Taiyo Yuden（6976）卖方分析师小组会议纪要：AI服务器MLCC与电感讨论

Shoji SatoEquity Analyst eymufg.comSota Harashima Sell-side Small Meeting withPresident Sase Equity Analyst +81 3 6836-8897 ExecutiveOperatingOfficerFukudaandsell-sideanalystsfrom3:OOpm. There was lively discussion on MLCCs and inductors forAl servers. Electronic Components|Japan Industry ViewIn-LinePrice target￥4,700Up/downside to price target (%)(42)Shr price, close (May 21, 2026)￥8,145Mkt cap, curr, basic (bn)￥933.6Div yld (03/26e) (%)2.4Fiscal Year Ending03/2503/26e03/27e03/28e Key TakeawaysThe company expects sales of MLCCs for Al servers to grow at an annual rate of 80-85% in F3/27 and F3/28For MLCCs used in AI servers, product mix improvement is continuing and ASP is expected to keep rising, but there has been no price increase for equivalentproducts, and Taiyo Yuden is not planning price hikesFor inductors, the company is negotiating to pass through higher costs such as silver, but sees it as difficult to achieve a full (100%) pass-through in F3/27. (1) President Sase indicated that while Al server MLCC sales increased 30-35% YoYin F3/26, the growth rate is expected to accelerate significantly to 80-85% annuallyin F3/27 and F3/28. (2) For MLCCs used in Al servers, the company expects continued product miximprovements toward smaller size and higher capacity to drive ongoing ASPincreases. Meanwhile, there has been no price increase for equivalent products atthis stage, and Taiyo Yuden's F3/27 company plan does not include MLCC pricehikes. (3) For inductors, the company continues negotiations to pass on cost increases,including silver, to customers, but expects it will be difficult to fully pass through allsilver cost increases in F3/27. Meanwhile, precious metals are not used in almost allMLCCs, and the company says it is not conducting price negotiations for MLCCsbased on higher material costs. 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 theobjectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision. (4) MLCC production capacity was expanded by 10% annually through F3/25, butgrowth was limited to 5% in F3/26. The plan is to increase capacity by 10% in F3/27. (5) Taiyo Yuden has strengths in multilayer metal inductors and has maintained ahigh share in North American smartphones. It plans to increase sales of largermultilayer metal inductors for servers and automotive applications fromF3/28. For analyst certification and other important disclosures,referto the Disclosure Section,located at the end of thisreport. We note that Taiyo Yuden's MLCC market share was 11.3% in CY2025, ranking thirdafter Murata Manufacturing (40.8%)and SEMCO (22.5%).We believe the companycontinues to maintain technological competitiveness and expect ongoing growth insales for Al server applications. += 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 onand trading securities held by a research analyst account. Derived from the base case. DCF assumptions: 2.2% risk-free rate, 1.22 equity beta, 3.7% risk premium, for 5.6% WACC; zero growth from F3/35 Power inductor sales for 5G handsets and others grow steeper than expected We estimate a ￥1/USs move affects annual OPby~?O.9bn.Changes inthe￥/ehave limitedeffectSince MLCCs are fitted in various electronic devices, demand depends to some extenton the rate of global economic growth, and prices can swing widely depending on S/Dbalances. 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 historiesregarding 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 orpricetargetreferenced 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 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81(O)3-6836-90OO. Alternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY 1O036 USAAnalystCertification 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 receiv