从创想三维看消费级 3D 打印机行业前景：造物平权，奇点将至

Investment Rating - The report suggests a positive outlook for the consumer-grade 3D printing industry, indicating a potential investment opportunity in the AI and consumer sectors, as well as in the supply chain and materials segments [4][10]. Core Insights - The consumer-grade 3D printing industry is expected to experience significant growth driven by product upgrades, decreasing prices of machines and materials, and the empowerment of creative communities and AI models, which lower the cost of product selection and modeling for consumers [4][10]. - The penetration rate for consumer-grade 3D printers is projected to be only 3.9% in 2024, indicating substantial room for growth [4][10]. - The industry is anticipated to reach a "singularity moment" due to the resonance of supply and demand factors, making it crucial to seize investment opportunities in high-growth sectors [4][10]. Summary by Sections Company Overview - The report highlights Chuangxiang Sanwei as a leading global provider of consumer-grade 3D printing products and services, with 3D printers contributing approximately 70% of the company's revenue in 2024, and a market share of 27.9% in cumulative shipments from 2020 to 2024 [7][19]. - The company is expected to achieve a revenue of 2.288 billion yuan in 2024, representing a year-on-year growth of 21.5%, with a net profit of 89 million yuan [7][19]. Growth Potential - The consumer-grade 3D printing sector is showing rapid growth, with a 29.6% year-on-year increase in the export of 3D printers from China in the first 11 months of 2025, totaling 4.48 million units and 9.866 billion yuan in export value [8][41]. - The supply side benefits from product upgrades and price reductions, while the demand side is fueled by the rise of trendy toy culture and a large creative community, suggesting a high growth ceiling for the industry [8][41]. Competitive Factors - The competitive landscape is characterized by a few strong players, with market shares for major companies in 2024 being 29% for Tuo Zhu Technology, 17% for Chuangxiang Sanwei, and others [9]. - Key competitive factors include product capabilities, ecosystem development, and consumer reach, with a focus on product differentiation in terms of printing size, speed, and multi-color functionality [9]. Investment Recommendations - The report emphasizes the importance of capitalizing on the AI and consumer high-growth sectors, as well as potential investment opportunities in the supply chain and materials segments [10].