日本峰会2026：预计AI服务器MLCC销售额同比增长85-90%

Equity AnalystShoji.Sato@morganstanleymufg.comSota Harashima lapan Summit 2026: Expects 85.90% YoY Sales Growth forMLCCs for Al Servers Equity AnalystSota.Harasymufg.com plan to increase A/data center-related MLCC sales by 85-90% YoY in F3/27 is drivenby higher volumes, as well as ASP uplift from product mix improvements, such asminiaturization and higher capacitance. While MLCC ASPs growth continues, thecompany has not implemented price hikes for identical products at this stage. Pricedeclines have become more moderate.Although demand for Al/data center MLCCsremains strong,Murata has been expanding production capacity by 10% annuallythrough F3/26, and plans a further 10% increase in F3/27, which should allow it tomeet demand growth through F3/27. Looking ahead to F3/28, demand for Al/datacenter applications is expected to increase substantially further. In response, Murataplans additional capex of ￥80.0bn in Japan over two years from F3/27, targeting a20-25% increase in production capacity by F3/28 Electronic Components I Japan Stock Rating Industry ViewIn-LinePrice target￥5,100Shr price, close (May 21, 2026)¥6,727Mkt cap, curr, basic (bn)￥12,528.1Avg daily trading value (bn)￥25.0 Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a resultinvestors 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,referto the Disclosure Section, located at theend ofthisreport. += Analysts employed by non-U.S. affliates 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. Derived from our base case and a DCF model, with the following assumptions: 2.2% risk-free rate, 1.09 equity beta, 3.7% risk premium, yielding 6.2% WACC; zero growth from F3/36. demand is stronger than we envision. SinceMurata's coreproductsareinall sorts ofelectronicdevices,demandandunit prices could fluctuate widely due to changes in the global economy.If demand for high-end smartphones is weaker than we envision■We estimate a ￥1/$ change impacts OP by ￥4.5bn. The information and opinions in Morgan Stanley Research were prepared by Morgan Stanley MUFG Securities Co, Ltd. and its affiliates (collectively, Morgan Stanley).For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Website at www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: ResearchManagement), New York, NY, 10036 USA.Forvaluationmethodologyandrisks associatedwithanyrecommendation,rating orprice targetreferenced in this researchreport,please contact the Client Support Teamasfollows:US/Canada +1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (O)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81(0)3-6836-9000.Alternatively youmay contact your investment representative or Morgan Stanley Researchat 1585 Broadway, (Attention: Research Management),New York, NY10036USAAnalystCertification The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Sota Harashima; Shoji Sato. Morgan Stanley Research has been published in accordance with our conflict management policy,which is available at www.morganstanley.com/institutiona/research/conflictpolicies.A Portuguese version of the policy can be found at www.morganstanley.com.brImportantRegulatoryDisclosuresonSubjectCompanies As of April30,2026, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: ALPS ALPINE CMK, Hamamatsu Photonics, Hirose Electric, Ibiden, IRISO Electronics, Japan Aviation Electronics Industry, KOA, Meiko Electronics, Minebea Mitsumi, Nidec, Nihon Dempa Kogyo, NipponChemi-Con, Taiyo Yuden, TDK.Within the last 12 months, Morgan Stanley has received compensation for investment banking services from IRISO Electronics, Kyocera, Mabuchi Motor. In the next 3 months, Morgan Stanley expects to receive orintends to seek compensation forinvestment banking services from ALPS ALPINE, CMK,Daishinku, Hamamatsu Photonics, HiroseEletricbidenRSOlectnicsJapanviationlectrnicndutryAyraMabuchMoorMeikoectonics,MinbaMitsumMurataMaufacturing.