Yageo’s mergers and acquisitions make a comeback, to build an aluminum capacitor super factory

Yageo’s mergers and acquisitions have not stopped.

On May 5, Kaimei, an aluminum electrolytic capacitor factory under Yageo, announced that from mid-May last year to the present, it has bought about 6.65% of the shares of Chinsan Electronic, a peer aluminum capacitor factory. become the single largest shareholder.

Regarding the investment in Kingsoft Electronics, Kaimei responded as a pure financial investment. Just like the rhetoric of the Dalian University’s acquisition of Wen Ye, in Man Tianxin’s view, behind this investment is Yageo Group’s desire to make mergers and acquisitions in the aluminum capacitor industry. Integration, aiming to build a super factory of aluminum capacitors.

Yageo M&A History at a Glance

Yageo’s mergers and acquisitions make a comeback, to build an aluminum capacitor super factory

Aluminum electrolytic capacitors have huge development space

Capacitors are mainly divided into four categories: aluminum electrolytic capacitors, tantalum electrolytic capacitors, ceramic capacitors and film capacitors according to different dielectrics. Among them, ceramic capacitors are the most widely used downstream, and multilayer ceramic capacitors (MLCC) account for nearly 50% of the capacitor market.

Aluminum electrolytic capacitors have the significant advantages of high CV value per unit volume and high cost performance, and are widely used in high-voltage and large-capacity scenarios, accounting for 30% of the capacitor market share.

Relevant data show that the global aluminum electrolytic capacitor application fields are consumer electronics accounting for 45%, industry accounting for 23%, information 13%, communication 7%, automobile 5%, and other 7%. Consumer aluminum electrolytic capacitors are mainly used in energy-saving lighting, televisions, monitors, computers and air conditioners and other consumer markets; industrial aluminum electrolytic capacitors are mainly used in industrial and communication power supplies, professional frequency converters, numerical control and servo systems, wind power generation and automobiles and other industrial fields.

According to the data of China Electronic components Industry Association, the global market size of ceramic capacitors, aluminum electrolytic capacitors, tantalum capacitors, and film capacitors will reach 11.4 billion US dollars, 7.2 billion US dollars, 1.6 billion US dollars and 1.8 billion US dollars respectively in 2019, an increase from 2018. 3.82%, 3.77%, 1.31% and 1.67%.

The market structure of capacitors in my country is similar to that of the global market, and it is also dominated by ceramic capacitors. According to the data of China electronic Components Industry Association, the market size of ceramic capacitors, aluminum electrolytic capacitors, tantalum capacitors, and film capacitors will reach 57.8 billion yuan, 34.1 billion yuan, 6.2 billion yuan and 8.7 billion yuan respectively in 2019, an increase of 60% over 2018. .20%, 5.24%, 1.99% and 1.40%.

From the above data, the growth rate of demand for aluminum electrolytic capacitors is almost equal to that of ceramic capacitors. In addition, the accelerated replacement of electronic products, the rapid development of new energy fields such as wind power generation, solar power generation, and electric vehicles, and the large demand brought about by the popularization of 5G will promote the rapid growth of the aluminum electrolytic capacitor industry, and the downstream market demand is huge.

Japanese manufacturers dominate the aluminum capacitor market

At present, Japan, Taiwan, South Korea and mainland China are the major producers of aluminum electrolytic capacitors in the world. The world’s high-end aluminum electrolytic capacitors are mainly dominated by Japanese manufacturers. Only a few companies in mainland China can produce them. There are no world-class manufacturers in Taiwan. High-end aluminum electrolytic capacitors are mainly imported by Japanese companies.

Data source: paumanok publication 2019

Judging from the data given by paumanok publication, in addition to Aihua, four of the world’s top five aluminum electrolytic capacitor manufacturers are Japanese companies. Among them, the Japanese 3con occupied the top three in the list, namely: Nippon Chemi-con, Nichicon, Rubycon , Panasonic ranked fifth. In terms of overall data, Japanese manufacturers account for more than 60% of the global aluminum electrolytic capacitor market share.

Like the development of ceramic capacitors, in recent years, due to high production costs and low product profit margins, Japanese manufacturers have begun to withdraw from the low-end aluminum electrolytic capacitor market and turn to the automotive and industrial fields with higher added value. The mainland and Taiwan have undertaken this part. need.

Kaimei + Kemei + Jinshan Electronics = aluminum capacitor super factory?

Both Kaimei and Yageo said they could not comment on the establishment of super-large factories, but there are indications that Yageo is not satisfied with the low-end aluminum electrolytic capacitor market obtained by the withdrawal of Japanese companies.

As early as when Yageo acquired Kemet, it was rumored that Yageo would merge with Kemei Aluminium through Kemei. Recently, it has also actively bought Kingsoft, intending to integrate Kemei, Kemei and Kingsoft. The aluminum capacitor factory, these three companies add up, the scale is comparable to the top three Japanese factories.

Let’s first look at Kingsoft Electronics, the target of this merger. Kingsoft Electronics was established on March 20, 1970. It is an old-fashioned aluminum capacitor manufacturer in Taiwan. Capacitor production capacity is 150KK/month and solid capacitor 65KK/month (2017 data). Its products account for 80% of its revenue and 80% of its solid-state capacitors.

Looking at Kaimei, the full name is Kaimei Electric Co., Ltd., which was established on September 11, 1978, mainly engaged in the production, manufacture and sales of aluminum electrolytic capacitors. It is a professional aluminum electrolytic capacitor factory under Yageo. The main production plant is in Dongguan, the production capacity of aluminum electrolytic capacitors is 3.1 billion (2017 data), and its revenue ratio is: aluminum electrolytic capacitors 87%, other 13%.

In addition to tantalum capacitors, Kemet’s aluminum capacitors are also well-known all over the world, mainly used in industrial and automotive fields. According to Man Tianxin, the reputation of Kemei aluminum electrolytic capacitors is not bad in the mainland, and it can compete with the big Japanese manufacturers.

However, KEMET takes tantalum capacitors as its main business, and its sales volume ranks first in the world. Aluminum capacitors are only its non-core business. Yageo wants to make Kemet’s aluminum capacitor business bigger and stronger through the three-party integration of Kemei, Kaimei and Kingsoft Electronics within the group. Moreover, Kaimei originally produced some products for Kemei, and to a certain extent, they were familiar with it.

An industry insider told Man Tianxin that Yageo takes Kaimei as the core and integrates the technologies and brands of Kemei and Kingsoft Electronics. Judging from the scale of the three aluminum capacitor manufacturers, it has the opportunity to approach or even surpass the Japanese 3con.

Mainland Aluminum Capacitor Enterprise

Aihua Group

Founded in 1985, Aihua Group is a technology-based enterprise group with the core of designing, developing, manufacturing and selling aluminum electrolytic capacitors, and integrating electrode foil and equipment manufacturing. It is the leading enterprise of aluminum electrolytic capacitors in mainland China, with a complete industrial chain from corrosion foils, chemical foils, electrolytes, special equipment to aluminum electrolytic capacitors. In 2019, the total operating income was 2.25 billion, a year-on-year increase of 4.1%.

According to data from paumanok publication, Aihua’s global aluminum electrolytic capacitor market share was 8% in 2019, ranking fourth, 2% behind Rubycon, the third.

Jianghai shares

Jianghai Co., Ltd. is a backbone enterprise specializing in the research and development, production, sales and service of capacitors and their materials and accessories. The main product aluminum electrolytic capacitor is an indispensable key basic component of electronic products, which is widely used in household appliances, digital audio and video, communications, industrial control, aerospace, energy, military and other fields. In 2019, the operating income was 2.123 billion yuan, a year-on-year increase of 8.28%.

Yongming Electronics

Founded in 1999, Shanghai Yongming Electronics Co., Ltd. is a high-tech enterprise integrating research, development, production and sales. Committed to the manufacturers of aluminum electrolytic capacitors used in LEDs, energy-saving lamps, electronic ballasts, frequency converters, power supplies, home appliances, etc. And horn-type aluminum electrolytic capacitors. The annual output is 2 billion pieces.

HEADCON (Huaguan capacitor)

Zhuhai Huaguan Capacitor Co., Ltd. was established in November 2002, mainly engaged in the development, production and sales of a full range of aluminum electrolytic capacitors. The company has a total investment of 300 million yuan, and has completed an investment of 150 million yuan. It can produce 150 million chip aluminum electrolytic capacitors and lead aluminum electrolytic capacitors of different specifications per month. Have a Tsinghua background.


Zhaoqing Emerald Electronic Technology Co., Ltd. was established in 2004. It is a key high-tech enterprise of the National Torch Program integrating R&D, manufacturing and sales of aluminum electrolytic capacitors, solid-state capacitors and super capacitors.

“Chang” Warwick Electronics

Changzhou Huawei Electronics Co., Ltd., founded in 1987, is a high-tech enterprise under Huawei Group specializing in the design, research, manufacture and sales of a full range of aluminum electrolytic capacitors. Baidu Encyclopedia data shows that the annual output is more than 6 billion.

ACON Zhongyuan Electronics

Founded in 1992, Shenzhen Zhongyuan Electronics Co., Ltd. is a national high-tech enterprise specializing in R&D, production and operation of a full range of aluminum electrolytic capacitors, V-CHIP aluminum capacitors and solid aluminum capacitors. The annual production capacity is 3.5 billion pieces.

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