Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2] Core Insights - The additive manufacturing, also known as 3D printing, is revolutionizing precision manufacturing in consumer electronics, driven by companies like Apple [5][8] - The global 3D printing market is projected to grow from approximately $20 billion in 2023 to $36.2 billion by 2026, with a CAGR of 21.8% [5][31] - China is identified as the most promising market for 3D printing, with an expected market size of approximately 41.5 billion yuan by 2024 [5][31] Summary by Sections 1. Comparison of Additive Manufacturing and Traditional Manufacturing - Additive manufacturing offers significant advantages such as reduced R&D costs, efficient formation of complex structures, high material utilization, and rapid solidification processes [5][11] - The technology is categorized into metal and non-metal types, with metal 3D printing being more mature and widely applied in aerospace, medical, and automotive sectors [5][19] 2. Cost Reduction and Efficiency Improvement - The industry is transitioning to "Additive Manufacturing 2.0," focusing on cost reduction and efficiency improvements to enable mass production [5][49] - The price of titanium alloy powder has decreased significantly, from 600 yuan/kg to below 300 yuan/kg, contributing to lower production costs [5][49] 3. Main Downstream Applications: Consumer Electronics, Aerospace, and Automotive - The consumer electronics sector is a key application area for 3D printing, with components like hinges for foldable phones being produced using this technology [5][68] - Apple has been actively exploring 3D printing for products like the Apple Watch and foldable devices, indicating a strategic shift towards additive manufacturing [5][71] - In aerospace, the market for 3D printing is expected to reach $4.1 billion by 2024, growing to $8.2 billion by 2029 [5][72] 4. Industry Chain Related Companies - Recommended companies to watch include 3D printing equipment manufacturers like Platinum and Huazhu High-Tech, as well as core component suppliers like Jingyan Technology and Luxshare Precision [5]

Meeting Details - The third meeting of the Supervisory Board of Xi'an Boli Tech Additive Technology Co., Ltd. was held on March 28, 2025, combining in-person and communication methods [1] - The meeting was chaired by Ms. Gong Puling, with all three members present, complying with relevant laws and regulations [1] Resolutions Passed - The Supervisory Board approved the proposal to increase the use of idle raised funds for cash management, allowing up to RMB 900 million [1] - The board confirmed that the proposal aligns with regulatory requirements and does not alter the intended use of the raised funds, ensuring the normal investment plan remains unaffected [1] - The decision aims to enhance the efficiency of fund utilization, benefiting the company and all shareholders [1]

西安铂力特增材技术股份有限公司（以下简称"公司"）第三届监事会第十四 次会议于 2025 年 3 月 28 日以现场结合通讯方式召开。本次会议由监事会主席宫蒲 玲女士主持，会议应到 3 人，实到 3 人。本次会议的召集、召开符合《中华人民共 和国公司法》《公司章程》及《监事会议事规则》的相关规定。 二、监事会会议审议情况 经与会监事认真讨论，审议并通过如下事项： 证券代码：688333 证券简称：铂力特 公告编号：2025-013 西安铂力特增材技术股份有限公司 第三届监事会第十四次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、 监事会会议召开情况 表决情况：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《西 安铂力特增材技术股份有限公司关于增加使用部分闲置募集资金进行现金管理的 公告》（公告编号：2025-012） 特此公告。 西安铂力特增材技术股份有限公司监事会 2025 年 3 月 28 日 （一）审议通过了《关于增加使用 ...

2023 年 7 月 5 日，公司收到中国证监会出具的《关于同意西安铂力特增材 技术股份有限公司向特定对象发行股票注册的批复》（证监许可﹝2023﹞1444 号），同意公司向特定对象发行股票的注册申请。 根据信永中和会计师事务所（特殊普通合伙）于 2023 年 12 月 6 日出具的 《西安铂力特增材技术股份有限公司 2022 年度向特定对象发行 A 股股票募集资 金验资报告》（XYZH/2023XAAA3B0103），经审验，公司本次向特定对象发行 A 股股票 32,048,107 股，每股发行价格 94.5 元；本次发行的募集资金总额为 302,854.61 万元，扣除各项发行费用（不含增值税）共计 2,115.02 万元，公司实 际募集资金净额为 300,739.59 万元。 募集资金到账后，已全部存放于经公司董事会批准开设的募集资金专项账户 内，公司与保荐人、存放募集资金的商业银行签署了募集资金三方监管协议。 中信建投证券股份有限公司 关于西安铂力特增材技术股份有限公司 增加使用部分闲置募集资金进行现金管理的核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"保荐人"）作为西安 铂力特增材技术 ...

为进一步提高闲置募集资金使用效率，合理利用闲置募集资金，为公司和股 东创造更多价值。公司于 2025 年 3 月 28 日召开第三届董事会第十八次会议及第 三届监事会第十四次会议，审议通过了《关于增加使用部分闲置募集资金进行现 金管理的议案》，同意公司在确保不影响募集资金投资项目建设和募集资金使用 以及公司正常业务开展的情况下，使用最高额不超过人民币 90,000.00 万元（包 含本数）的部分闲置 2022 年度向特定对象发行 A 股股票募集资金进行现金管理， 拟使用暂时闲置募集资金用于购买安全性高、流动性好、有保本约定的投资产品 （包括但不限于结构性存款、协议存款、通知存款、定期存款、大额存单等）。 在上述额度内，资金可以滚动使用，使用期限为本次董事会审议通过之日起 12 个月内。上述现金管理额度的使用期限将于 2026 年 3 月 27 日到期。 截止本公告日，公司合计计划使用不超过 180,000.00 万元（含本数）的闲置 募集资金进行现金管理。 公司董事会授权董事长在上述额度及决议有效期内行使决策权及签署相关 合同文件等事宜，上述事项在董事会审批权限范围内，无需提交股东大会审议。 公司监事会发表了 ...

参股华力创科学，传感器产品可用于人形机器人 近日，华力创科学宣布完成数千万元A+轮融资，本轮融资由铂力特独家投资，持股比例为9.09%。华力 创科学是一家专注于为各行各业提供高性能传感解决方案的高新技术企业，开发出了一系列光基六维力 传感器，在人形机器人、医疗、工业生产等领域广泛应用。 投资要点 事件：公司发布2024 年业绩快报，归母净利润短期承压 2024 年度业绩：公司2024 年度实现营业收入12.5 亿元，同比上升1.61%，主要系公司在继续深耕航空 航天领域的同时，在消费电子市场和应用领域取得新的突破。2024 年度实现归母净利润0.75 亿元，同 比下降47%，主要系受到经济大环境的影响，以及公司规模的扩张带来的相应的人力成本的增加及固定 支出、研发费用的增加。 1）人形机器人：华力创科学本轮融资主要用于深耕高性能光学多模态感知技术，结合金属3D 打印技术 在产品轻量化，特殊材料应用，量产成本等方面的诸多优势，为以人形机器人为代表的具身智能领域提 供性能强大且性价比高的六维力传感解决方案，产品应用于人形机器人指关节、腕关节和踝关节。 2）消费电子：根据南极熊报道，Apple Watch 将采用由 ...

Core Insights - The article highlights the launch of a metal 3D printing-based tactile sensing solution for robotic fingers by Huali Chuang Science, addressing the long-standing issue of tactile perception in humanoid robots [1] Company Summary - Huali Chuang Science showcased its tactile sensing solution at the 2025 Shanghai TCT Asia event, featuring the Photon Finger multi-dimensional force sensor and the Photon R40 six-dimensional force sensor [1] - The Photon Finger is noted as the world's smallest multi-dimensional force sensor, with a diameter of only 8.5mm and a thickness of 7mm, setting a new standard for micro-sensors in the industry [1] Industry Summary - The sensors displayed are the first of their kind to utilize metal 3D printing technology in the production of optical-based six-dimensional force sensors, marking a significant innovation in the field [1] - The advanced manufacturing technology provided by Platinum Technology has led to breakthroughs in core performance, production scale, and efficiency for these sensors [1]

Investment Rating - The report maintains an "Overweight" rating for the defense materials industry [3] Core Insights - The defense materials sector is expected to see a recovery in demand in 2025, driven by the release of pent-up demand and significant orders in high-certainty areas like aerospace and defense [11][12] - The report highlights the importance of advanced materials such as ceramic matrix composites and titanium alloys, which are crucial for enhancing the performance of military equipment [30][31] - The application of 3D printing technology is expanding in both military and civilian sectors, leading to innovations in product design and manufacturing efficiency [6][34] Summary by Sections Industry Analysis - The report discusses the establishment of a ceramic matrix composite technology innovation center in Sichuan, which aims to accelerate the development of advanced materials for aerospace applications [2][30] - The demand for ceramic matrix composites is projected to increase due to their superior high-temperature resistance and lightweight properties, which can reduce component weight by 30% to 50% compared to high-temperature alloys [31] Market Performance - In February, the Zhonghang Securities defense materials index increased by 4.72%, outperforming the Shenwan defense index by 1.05 percentage points [8][37] - The report notes that 2024 is expected to be a challenging year for defense materials companies, with 10 out of 23 companies reporting profit growth while 13 experienced declines [9] Investment Logic - The report emphasizes the potential for recovery in the defense materials sector in 2025, as the industry is expected to benefit from increased military spending and the release of accumulated orders [11][12] - It suggests that companies focusing on high-temperature alloys, titanium alloys, and composite materials should be closely monitored for investment opportunities [20][48] Recommendations - The report recommends focusing on companies such as Guangwei Composite, Zhongfu Shenying, and Jialiqi in the carbon fiber composite sector; Fushun Special Steel and Gangyan High-tech in high-temperature alloys; and Xibu Superconductor and Baotai in titanium alloys [20][48]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 针对公司股票异常波动，公司董事会通过通讯、电话及现场问询等方式，对 公司股东、实际控制人及持股 5%以上股东、公司董事、监事及高级管理人员就 相关问题进行了核查，相关情况说明如下： （一）生产经营情况 证券代码：688333 证券简称：铂力特 公告编号：2025-011 西安铂力特增材技术股份有限公司 股票交易异动的公告 一、股票交易异常波动的情况介绍 公司股票连续 3 个交易日内（2025 年 3 月 5 日、2025 年 3 月 6 日、2025 年 3 月 7 日）收盘价格涨幅偏离值累计达到 30%，根据上海证券交易所相关规定， 属于股票交易异常波动情形。 二、公司关注及核实情况说明 三、董事会声明及相关方承诺 公司董事会确认，公司目前没有任何根据《上海证券交易所科创板股票上市 规则》等有关规定应予以披露而未披露的事项；董事会也未获悉本公司有根据《上 海证券交易所科创板股票上市规则》等有关规定应予以披露而未披露的以及对股 票交易价格产生较大影响的信息。 ...

Investment Rating - The report maintains a "Hold" rating for the company [7] Core Viewpoints - The company is positioned to benefit from the acceleration of metal 3D printing technology across multiple scenarios, particularly in the consumer electronics sector, with significant growth potential anticipated [1][2] - The cancellation of import tax exemptions for industrial-grade 3D printers starting March 1, 2025, is expected to favor domestic equipment manufacturers, enhancing their competitive capabilities [1][4] - The company has achieved a breakthrough in titanium alloy 3D printing, producing ultra-thin structures for foldable smartphones, which could become a core manufacturing process for mobile components [2] - The human-shaped robot market is projected to reach $13.8 billion by 2028, with a CAGR of 50.29%, indicating a strong growth opportunity for the company in this sector [3] - The company is expanding its production capacity for titanium and high-temperature alloy powders, which will enhance its cost efficiency and self-sufficiency [4] Financial Projections - Revenue is expected to grow from 1,250.99 million yuan in 2024 to 2,259.01 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 28.70% [6][11] - The net profit attributable to the parent company is projected to fluctuate, with estimates of 213.92 million yuan in 2024 and 222.09 million yuan in 2026 [6][11] - The company’s P/E ratio is expected to decrease from 82.55 in 2024 to 79.51 in 2026, indicating a potential improvement in valuation [6][11]