禾伸堂切入英伟达AI服务器高端MLCC供应链（Vera Rubin 2026年放量），交期拉长至24周以上，但核心叙事昨日已在A股晨会传播

Taiwanese passive-component maker Holy Stone has entered the supply chain of a major South Korean automaker after about two years of market expansion, prompting the company to raise its 2027 South Korea revenue-growth target to more than 50%. The company is targeting automotive, safety-certified, and high-end multilayer ceramic capacitors (MLCCs) while expanding Taiwan production to meet AI-driven demand and pursuing semiconductor and timing-component opportunities.

Holy Stone has long focused on high-reliability and specialized MLCCs, with its main products covering automotive, safety-certified, and high-end power applications. Taiwan serves as its manufacturing base, while the company operates a powder-material research and development site in Hokkaido, Japan.
The company has entered Nvidia's supply chain with high-end MLCCs for AI servers. Shipments for Vera Rubin-related applications are set to begin in 2026, with volumes expected to increase further in 2027.
A Holy Stone representative said the company had spent years developing markets in Europe and other parts of Asia. Japan and South Korea were not initially prioritized because both countries are major MLCC production hubs.
However, amid supply shortages, South Korean customers that previously sourced mainly from Japanese suppliers have increasingly contacted Holy Stone to inquire about its products and alternative supply options.
Holy Stone's MLCC lead times have conservatively reached more than 24 weeks, according to sources. Some customers have already begun negotiating orders for 2028 requirements.
End customers that previously purchased through electronics manufacturing services (EMS) providers are now also negotiating directly with component suppliers and discussing long-term agreements (LTAs) to secure stable supplies.
Although South Korea still accounts for a relatively small share of Holy Stone's total revenue, support from major South Korean automakers has driven initial growth ahead of expectations. The company is targeting annual South Korea revenue growth of more than 50% in 2027.
Automotive applications currently account for about 70% to 80% of Holy Stone's South Korean business. The company also sees opportunities in the local AI market and aims to broaden its high-end MLCC customer base.
Taiwan expansions to meet surging MLCC demand
To meet rising demand, Holy Stone is continuing to expand its manufacturing capacity in Taiwan. Equipment has gradually been installed as part of the company's plant-expansion plan in Taoyuan, which is initially expected to increase capacity by about 20%.
The company also plans to restart idle capacity at a plant in Yilan and invest in an AI power MLCC production line in Hokkaido, Japan.
A Holy Stone representative said the company had chosen to continue expanding its investment in Taiwan despite pressure from talent shortages and production costs, placing greater emphasis on production management and quality control.
Amid increasingly volatile geopolitical conditions in recent years, customers worldwide have placed greater focus on supply-chain management and component traceability. This has made Taiwan manufacturing an important condition for Holy Stone when promoting its products in overseas markets.
To raise its profile in South Korea, Holy Stone recently participated in the Korea Electronics Show (KES 2026) for the first time, showcasing MLCCs and other component products. "Made in Taiwan" was prominently featured as the company's central marketing message at its booth.

Credit: DIGITIMES
The exhibition featured the company's main MLCC product lineup, including elongated X1/Y1 safety-certified surface-mount MLCCs. These products can replace some traditional through-hole disc safety capacitors in chargers and power adapters, highlighting Holy Stone's focus on specialized specifications and power applications.
In addition to its core MLCC business, Holy Stone introduced semiconductor and timing-component products it has expanded into in recent years, including diodes, metal–oxide–semiconductor field-effect transistors (MOSFETs), quartz crystals, and oscillators.
Using smart-meter applications, the company also demonstrated combinations of safety-certified MLCCs, transient voltage suppression (TVS) diodes, rectifier components, and voltage-stabilization components.
A Holy Stone representative said the immediate objective of participating in the exhibition was to introduce the company's brand and MLCC capabilities to local businesses. Semiconductor products will initially be promoted through existing European customers and distribution channels.
The company also hopes its South Korean expansion will help customers better understand its product portfolio beyond MLCCs and create additional cooperation opportunities.