电子元器件：重新聚焦高附加值北美智能手机元器件及AI计算

Electronic Components: Renewed Focus on Value-Added N. American Smartphone Components PlusAI Computing In addition to proliferation of devices leveraging AI computing, we expect F3/27 earnings for suppliersof high value-added components in N. American smartphones to top consensus. Electronic Components JapanIndustry View In-Line Key Takeaways OW on TDK: Top Pick. Earnings expansion for rechargeable batteries and HDD-related products.OW on Murata Mfg: Growing demand and utilization rates for high-value-added MLCCs.OW on Alps Alpine: High-performance camera actuators to ramp up from Apr-Jun.OW on Niterra: Continued earnings growth for replacement plugs and SPE electrostatic chucks.OW on Hirose Electric: Earnings expansion for general industrial machinery/AI server connectors. Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision. For analyst certification and other important disclosures,refer to the Disclosure Section, located at the end of thisreport. += Analysts employed by non-U.S. affiliates are not registeredwith FINRA, may not be associated persons of the memberand may not be subject to FINRA restrictions oncommunications with a subject company, public appearancesand trading securities held by a research analyst account. Renewed Focus on Value-Added N. American Smartphone Components Plus AIComputing Contents Electronic Components: Valuation Comparison and Earnings Forecast ComparisonSales Trends (Quarterly, Semi-annual, Annual)Operating Profit Trends (Quarterly, Semi-annual, Annual)CapexDepreciationInventory and Inventory DaysProduction & InventoryStock Price PerformanceFX Sensitivities of Electronic Components Makers/Changes in the Competitiveness of CoreProducts Under a Weak Yen EnvironmentSales and Production by RegionPreparing for Smartphone Price Compression and Slowdown in Technological InnovationMemory Price OutlookEnd-product Market and Major Components Market (Calendar Year)End-product Market and Major Components Market (Quarterly)MLCC Market DataCapacitor Market: 016008 MLCCs are 75% smaller than 0201 MLCCsMLCC Sales, Market Share, OPSupply Chains of MLCC and Aluminum CapacitorsCapex byHyperscalershas Increased SignificantlyWe Expect Ibiden Will Maintain Nearly 100% Market Share in FC Packages for NVIDIA Ibiden: Medium-term Results and ForecastsConnector MarketConnector Coverage Companies: Medium-term Results and ForecastsGlobal Market Share Trend and Split for Spark Plugs / Exhaust Gas Oxygen SensorsNiterra: Medium-term Results and ForecastsSmall SizeLiBMarket OverviewTDK:LiBEarnings Expansion, Major Acquisition and Transfer of BusinessTDK: Actions for Business Portfolio ImprovementTDK: Mid-term Results and ForecastsiPhone Sell-in Forecasts / iPhone Camera Actuators by ModelAlps Alpine: We Expect New Smartphone Camera Actuators to Contribute to EarningsPWB MarketMeiko Electronics: Mid-term Results and ForecastsHDD Market by Company (Quarterly, Fiscal Year)HDD Head MarketHDD Motor MarketSupply Chain of HDDs Capex Depreciation Inventory and Inventory Days Production & Inventory ■Industrial production: Production, shipments, inventories forElectronic parts and devices* (1) Note: *3-month averageSource: METI, Company data, Morgan Stanley Research Preparing for Smartphone Price Compression and Slowdown in Technological Innovation ■Potential for smartphone commoditization to knock downmargins, but also greater earnings opportunities fromcomputerization of autos and other areas Memory Price Outlook MLCCMarket Data Note: e = Morgan Stanley Research estimatesSource: Company data, Morgan Stanley Research Capacitor Market: 016008 MLCCs are 75% Smaller than 0201MLCCs ■Number of MLCCs per vehicle Note: E = FactSet consensus, MS’26E and e = Morgan Stanley Research estimatesSource: Company data, Morgan Stanley Research Connector Market Connector Coverage Companies: Medium-term Results and Forecasts TDK: Actions for Business Portfolio Improvement Alps Alpine: We Expect New Smartphone Camera Actuators to Contribute to Earnings Note:MSe/e = Morgan Stanley Research estimates, Ce = Company estimatesSource: Companydata,MorganStanleyResearch ■Major composition by application Ibiden:Key Financial Data and Risk Reward Niterra:Key Financial Data and Risk Reward Minebea Mitsumi:Key Financial Data and Risk Reward Mabuchi Motor:Key Financial Data and Risk Reward TDK:Key Financial Data and Risk Reward Alps Alpine:Key Financial Data and Risk Reward NihonDempaKogyo:Key Financial Data and Risk Reward Meiko Electronics:Key Financial Data and Risk Reward Hirose Electric:Key Financial Data and Risk Reward Japan Aviation Electronics:Key Financial Data and Risk Reward CMK:Key Financial Data and Ris