机械设备：产业降本趋势显现，消费电子沿用3D打印工艺

Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - The 3D printing equipment export in China is expected to grow by 32.8% in 2024, with an estimated export volume of 4.686 million units compared to 3.525 million units in 2023 [2] - The trend of cost reduction in the industry is evident, with titanium alloy powder prices dropping by 50% from 600 RMB/kg to below 300 RMB/kg, driven by improved yield rates and declining prices of raw materials [4] - The application of 3D printing technology is expanding in consumer electronics, automotive, and medical sectors, with notable advancements in product design and manufacturing efficiency [5] Summary by Sections Industry Dynamics - The 3D printing industry is witnessing a significant reduction in costs due to the decrease in titanium alloy powder prices and the acceleration of domestic core component production [3][4] - The use of 3D printing technology in consumer electronics, particularly in the production of smartphone components, is enhancing product competitiveness and driving innovation in the industry [5] Investment Recommendations - Key companies to watch include Plater Tech (a leader in the domestic metal 3D printing sector), Huazhu High-Tech (a leading 3D printing enterprise driven by technological innovation), Jintaiyang (focused on post-processing in 3D printing), and Dazhu Laser (core components for 3D printing) [6]