机械设备：产业降本趋势显现，民用市场多点开花

Investment Rating - The industry rating is "Outperform the Market" [6][14] Core Insights - The trend of cost reduction in the industry is evident, driven by the decrease in titanium alloy powder prices and accelerated localization of core components [2][3] - The price of titanium alloy powder for 3D printing has dropped from 600 RMB/kg in 2023 to below 300 RMB/kg in 2024, a decrease of 50% [3] - The price of sponge titanium is also on a downward trend, falling from approximately 50,000 RMB/ton at the beginning of 2024 to around 42,000 RMB/ton by the end of the year [3] - The use of 3D printing technology is expanding into various downstream markets, including footwear, consumer electronics, humanoid robots, commercial satellites, and the automotive industry [4] Summary by Sections Cost Reduction Trends - The reduction in costs is attributed to improved powder yield and lower prices of inert gases used in production [3] - Companies are adopting smart integrated argon gas recovery equipment to reduce industrial gas usage [3] Downstream Market Expansion - In the footwear industry, traditional manufacturing faces challenges, and companies like Huazhu Gaoke and Bolite are leveraging 3D printing for production [4] - In consumer electronics, Honor's latest phone continues to utilize 3D printing for its hinge components, showcasing advancements in mass production capabilities [4] - The humanoid robot market is seeing the introduction of 3D printing for lightweight and cost-effective solutions [4] - The commercial satellite sector is expected to rely on 3D printing to reduce weight and costs significantly [4] - The automotive industry is undergoing a transformation in parts delivery through 3D printing, with Daimler Trucks collaborating with 3D Systems to produce critical components locally [4] Investment Recommendations - The report suggests focusing on companies like Bolite and Huazhu Gaoke, which are leaders in the metal 3D printing sector and are driven by technological innovation [5]