创想三维冲刺港股IPO，去年出货量不及拓竹六成丨IPO观察

Core Viewpoint - The article emphasizes the intense competition among Chinese hardware companies in the global market, particularly in the 3D printing sector, where domestic players dominate and pose significant challenges to emerging firms [4][10]. Group 1: Company Overview - Creality, founded in 2014, is on the verge of going public in Hong Kong, marking a significant milestone in its journey [6]. - The company has achieved remarkable revenue growth, surpassing 2.288 billion RMB in 2024, with a notable increase from 1.346 billion RMB in 2022 [19][27]. - Creality's market share in the global consumer-grade 3D printer segment is reported at 27.9% based on cumulative shipments from 2020 to 2024, making it a leading player [14]. Group 2: Competitive Landscape - The entry of new competitors like Bambu Lab has reshaped the market dynamics, with Bambu Lab reportedly achieving revenues exceeding 5.5 billion RMB in 2024, overshadowing Creality's 2.288 billion RMB [9][16]. - The article highlights that Creality's shipment volume decreased from 870,000 units in 2023 to 720,000 units in 2024, indicating a shift towards higher-end products [17]. - The competitive environment is characterized by a "Matthew Effect," where leading companies like Bambu Lab and xTool significantly outpace others in revenue and market share [20][34]. Group 3: Financial Performance - Creality's revenue from 3D printing machines has decreased from 81.7% in 2022 to 61.9% in 2024, indicating a diversification in its product offerings [18]. - The company's gross profit margin improved slightly from 28.8% in 2022 to 30.9% in 2024, despite a decline in net profit from 104 million RMB in 2022 to 88.66 million RMB in 2024 [19]. - The revenue contribution from 3D scanning devices has grown rapidly, reaching 208 million RMB in 2024, accounting for 9.1% of total revenue [27]. Group 4: Market Trends - The global consumer-grade 3D scanning market is projected to grow significantly, with a compound annual growth rate of 47.8% from 2020 to 2024 [26]. - Creality's average selling price for 3D scanners dropped from 2,700 RMB in 2022 to 1,700 RMB in 2023, reflecting increased price competition [28]. - The laser engraving machine segment is also competitive, with Creality generating 160 million RMB in revenue from this category in 2024, representing 7.1% of total revenue [32]. Group 5: Strategic Focus - The company is focusing on enhancing its product offerings and expanding its sales channels, with online sales accounting for 47.9% of total revenue in Q1 2024 [36]. - Creality's sales expenses have increased from 8.1% in 2022 to 16.7% in 2024, indicating a growing investment in marketing and sales efforts [38]. - The article suggests that for hardware companies, product quality and innovation are critical for success, as evidenced by the achievements of competitors like Bambu Lab and xTool [37].