发力UV打印机，创想三维IPO前景如何？

Core Viewpoint - Chuangxiang 3D is expected to fill the gap in the secondary market for consumer-grade 3D printers as it seeks to go public in Hong Kong, positioning itself as the first stock in this category [4][10]. Market Dynamics - Following the successful crowdfunding of Anker's UV printer, the market has seen a surge of new players entering the space [2]. - The secondary market has begun to focus on consumer-grade 3D printers, with some companies experiencing significant stock price increases despite being marginal players [6]. Company Positioning - Chuangxiang 3D has submitted its IPO application and plans to heavily invest in UV printer technology to capture new market opportunities [3][12]. - The company has seen a decline in market share for its 3D printers, leading to a need for a second growth curve to maintain its position in the second tier of the consumer-grade 3D printer industry [4][24]. Financial Performance - Chuangxiang 3D's revenue has grown from 1.346 billion RMB in 2022 to 2.288 billion RMB in 2024, with a compound annual growth rate of 30.4%. However, profits have decreased from 1.04 billion RMB in 2022 to 886.6 million RMB in 2024, indicating a situation of revenue growth without profit growth [14][18]. - The company’s 3D printer sales are projected to drop from 870,700 units in 2023 to 720,600 units in 2024 due to a focus on higher-end products [13][21]. Market Share and Competition - Chuangxiang 3D is the largest consumer-grade 3D printer company globally, with a cumulative shipment of 4.4 million units and a market share of 27.9% from 2020 to 2024 [8][9]. - In the 3D scanner market, Chuangxiang 3D leads with a market share of 37.7% by shipment volume in 2024 [15][16]. Future Outlook - The company is actively developing its product matrix, including launching new series of 3D scanners and enhancing its UV printing capabilities [12][22]. - Analysts suggest that if Chuangxiang 3D can improve its profit margins to levels comparable to competitors like Tuozhu, it could unlock significant valuation potential in the secondary market [22][23].