业绩增长符合预期，3D打印行业应用扩张促高增可期

Investment Rating - The company is rated as "Buy" with an expected stock price increase of over 15% relative to the industry index in the next 6 months [1] - The industry is rated as "Outperform" with an expected industry performance to beat the market in the next 6 months [1] Core Views - 3D printing downstream applications are expanding, with significant potential in 3C, automotive, and robotics industries [14] - The company is actively expanding into new downstream markets, with innovations driving customer diversification [15] - The company's 2023 revenue is expected to reach 606 million yuan, a 32.67% YoY increase, with net profit of 133 million yuan, a 34.62% YoY increase [19] - The company is a leader in both metal and polymer 3D printing, with strong R&D capabilities in equipment, materials, and software [26] Financial Performance - Revenue is projected to grow from 606 million yuan in 2023 to 1.918 billion yuan in 2025, with a CAGR of 77.1% [25] - Net profit is expected to increase from 133 million yuan in 2023 to 369 million yuan in 2025, with a CAGR of 56.5% [25] - ROE is forecasted to rise from 6.6% in 2023 to 14.2% in 2025 [25] - EPS is projected to grow from 0.32 yuan in 2023 to 0.89 yuan in 2025 [25] Market Expansion - The company has established subsidiaries in the US and Germany, with sales networks covering over 30 countries and regions [23] - The company has a cost advantage in large-scale industrial manufacturing compared to international competitors [23] - The company's IPO in 2023 is funding capacity expansion, with 381 new 3D printing devices expected by the end of 2024 [26] Industry Outlook - 3D printing technology is transitioning from military to consumer applications, with significant growth potential in various industries [14] - The company's innovations in 3D printing equipment, such as the FS511M and FS350M, are accelerating industrial additive manufacturing [15] - The company's 3D printing technology has been adopted in consumer electronics, such as the titanium alloy hinge in Honor's MagicV2 foldable phone [14]