Core Insights - The article discusses the competitive landscape of the 3D printing industry, particularly focusing on the challenges faced by Creality, a leading Chinese 3D printer manufacturer, as it prepares for its IPO in Hong Kong. The company is facing intense competition from both established players and new entrants in the market [1][4][31]. Group 1: Company Overview - Creality was founded in 2014 and has grown to become a significant player in the 3D printing market, with revenue exceeding 2.288 billion RMB in 2024 [3][13]. - The company claims to be the largest consumer-grade 3D printer provider globally, with a cumulative market share of 27.9% from 2020 to 2024 [8][10]. - However, Creality's market position is challenged by competitors like Bambu Lab, which has rapidly gained market share, achieving revenue of over 5.5 billion RMB in 2024 [5][10]. Group 2: Market Dynamics - The consumer-grade 3D printing market is dominated by four Shenzhen-based companies, which collectively account for over 90% of global shipments [7][8]. - The market is experiencing a "Matthew Effect," where larger companies are gaining a disproportionate share of the market, making it increasingly difficult for smaller players to compete [8][10]. - Creality's sales of 3D printers are projected to decline from 870,000 units in 2023 to 720,000 units in 2024, as the company shifts focus to higher-end products [11][12]. Group 3: Financial Performance - Creality's revenue has shown modest growth over the past three years, with figures of 1.346 billion RMB in 2022, 1.883 billion RMB in 2023, and 2.288 billion RMB in 2024 [13]. - The company's gross margin improved slightly from 28.8% in 2022 to 30.9% in 2024, but net profit has decreased from 104 million RMB in 2022 to 88.66 million RMB in 2024 [13]. - The share of revenue from 3D printing machines has decreased from 81.7% in 2022 to 61.9% in 2024, indicating a diversification in revenue streams [12][13]. Group 4: New Business Ventures - In 2024, Creality became the leading company in global shipments of consumer-grade 3D scanners and ranked third in consumer-grade laser engraving machines [15]. - The market for consumer-grade 3D scanners is growing rapidly, with a compound annual growth rate of 47.8% from 2020 to 2024 [16]. - Creality's revenue from 3D scanners reached 208 million RMB in 2024, contributing 9.1% to total revenue, although this is still less than the revenue from 3D printing consumables [17][18]. Group 5: Competitive Landscape - The laser engraving machine market is also highly competitive, with xTool emerging as a significant player, projecting revenues of 20-30 billion RMB in 2024 [24]. - Creality's sales network has expanded significantly, with 74 self-operated online stores and 2,163 distributors covering approximately 140 countries [27]. - Despite the expansion of sales channels, product competitiveness remains crucial in the hardware industry, as evidenced by the success of competitors like Bambu Lab and xTool [28][29].
创想三维冲刺港股IPO，去年出货量不及拓竹六成｜IPO观察
3 6 Ke·2025-08-23 01:39