国信证券：3D打印行业成长红利释放 关注技术领先的头部企业

Core Insights - The consumer-grade 3D printing industry is expected to experience rapid growth driven by supply breakthroughs and personalized demand, with a recommendation to focus on leading companies in this sector [1] - The industry is entering a period of widespread adoption due to advancements in technology, which lower operational barriers, and increasing personalized demand in areas such as toys, education, and daily goods [2] - China dominates the global 3D printing equipment export market, holding a 45% share, with leading companies leveraging supply chain advantages and rapid product iteration [3] Industry Growth - The global consumer-grade 3D printing market is projected to exceed $4 billion by 2024, with a compound annual growth rate (CAGR) of 28% from 2020 to 2024; 3D printer sales are expected to reach $2.1 billion with a CAGR of 21% [2] - By 2024, the online 3D printing market in China is anticipated to reach 1.2 billion yuan, also reflecting a CAGR of 28% from 2020 to 2024 [2] - The number of consumer-grade 3D printers is expected to reach approximately 15.8 million units by 2024, indicating a penetration rate of only 1.8% among 860 million households in major regions [2] Competitive Landscape - The competition in the consumer-grade 3D printing market is primarily driven by product capabilities, with technology research and development and supply chain efficiency being critical factors [3] - Leading companies such as Creality and Topbot are positioned strongly, with Creality holding a 28% market share and Topbot leading with a 29% share in 2024 [3] Company Profiles - Creality has a diversified product portfolio including 3D printers, consumables, services, and accessories, with projected revenues of 2.3 billion yuan in 2024 and a gross margin around 30% [4] - Topbot focuses on 3D printers and consumables, showcasing strong R&D capabilities by integrating advanced technologies like laser radar detection and visual navigation into their products [4] Consumables Market - The 3D printing consumables market is expected to grow faster, reaching $1 billion by 2024, with a projected CAGR of 36% from 2024 to 2029 [5] - Domestic companies are gradually capturing market share, particularly in upstream resin production and midstream modified plastics, with leading firms like Haizheng Materials and Jialian Technology demonstrating strong technical and product capabilities [5]