It is understood that both of the closed subsidiaries are owned by Saitama Murata. Among them, Huajian Electronics Co., Ltd. is mainly engaged in the production and processing of intermediate frequency transformers and other transformers, coils, tuners, filters, coil modules, power supplies, inductors, booster modules, chip inductors and wireless network cards And after-sales service. Shantou Huaju Technology Co., Ltd. is mainly engaged in the production, processing and after-sales service of multilayer chip inductors.
Why did Murata close its Chinese company?
Murata is mainly engaged in the research and development, production and sales of electronic components based on functional ceramics. The most representative product is ceramic capacitors, ranking first in the world, and other components and products that are in the forefront of the world include ceramic filters and resonators. , Sensors, inductance, resistance, etc.
Murata said that in recent years, the demand in major markets such as the smartphone market has diversified, the development cycle has shortened, and competition with overseas manufacturers has intensified, so it is in a very difficult operating environment. As Huajian Electronics and Huaju Technology experienced a sharp decrease in demand for raw products and increased price competition, they decided to stop production and shut down the company.
Murata raised its consolidated profit target for this year to 230 billion yen from the originally estimated 220 billion yen on October 31 on the grounds of cost reduction and product mix structure optimization. However, due to products such as smartphone parts The delay in real recovery of demand and the strong yen exchange rate have reduced the consolidated revenue target from 1.58 trillion yen to 1.51 trillion yen, while the consolidated net profit target remains unchanged at 170 billion yen.
Closing Chinese factories is not due to poor industry sentiment
It can be seen from Murata's statement that the reasons for its contraction front are complicated this time, not entirely because of the poor business of the electronic components industry. On the contrary, according to the report from the media Mantianxin, the current supply and demand gap of 0201 high-frequency inductors is relatively large. The delivery period of Murata inductors has been extended to 2-3 months, and the delivery period of domestic inductor leader Sunlord Electronics has also been extended to 3 months, orders placed in November will not be available until February next year.
Inductance is indispensable in electronic equipment (consumer electronics, automobiles, industrial control, military industry, medical treatment, etc.), and has the functions of filtering noise, processing signals, stabilizing current and suppressing electromagnetic wave interference, and the number accounts for about 10% of the supporting amount of electronic components. -15%, quality has an important impact on the performance of electronic products.
From the perspective of downstream application areas, according to Paumanok data, according to output value, mobile communication inductors accounted for the highest proportion (35%), followed by industry and infrastructure (22%) and computers (20%); according to usage Inductance for mobile communication also accounts for the highest proportion (55%), followed by computers (25%) and industry and infrastructure (8%).
5G drives the inductor market volume and price
Against the background of the growing maturity of 5G, AIoT, and autonomous driving, mobile phones, automobiles, and the Internet of Things are expected to become the three core drivers of the inductor market in the future, driving the steady growth of the market space.
First, mobile phones will still be the largest market for inductors. At present, the use of stand-alone inductors is more than 100, and the number of high-end models exceeds 200. The increase in the number of 5G mobile phone frequency bands will further increase the amount of stand-alone inductors by 30% -50%. Secondly, the penetration rate of intelligent driving continues to increase, and the trend of automotive electronics is irreversible.
CICC pointed out that after a year of destocking, the overall passive component market bottomed out in 3Q19, and MLCC, inductors, etc. have all seen signs of recovery since 4Q, mainly from the gradual recovery of terminal demand for 5G mobile phones, consumer electronics, and trade With excessive pessimistic anti-friction repairs, the supply chain began to enter the inventory replenishment cycle. Looking forward to next year, the large-scale increase of 5G mobile phones and the high growth of AIoT categories such as wireless headphones will help the further development of passive components such as inductors.
Overseas leaders shrink the front
Murata, TDK and Taiyo Yuden are the top three inductor manufacturers in the world, with a total market share of up to 40%. China is the main market for global inductors. In the context of Japanese inductor manufacturers starting products and strategic transformations, China's local inductor manufacturers are conducive to giving full play to the advantages of supporting the industrial chain to gain a higher market share.
From the perspective of the industrial chain level, passive components will be one of the most noteworthy localization areas in recent years. Anxin Securities also pointed out that the current self-controllable voice is gradually emerging, and domestic substitution has become the first priority of downstream terminal manufacturers, which will benefit the upstream domestic industrial chain. As mentioned earlier, the global inductor industry presents an oligopolistic competition pattern, high-end inductor production capacity is still concentrated in the hands of leading Japanese manufacturers, the future of domestic replacement space is huge.
Sunlord Electronics: It is a leading manufacturer in the field of chip inductors. The utilization rate of inductor capacity is maintained at a relatively high level, and future capacity is expected to expand further. CICC pointed out that the company's 01005 miniaturized inductance has broken Murata's monopoly. The company's 01005 and other production expansion efforts are expected to meet the opportunities of the 5G era.
Mai Jie Technology: The semi-annual report shows that it has developed terminal RF acoustic meter filters (SAW) and MPIM small-size series inductors that are in line with the development trend of smart phones. It is gradually mass-produced and supplied. The industry status of electronic components. In addition, the company has increased investment in research and development of new products such as radio frequency inductors, power inductors, and filters related to 5G mobile phones, and actively submitted samples to Qualcomm, MTK, Spreadtrum and Hisilicon 5G mobile phone IC platforms for certification.
