【私募调研记录】季胜投资调研海正生材

Group 1 - The core viewpoint is that the 3D printing industry is entering a rapid development phase, with polylactic acid (PLA) as a key raw material, and its consumption is expected to exceed 40,000 tons in 2024 [1] - Overseas companies dominate the PLA supply in the 3D printing sector, while domestic companies hold a smaller market share; however, the company is positioned as a significant player in driving material upgrades through continuous innovation [1] - The current demand for 3D printing is primarily concentrated in Europe and the United States, with domestic demand starting late but growing quickly; the company aims to capture more incremental market share by serving leading enterprises and enhancing R&D and product quality [1] Group 2 - Specific requirements for PLA in 3D printing materials include adaptability for high-speed printing, rapid cooling, and various colors and visual effects [1] - The global consumption of PLA is projected to be approximately 260,000 tons in 2024, with domestic consumption around 120,000 tons; the market is currently oversupplied, and prices are nearing cost levels, indicating limited future price volatility [1]