Korean MLCC Companies: Samsung Electro-Mechanics, Samhwa Capacitor & ABICO Electronics Compared

📅 Published: June 2026 | 🏷️ Category: Stocks | ⏱️ 8 min read

MLCC (Multi-Layer Ceramic Capacitor) — dubbed the “rice of the electronics industry” — is a passive component found in virtually every electronic device: smartphones, EVs, AI servers, and industrial machinery. South Korea is home to three notable players in this space. This article breaks down their business profiles, financials, key products, and market positioning.

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)

Samsung Electro-Mechanics — KRW 11.3 trillion

100%

Samhwa Capacitor — KRW 293.4 billion

2.6%

ABICO Electronics — KRW 133.9 billion

1.2%

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.

💡 Key Catalyst: AI server MLCC per-board counts have risen to 20,000 units. AI server MLCC CAGR estimated at 30%.

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%.

💡 Key Catalyst: Stock surged ~30% in May 2026. Yongin factory expansion to boost capacity 40–50% in H2 2026.

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

⚠️ Risk: ~30% of revenue tied to TV/home appliance sector, which faced demand weakness in 2025.

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.

💡 Key Catalyst: Memory semiconductor-oriented metal inductors drove recovery. Vietnam plant strong export growth.

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

Samsung Electro-Mechanics

KRW 11.3T

2025 Revenue (Record High)

Samhwa Capacitor

21.7%

Debt Ratio (Lowest in class)

ABICO Electronics

+10.7%

Revenue Growth + Turnaround

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.

⚠️ Disclaimer: This article is for informational purposes only and does not constitute investment advice. Always conduct your own due diligence before making investment decisions.

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.