计算机行业点评报告：消费级3D打印迎来奇点时刻，关注产业投资机会

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The consumer-grade 3D printing market is experiencing rapid growth, with a 40% year-on-year increase in production as of May 2025 [4][9] - In April 2025, the entry-level market for consumer-grade 3D printers was the only segment to show growth, with a 26% increase in shipments, driven by strong performances from brands like TuoZhu and ChuangXiang SanWei [4][9] - Chinese manufacturers dominate the global consumer-grade 3D printer market, supplying 96% of entry-level printers worldwide in 2024 [12] - The cultural and creative industries are driving demand for consumer-grade 3D printers, allowing users to create unique DIY products [15] - The introduction of advanced products like TuoZhu's H2D printer, which can achieve speeds of over 1000 mm/s, is expected to enhance market growth [19][23] Summary by Sections 1. Consumer-grade 3D Printing Demand and Global Leadership - Consumer-grade 3D printers are designed for home or small studio use, offering advantages in size, cost, and ease of operation compared to industrial models [9] - The production of 3D printing equipment in China reached 3.778 million units in 2024, with a total export value of 8.16 billion yuan [9][12] 2. Transition from B2B to B2C in 3D Printing - The consumer-grade 3D printing sector is transitioning from a productivity tool to a consumer product, similar to the impact of Douyin on video creation [15] - The emotional value provided by 3D printing, allowing for the creation of unique items, is a key driver of demand [15] 3. Investment Recommendations - The report suggests that the rapid development of the cultural and creative industries will sustain high demand for consumer-grade 3D printers [23] - Key investment targets include JinChengZi (mirror and laser controllers), HaiZheng ShengCai (consumables), and HuiNa Technology (potential injection of 3D printing assets) [23]