Tri-Circuit (300408) posted 2025 revenue of RMB 9.007 billion (+22.13%) and net profit of RMB 2.618 billion (+19.54%) . The 2026 forecast stands at RMB 11.217 billion. The real story: MLCC dielectric layer thickness hits 1μm – a major process breakthrough.

Unlike passive component peers chasing short‑term trends, Tri-Circuit focuses on high‑end MLCC and ceramic material system upgrades. Its edge: high‑capacitance, high‑voltage, high‑reliability products are already in volume shipment for AI servers and EVs. Specifications like 0201-105, 0402-106, 0603-226, 0805-476 are mass‑produced.

The 1μm dielectric layer improves performance and consistency, opening doors to premium customers. Auxiliary businesses – SOFC (Bloom Energy capacity expanding to 2GW by end‑2026) and optical communications – add second‑leg growth.

Risks: slower AI/EV demand, failure to monetize 1μm process, delayed SOFC/optical ramp.

ICgoodFind says: Tri-Circuit’s 1μm MLCC and high‑end shift drive steady growth. Watch volume shipment in 1H 2026.