HK Stock Market Move | Chaozhou Three-Circle (Group) (06951) rises over 5% as MLCC price hikes sweep the industry this year, with the sector shifting from a price cycle to structural shortages.

Chaozhou Three-Circle (Group) (06951) rose over 5%, up 5.48% as of press time, at HK$130.9, with a turnover of HK$13.9437 million. On the news front, MLCC prices have seen a wave of increases this year, with this round of price hikes first ignited by overseas leaders. Japan's Murata, Taiyo Yuden, and South Korea's Samsung Electro-Mechanics have successively issued price increase notices, with high-capacity MLCCs used in AI servers seeing original manufacturer price increases generally in the range of 15%35%. In addition, Samsung Electro-Mechanics has disclosed multiple long-term agreements for AI server MLCCs since May 2026. Huafu Securities believes that long-term agreements reflect a long-term tightness trend, with AI servers turning cyclical beta into structural alpha. In the first half of this year, Chaozhou Three-Circle (Group) achieved revenue of RMB 6.423 billion, a year-on-year increase of 54.82%; net profit attributable to shareholders was RMB 1.932 billion, a year-on-year increase of 56.18%. The company's interim report disclosed that in the first half, MLCC benefited from improved customer recognition and industry prosperity, with prices for some specifications recovering to their original reasonable value, and both sales volume and sales amount achieving significant year-on-year growth.