 MLCC 18 MLCC 19 MLCC 20 2021-2025 040080012001600iPhone 4 iPhone 4S iPhone 5 iPhone 5S iPhone 5C iPhone 6 iPhone 6+iPhone 7 iPhone 8 iPhone X iPhone 12max MLCC MLCC 12 KAYOCOTA OHM IDC 2.2 MLCC MLCC MLCC ADAS MLCC MLCC MLCC MLCC 5G MLCC Q 21 MLCC MLCC MLCC 1 2 16645070010000200400600800100012002G 3G 4G 5G0%20%40%60%80%05001000150020002020 2021 2022E 2023E 2024E 2025E 5G 5G 5G MLCC 13 MLCC MLCC 18000 6 22 23 EVTank EVTank 24 MLCC MLCC 3000 3900 4800 12000 18000 1.3x 1.6x 4.0 x 6.0 x EV volumes 2.3 MLCC MLCC GSMA 2025 246 20-25 CAGR 14%MLCC MLCC 5G WiFi MLCC MLCC 25 26 MLCC 0%20%40%60%80%100%120%05001,0001,5002,0002,5003,0003,5002020 2021 2022E 2023E 2024E 2025E 2026E yoy0%20%40%60%80%100%120%140%160%180%02004006008001,0001,2001,4001,6002020 2021 2022E 2023E 2024E 2025E 2026E yoy MLCC 14 GSMA GLOBE NEWSWIRE IDC 3 3.1 MLCC MLCC MLCC 2020 MLCC 32%19%MLCC CR3/CR5 66%/82%27 MLCC 28 MLCC 2020 MLCC 2020 MLCC 79%MLCC 6%2021 MLCC 3.5 97 2018-2021 MLCC 1 1.4 2017-2020 MLCC MLCC 0%5%10%15%20%25%050100150200250300 32%19%15%13%3%3%15%TDKAVX MLCC 15 29 MLCC 2020 30 2018-2021 MLCC 31 2017-2020 MLCC 32 2017-2020 MLCC/3.2 MLCC MLCC MLCC 33 MLCC MLCC Y5V X7R COG X7R BaTiO3 10 F D50 100nm BaTiO3 X7R 10-100 F 0402 0201 MLCC D50 300-500nm BaTiO3 X7R MLCC MLCC 2 m 1000 1 m 100 FMLCC ESR MLCC 3 m 2 m 56%23%12%6%3%0.511.522.533.52018 2019 2020 2021 0204060801002017 2018 2019 2020 101520253035402017 2018 2019 2020 MLCC 16-55-125 MLCC MLCC 2 m 1000 MLCC MLCC MLCC 2016 MLCC MLCC MLCC MLCC 20%MLCC 34 MLCC 2016 0603 0805 1210/1 F 2017 5 31 GRM43 GRM55 1206 1210 2018 50%2020 3 GR/ZRA 0805 0603 1 F TDK 2016 MLCC 2017 3 280 0402 0603 1005 1608 2012 3216 FK14K 2018 2018 4 440 2018 2018 2 0402 0603 104 105 MLCC 2020 2021 Eta Wireless 2023 10 2022 2022 2 2021 50 MLCC 180 MLCC 2021 5G MLCC 2021 4500 2021 40-50%MLCC MLCC 5G MLCC 2017 17/2020 100/2020 2021 MLCC 5400 MLCC 2017 1070 2020 1500 2022 50 280 MLCC 17 35 2017-2020 MLCC/36 2017-2020 MLCC 37 2020 21.75 5G MLCC 2400/2021 39 MLCC 3000/2017 100 2018 56 MLCC 2020 280 75 450 MLCC 2022 50 280 2020 2021 MLCC MLCC 300 550/2020 5000 MLCC 2021 4 MLCC MLCC MLCC MLCC(300408)(000636)MLCC(002859)4.1 50 0204060801001202017 2018 2019 202088%90%92%94%96%98%03006009001200150018002017 2018 2019 2020 MLCC 18 MLCC 38 2019-2021 50%2022 45%30%39 2019-2022Q3 40 wind wind 41 20%25%30%35%40%45%50%55%2019 2020 2021 2022Q1-Q3 0%10%20%30%40%50%60%2019 2020 2021 2022Q1-Q3 MLCC 19 M LCC 5G MLCC 18.7 MLCC 2400 2022 12 37.3 MLCC 3000 20%60%100%2024 5 42/22H1 5G 18.7 MLCC 2400 72%2022 12 37.3 MLCC 3000 6%2024 5 4.2 MLCC 01005-2225 MLCC MLCC 2022 1 30%28%6 41%43%43 25%30%35%40%45%2022 1 2022 6 MLCC MLCC 20 MLCC MLCC 01005 1206 100F MLCC MLCC MLCC“”MLCC 44 MLCC MLCC 01005 1206 100F 50 280 MLCC 45/22H1 72.75 MLCC 450 46%2024 280 9.63 280 32%2023 4.3 MLCC MLCC 21 46 2018 35%MLCC 2022 67%47 2018-2022H1 wind BO PET 2022 BOPET 2022 BOPET 48 0%10%20%30%40%50%60%70%80%024681012142018 2019 2020 2021 2022H1/()MLCC 22 MLCC 2022“20,000”MLCC 1 2022 7 4.8 2 49/22H1 3 1 60%2023 14.5(9 5.5)4.8()2()/2024 2027 5 MLCC MLCC MLCC MLCC MLCC MLCC MLCC 23 Tabl e_Disclai mer 12/15%5%15%-5%+5%-5%5%-5%+5%-5%HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 Tabl e_Disclai mer 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告
