What Is MLCC?
An MLCC is a tiny ceramic capacitor that stores and releases electrical charge to stabilize voltage in circuits. A single EV contains 10,000+ MLCCs, compared to ~3,000 in a conventional car. AI server motherboards now require up to 20,000 MLCCs per unit.
The global MLCC market was valued at approximately $26.6 billion in 2025, projected to grow at a CAGR of 10.9% through 2033.
Company Overview
| Company | Ticker | Exchange | Founded | Core Focus |
|---|---|---|---|---|
| Samsung Electro-Mechanics | 009150 | KOSPI | 1973 | Premium MLCC, AI server, EV, FC-BGA substrates |
| Samhwa Capacitor | 001820 | KOSPI | 1956 | MLCC, Film capacitors, DC-Link capacitors for EV |
| ABICO Electronics | 036010 | KOSDAQ | 1973 | Inductors, resistors, PCB (via ABICO Tech) |
2025 Financial Snapshot
| Metric | Samsung Electro-Mechanics | Samhwa Capacitor | ABICO Electronics |
|---|---|---|---|
| Revenue (2025) | KRW 11.3 trillion | KRW 293.4 billion | KRW 133.9 billion |
| Operating Income | KRW 913.3 billion | KRW 12.9 billion | KRW 8.3 billion |
| Net Income | ~KRW 800 billion est. | KRW 12.6 billion | KRW 9.5 billion |
| Debt Ratio | Moderate | 21.7% (very low) | ~31% |
| YoY Revenue Growth | +9.9% | -0.7% | +10.7% |
Revenue Scale Comparison (2025)
Company Deep Dives
① Samsung Electro-Mechanics (삼성전기) KOSPI: 009150
AI Server MLCCEV / xEVFC-BGA SubstrateCamera Module
South Korea’s dominant MLCC manufacturer and a global top-2 player alongside Japan’s Murata. In 2025, posted a record-high revenue of KRW 11.3 trillion (+9.9% YoY). MLCC now contributes 69.9% of total operating income.
| Product | Application | Competitive Edge |
|---|---|---|
| High-capacity MLCC | AI servers, data centers | Global top-2 technology |
| High-voltage MLCC | EV powertrain, xEV | Proprietary high-voltage material |
| ADAS MLCC | Advanced driver assistance | AEC-Q200 qualified |
| FC-BGA Substrate | AI accelerator chips | Growing ASIC/GPU customer base |
| Camera Module | Smartphones | OIS + AF integration |
② Samhwa Capacitor (삼화콘덴서) KOSPI: 001820
MLCCDC-Link CapacitorFilm CapacitorEV Inverter
Founded in 1956, South Korea’s only full-lineup capacitor manufacturer. Debt ratio: 21.7%, Quick ratio: 319.5%, Retained earnings ratio: 2,409%.
| Product | Application | Competitive Edge |
|---|---|---|
| MLCC | Smartphones, servers, automotive | Broad range; cost-competitive |
| DC-Link Capacitor | EV inverter | Strong EV OEM relationships |
| Film Capacitor | Industrial equipment | Only domestic full-line producer |
| Aluminum Electrolytic | Power supplies, home appliances | Established legacy position |
③ ABICO Electronics (아비코전자) KOSDAQ: 036010
Metal InductorResistorPCBSemiconductor Packaging
Primarily an inductor and resistor manufacturer. Turned profitable in 2025: Revenue KRW 133.9B (+10.7% YoY), Operating income KRW 8.3B (turnaround from -KRW 4.9B loss), Net income KRW 9.5B.
| Product | Application | Competitive Edge |
|---|---|---|
| Metal Power Inductor | Memory semiconductors, AI chips | 30%+ revenue from semiconductor clients |
| Chip Resistor | Consumer electronics | Cost-competitive; Vietnam production |
| EV Inductor (via JV) | Electric vehicles | JV with Samyoung Electronics |
| MLB PCB (ABICO Tech) | Auto electronics | 12-layer+ MLB manufacturing |
Side-by-Side Comparison
| Dimension | Samsung Electro-Mechanics | Samhwa Capacitor | ABICO Electronics |
|---|---|---|---|
| Size | Large cap (KOSPI) | Mid cap (KOSPI) | Small cap (KOSDAQ) |
| MLCC Direct? | ✅ Core business | ✅ Core + Film + DC-Link | ❌ Inductor/resistor focus |
| AI Server Exposure | Very High | Medium (growing) | Medium (via inductor) |
| EV Exposure | High (xEV MLCC) | High (DC-Link + MLCC) | Medium (JV + PCB) |
| Financial Health | Strong | Very strong (low debt) | Improving (turnaround) |
| Volatility | Low-medium | Medium-high | High |
| Investor Profile | Core holding | Value + growth hybrid | High-risk growth play |
Industry Outlook: 2026 and Beyond
The structural tailwinds for MLCC are among the strongest in the passive component industry. AI infrastructure spending by Microsoft, Google, and Amazon sustains server MLCC demand well into 2027+. A single EV requires 3–4x more passive components than an ICE vehicle. Tier-1 suppliers are running at ~95% utilization, signaling potential price increases. Korean producers are pivoting to high-spec niches where Chinese competitors cannot yet compete.
Conclusion
Samsung Electro-Mechanics offers scale and technology leadership — a core holding for MLCC exposure with lower volatility. Samhwa Capacitor brings a uniquely clean balance sheet and EV optionality. ABICO Electronics is the smallest and most volatile, but its 2025 turnaround and AI-adjacent inductor business make it an interesting speculative play.