村田副总裁日经访谈重申AI服务器MLCC长期景气，但无新增订单、涨价或已批准扩产事实

Interview with Murata's Vice President on MLCC Market Demand Outlook and Future Strategy (Nikkei)

Q) What is your outlook for the MLCC market?

- MLCC content per AI server is rising, and alongside small size and high capacitance, demand for high heat resistance MLCC is also expanding, driving the product mix toward higher value added

- AI related MLCC demand growth is expected to continue at least through 2028

- Over the medium to long term, demand centered on AI data centers is expected to broaden into edge AI devices

- Physical AI, where robots are controlled by AI, is expected to be a particularly important growth area

- Murata has invested in Noetra, an AI foundation development company backed by more than 40 Japanese companies including SoftBank

- Murata is also participating in related consortia in order to understand where components will be applied and what challenges arise in the mounting process

Q) You plan to invest an additional 80 billion yen in MLCC production equipment over the two years through the fiscal year ending March 2028. What are your plans for further capacity expansion?

- Because Murata prepared ahead of time in anticipation of the spread of autonomous driving, it has secured the factory buildings needed through 2028 ahead of competitors

- Even so, judging by customer demand, MLCC demand is expected to keep expanding beyond 2028

- Murata is reviewing additional capacity expansion plans, including buildings, with a three to five year horizon

- This round of expansion study is bolder than in the past; nothing has been decided yet, but discussions are quite concrete

- Building larger new plant blocks at existing production sites in Japan and overseas is also under consideration as an option

Q) The equity market is paying close attention to MLCC pricing policy. What is your position?

- There is no change to the basic principle that pricing is grounded in long term relationships of trust with customers

- Murata judges that frequently adjusting prices in line with supply and demand conditions could encourage new entrants into the market

- Its position is that pricing decisions that prioritize short term profit do not contribute to raising corporate value over the medium to long term

- That said, if competitors adjust prices substantially, there is a possibility this will affect the product mix and production response Murata is planning on its own

- Accordingly, Murata is monitoring competitors' pricing policies and market trends quite closely

Q) In the 2024 medium term management plan, the policy was to defend share in the volume zone, including commodity and low price products, even at the cost of a lower operating margin. Has that strategy changed since?

- With the production load for high end products rising, an environment has formed in which it is difficult to supply low end products in sufficient volume

- Murata is not abandoning low end market share, but as a result the priority placed on defending that share has fallen somewhat compared with the past

- At the same time, Murata remains on guard against the risk that allowing competitors to enter would let those competitors grow

Q) With the components business, including MLCC, showing standout growth, what is the strategy for the devices business?

- Power modules for AI servers are seen as a major growth opportunity

- Murata plans to allocate capital expenditure and human resources such as engineers aggressively to that area

- For the communications device business, Murata expects revenue and profitability to expand from the fiscal year ending March 2028 onward, using customers' design changes as an opportunity

- Murata is studying in advance how demand for communications devices and sensors will shift with the spread of 6G, the next generation communications standard, and physical AI

- To that end, it is reviewing strategy including not only internal research and development but also the possibility of M&A