Kaimei sees 2H26 momentum strengthen as AI demand lifts orders and resistor price hikes take effect

The resurgence in Yageo's orders signals a strong pull from AI server demand on upstream semiconductor components. As data center expansion accelerates, demand for precision resistors has surged, pushing the backlog-to-backlog ratio to 1.2 and easing pricing pressure. This trend underscores the cascading impact of technological shifts on the supply chain, while highlighting key bottlenecks in the global semiconductor ecosystem. Amid geopolitical tensions, the decoupling between Taiwan, China and U.S. supply chains is intensifying, prompting firms to localize production and enhance resilience. Competitors may respond with aggressive capacity expansion to capture market share. Over the next 12–24 months, continued growth in AI and automotive electronics will likely sustain the resistor market, though raw material volatility and policy uncertainty remain key risks.