国金证券：3D打印浪潮将至 有望成为商业航天最终解决方案基础

Core Insights - 3D printing significantly reduces initial costs compared to traditional manufacturing by eliminating the need for molds or tooling, but its cost advantage diminishes as production scales up, resulting in a different cost curve compared to traditional manufacturing [1] - The maturity of 3D printing technology is increasing, making it a viable solution for mass production, particularly in the commercial aerospace sector, with promising applications in rockets and satellites [1] Group 1: 3D Printing Technology and Cost Advantages - 3D printing has seven major technological routes, including powder bed fusion and directed energy deposition, which have expanded the range of materials from polymers to metals, meeting diverse application needs [1] - The unit production cost of 3D printing is continuously decreasing, allowing it to become competitive with traditional manufacturing processes, especially in cost-sensitive sectors like consumer electronics [1] Group 2: 3D Printing in Commercial Aerospace - 3D printing introduces a new design philosophy in aerospace, shifting from manufacturing-driven design to design-driven manufacturing, which enhances functionality, reduces part count, and optimizes structures, particularly beneficial in weight-sensitive aerospace applications [2] - The development and application of various printing materials in the aerospace sector are maturing, establishing a foundation for 3D printing to become the ultimate solution in commercial aerospace [2] Group 3: 3D Printing in Rocket Manufacturing - The thrust chamber is the most complex and challenging component of rocket engines, and there are already mature solutions for manufacturing core parts like injectors and combustion chambers using powder bed fusion and directed energy deposition [3] - Domestic companies such as Deep Blue Aerospace, Blue Arrow Aerospace, and Tianbing Technology have begun applying 3D printing technology in thrust chamber manufacturing, but there is still significant room for improvement compared to established standards set by NASA and SpaceX [3]