As investments in artificial intelligence (AI) servers and data centers surge, the multilayer ceramic capacitor (MLCC) market, often referred to as the "rice of industry," has entered a supercycle phase. MLCCs are considered a key beneficiary component, as their usage in AI servers increases significantly compared to conventional servers, due to the expansion of high-power and high-density architectures.
While investors in the stock market continue to seek out MLCC beneficiary stocks, Cheonghan Electronics, a subsidiary of Kosdaq-listed Aetom, is emerging as a company with both strong performance and a robust supply chain.
According to the securities industry on March 3, the share prices of MLCC-related companies such as Samsung Electro-Mechanics, Samwha Capacitor, Amotech, Kocchip, and GIS have recently recorded double-digit gains. As global big tech companies ramp up their AI investments, the semiconductor sector is showing strength, and the trend of expanding demand is spreading to power stabilization components including MLCCs.
In this business environment, Cheonghan Electronics, a core subsidiary in which Aetom holds a 60% stake, is maintaining stable performance by focusing on specialized MLCC distribution and technical support. Cheonghan Electronics’ sales reached 27.2 billion won in 2024 and increased to 31.2 billion won in 2025. Given the increasingly tight MLCC supply this year, sales are expected to exceed 33 billion won.
An industry insider analyzed, "As MLCC supply becomes tighter, the supply execution capabilities of specialized distributors are likely to be directly linked to their performance."
The MLCC industry is characterized by high technological entry barriers, and securing the supply chain is considered a core competitive advantage. Founded in 1989, Cheonghan Electronics has 36 years of experience as of this year and has built long-term networks with global top-tier MLCC vendors such as Samsung Electro-Mechanics and Murata. Notably, the company provides not only distribution but also design support and mass production linkage systems.
MLCCs store electricity and release it in controlled amounts. They are essential components that regulate the flow of current in circuits and reduce electromagnetic interference between components. Recently, their application has expanded to high-performance and high-reliability domains such as AI servers and automotive electronics. In particular, each AI server reportedly contains about 30,000 MLCCs, which is several dozen times more than a conventional server.
Cheonghan Electronics is especially in the spotlight within the MLCC industry due to its past crisis management experience. During the global MLCC shortage in 2018-2019, Cheonghan Electronics chose strategic cooperation with manufacturers over short-term profit expansion. The company earned trust by supplying secured inventory to clients in a timely manner.
An industry insider explained, "An MLCC is about 1/250th the size of a grain of rice, with hundreds of layers precisely stacked within a thickness of 0.3mm, which requires advanced technological capability. Companies that have demonstrated competitiveness through previous supply shortages are likely to show strong performance amid the AI-driven demand expansion phase."
The growth trajectory of Cheonghan Electronics is also raising expectations for a revaluation of its parent company Aetom’s corporate value. Aetom is further advancing high-efficiency power module technology based on Cheonghan Electronics’ high-value-added MLCC supply chain and is applying it to the AI server platform of its strategic partner, Global Topnet. Through an integrated structure spanning components, modules, and systems, the company is expanding its business scope within the AI infrastructure market.
In the securities industry, there is also sentiment that Aetom’s current share price does not fully reflect the scale and growth potential of Cheonghan Electronics’ MLCC sales.
An Aetom representative stated, "Cheonghan Electronics’ performance driven by expanding MLCC demand will be reflected in our consolidated results," adding, "By strengthening cooperation with manufacturers and strategically managing inventory, we will continue to build a stable foundation for growth."
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