The city closure in Malaysia restricts the production capacity of aluminum capacitors and the rising price trend in the third quarter has begun.

Benefiting from the rising price of passive components, the revenue of aluminum electrolytic capacitor companies Camry and Lilong both reached record highs in June, while Jinshan Power also grew. With the price increase in the third quarter imminent, and Japanese manufacturers disrupting supplies due to the closure of Malaysia and Indonesia, passive component factory operations and share prices are bullish in the future.

According to a report by Taiwan's Industrial and Commercial Times, Camry's revenue reached 723 million yuan in June, setting a new record for the fourth month in a row, with an annual growth rate of 98.34% and a monthly increase of 2.37%. Revenue in the second quarter reached 2.124 billion yuan, reaching the top for the second consecutive quarter, a sharp increase of 168.5% over the same period last year. Lilong Power's June revenue set a new record with 824 million yuan, with a monthly increase of 1.7% and an annual increase of 26%. Revenue in the second quarter reached a high of 2.449 billion yuan. Lilong Power said that the two-week shutdown of the Japanese aluminum power plant in July resulted in an urgent shortage of high-end SMD aluminum power and Hybrid capacitors, which undoubtedly accelerated the speed of gross profit optimization, in addition to helping strategic customers who could not get in before Lilong power supply.

The number of confirmed cases in Malaysia broke out in a single day, but under economic pressure, the local government released it cautiously. ASJ, a subsidiary of Camry, was informed on the 15th that it could resume work in advance of the 15th, but it could only maintain 60% manpower operation. More than 200 people went to work on the first day of ASJ, and the farming rate was raised to 60% on the first day of work. Coupled with the production capacity of mainland factories, the impact is expected to be reduced from 30% to 10% of the group's production capacity.

The pressure on the aluminum electrolytic capacitor industry is even greater. The Malaysian plants of Jiamei Gong and Nijikang, the top two manufacturers in the world, are all located in the worst-hit areas of the epidemic. This wave of shutdown has extended to July 20, and the epidemic remains high. The industry believes that even if work is fully resumed, it is also a stop. Relevant enterprises launched a new wave of price increases in the third quarter. Lilong Power and Jinshan Power will both increase by 10%. Kamei, which opened the first shot of price increases in the first half of the year, is expected to follow the price increase in August.

The global market size of aluminum electrolytic capacitors is about 50 billion yuan in 2019, ranking second in passive components, and China accounts for 53% of the market. The advantages of aluminum electrolytic capacitors are as follows: 1) large capacitance per unit volume, which can reach tens to hundreds of times of other kinds of capacitors; 2) large rated capacity, up to tens of thousands of μ f or even several f / s; 3) the use of industrial materials such as aluminum, the cost is low. Therefore, the scale of aluminum electrolytic capacitors is second only to ceramic capacitors, accounting for 23% of the whole capacitor market.

From the perspective of the industry pattern, at present, four of the top five aluminum electrolytic capacitor companies in the world are Japanese manufacturers, and most of the end users are in China. At present, end-users in China have accelerated to turn to domestic aluminum electrolytic capacitor manufacturers, bringing huge market space to related companies. At the same time, due to the strong demand of electric vehicles and charging piles, wind and solar power generation, power frequency conversion, intelligent manufacturing and other industries, aluminum electrolytic capacitors are in strong demand.

Among the listed companies, Jianghai Co., Ltd. is a world-famous capacitor manufacturer, industrial aluminum electrolytic capacitors have a global competitive advantage. Open source securities believe that the company's film capacitors and supercapacitors are expected to usher in a performance inflection point with the gradual development of downstream applications and the continuous promotion of customer certification. In terms of performance, the company's revenue in the first quarter increased by 66% compared with the same period last year, and net profit increased by 101%.

Aihua Group is currently the largest manufacturer of aluminum electrolytic capacitors in China, with the first global market share in energy-saving lighting and fast charging of mobile phones, as well as a large market share in other consumer electronics and industrial fields. The company's revenue in the first quarter increased by 58% compared with the same period last year, and its net profit increased by 84%.