Guoxin Hong Kong: High-end capacitors will usher in a wave of growth

The downstream emerging applications have huge demands for pulling capacitors, and there is ample room for substitution. Aluminum electrolytic capacitors are indispensable components for electronic circuits, and their output accounts for 30% of the total output of capacitors. From 2010 to 2012, the global aluminum electrolytic capacitor market will maintain a growth rate of 3%-7%, driven by new LED-backlit LCD TVs, variable frequency air conditioners, high-speed rail, and new energy. China's aluminum electrolytic capacitors have maintained a 20%-30% demand gap for many years and have been compensated by foreign imports. In particular, high-end aluminum electrolytic capacitors have Japanese manufacturers taking up a large market share. Therefore, there is a huge space for replacing imported products. .

At present, Japanese companies dominate the market and Chinese companies are catching up. In the past, Japanese downstream electronics companies only selected Japanese capacitor companies as suppliers. After the 311 earthquake, Japanese electronics companies realized the necessity of dispersing suppliers. Japanese capacitor companies will have to accelerate the transfer of their own industrial chains through cooperation with Chinese companies. This will benefit Chinese capacitor companies with technological and industrial chain advantages. .

Domestic enterprises will deploy upstream material production and strengthen the upper reaches of the industrial chain. Electrode foil is a key material for manufacturing aluminum electrolytic capacitors. After years of development, the aluminum foil industry in China has reached a scale. Companies such as Wanyu Technology, Jianghai (15.10, 0.08, 0.53%) and Capxon have their own foil production lines. In the future, they will further expand related to meet self-supply demand and strengthen upstream control.

Polymer solid-state capacitors have ample room for growth. Polymer polymer capacitors are superior to conventional electrolytic capacitors in terms of their conductive properties, frequency characteristics, stability characteristics, and longevity. They are suitable for thin and light electronic products and have a gross margin of 30% to 70%. Upgrades will promote the growth of related companies. .

Hong Kong stocks are concerned about Wanyu Technology (894.HK). It is optimistic about the growth of the polymer solid-state capacitor business and the ability to expand upstream.