[Core News] Panasonic Tantalum Capacitor Prices Increase, ADI Annual Revenue Growth

1. Panasonic tantalum capacitor prices increase by 15%–30%, effective in February 2026

2. 
   

• Drivers: Explosive demand for AI servers + Tantalum supply chain oligopoly + Extended delivery times
• Pattern: KEMET, AVX, and Vishay account for 60%–70% of the total share, and Panasonic’s share is about 10%

• Prediction: Passive components may usher in a new round of general growth in 2026

• 
  

2. ADI’s revenue in fiscal year 2025 will increase by 17%, with high growth in industry + communications

• full year revenue$11.02 billion, +17% year-on-year
• Full year operating profit$2.932 billion, +44% year-on-year
• Gross profit margin61.5%, a year-on-year increase of 4.4 percentage points
• Q4 revenue was US$3.076 billion, +26% year-on-year

• Fiscal 2026 Q1 guidance: Revenue approximately $3.1 billion, operating margin approximately 31%

• 
  

3. Kioxia + SanDisk plan to jointly build a NAND flash memory factory in the United States

• Existing production capacity is concentrated in Japan, and nearly 90% of the world’s NAND production capacity is in East Asia

• The factory construction cycle is about 3-5 years, and the global NAND supply pattern will basically remain unchanged within 2-3 years.

• 
  

4. The surge in memory has led to a 40%–50% drop in motherboard sales.

• The peak season is not busy, and it is difficult to save the year-end promotions.

• Motherboard slump directly drags down CPU sales simultaneously

• 
  

5. Ministry of Industry and Information Technology: Electronic information manufacturing industry maintained high growth in the first 10 months

• The added value increased by 10.6% year-on-year, significantly outperforming the overall industry
• Integrated circuit output386.6 billion yuan, +10.2% year-on-year
• Revenue was 14 trillion yuan, +8.3% year-on-year; profit was 570 billion yuan, +12.8% year-on-year
• Total mobile phone production fell slightly, but smartphone production +0.7% year-on-year