Workflow
消费电子创新跟踪系列一：3D打印，消费电子应用元年有望开启
兴业证券·2025-02-26 01:29

Investment Rating - The report maintains a "Buy" rating for the 3D printing industry, particularly focusing on its applications in consumer electronics [1]. Core Insights - The 3D printing market is expected to experience significant growth, with a global market size exceeding 20billionandadomesticmarketsizesurpassing30billionyuan,drivenbyapplicationsinaerospace,automotive,andmedicalsectors,withimmensepotentialinconsumerelectronics[3][16].−Thereporthighlightstheaccelerationofcorecomponentreplacementandthegradualimprovementoftheindustrychain,indicatingashifttowardsdomesticalternativesinkeycomponentslikelasersandgalvanometers[4][34].−Thereportanticipatesthedawnofanewerafor3Capplications,projectingthatthemarketfor3Dprintingservicesandequipmentinconsumerelectronicscouldexceed100billionyuan,fueledbythesuccessfulapplicationof3Dprintinginproductslikefoldablephonehinges[4][60].SummarybySectionsWhatis3DPrinting?−3Dprinting,alsoknownasadditivemanufacturing,involvescreatingthree−dimensionalphysicalentitiesfromdigitalmodelsthroughlayer−by−layermaterialdeposition,suitableforcomplexstructuresandhighmaterialutilization[3][9].CoreComponentsandIndustryChain−The3Dprintingindustrychainincludesupstreamcomponentslikeindustrialsoftwareandrawmaterials,withmidstreamdominatedby3Dprintingequipmentmanufacturers,anddownstreamapplicationsspanningvarioussectors[4][31].−Theglobal3Dprintingmarketgenerated20 billion and a domestic market size surpassing 30 billion yuan, driven by applications in aerospace, automotive, and medical sectors, with immense potential in consumer electronics [3][16]. - The report highlights the acceleration of core component replacement and the gradual improvement of the industry chain, indicating a shift towards domestic alternatives in key components like lasers and galvanometers [4][34]. - The report anticipates the dawn of a new era for 3C applications, projecting that the market for 3D printing services and equipment in consumer electronics could exceed 100 billion yuan, fueled by the successful application of 3D printing in products like foldable phone hinges [4][60]. Summary by Sections What is 3D Printing? - 3D printing, also known as additive manufacturing, involves creating three-dimensional physical entities from digital models through layer-by-layer material deposition, suitable for complex structures and high material utilization [3][9]. Core Components and Industry Chain - The 3D printing industry chain includes upstream components like industrial software and raw materials, with midstream dominated by 3D printing equipment manufacturers, and downstream applications spanning various sectors [4][31]. - The global 3D printing market generated 15.24 billion in 2021, with manufacturing-related services accounting for approximately 59% of the total market value [31]. 3C Application Potential - The report emphasizes the potential for 3D printing in consumer electronics, with complex designs and weight reduction needs driving demand. Major brands like Honor and OPPO are already integrating 3D printing into their products [4][56]. - The anticipated market for 3D printing services and equipment in the 3C sector is projected to exceed 100 billion yuan, with significant contributions from companies involved in the production of mobile phone frames and other components [60][63]. Investment Recommendations - The report suggests focusing on 3D equipment manufacturers such as Huazhu High-Tech and Platinum, as well as traditional CNC companies like Luxshare Precision and BYD Electronics that are actively expanding into 3D printing [4][67].