Core Insights - The article emphasizes the rapid growth and transformation of the 3D printing industry, highlighting its transition from experimental technology to a core productivity driver in high-end manufacturing [5][6][23]. - The global 3D printing market is projected to reach $21.9 billion in 2024, with expectations to grow to $114.5 billion by 2034 [6]. Market Expansion and Domestic Manufacturers - Chinese manufacturers dominate the entry-level 3D printing equipment market, capturing over 90% of the share due to high cost-performance and rapid technological iteration [10]. - In 2024, China exported 3.7777 million 3D printing devices worth 8.9 billion yuan, with projections for 2025 to exceed 5 million units and 10 billion yuan in export value [10][11]. - The domestic production rate for metal 3D printing equipment has increased from under 30% five years ago to 60%, while non-metal material supply chain coverage exceeds 85% [11]. Technological Advancements and Application Scenarios - Key technological breakthroughs in industrial-grade 3D printing have achieved precision levels of 0.01 mm, meeting aerospace manufacturing requirements [13]. - The cost of titanium alloy powder, a core material for metal printing, has halved from 600 yuan/kg in 2023 to below 300 yuan/kg [14]. - 3D printing is significantly reducing costs and production times in commercial aerospace, with SpaceX's Raptor engine comprising 85% 3D printed components, leading to a 90% cost reduction and a production cycle cut from 6 months to 1 month [14]. Investment Opportunities - The article identifies three main investment lines for 3D printing: 1. **Core Equipment Line**: Benefiting from industrial and consumer demand growth, with companies like Platinum and Huashu High-Tech leading the market [19]. 2. **Core Materials Line**: Focusing on domestic production advantages, with companies like Zhonghang Mite and Youyan Powder Materials providing competitive pricing [20]. 3. **Emerging Applications Line**: Companies in humanoid robotics and commercial aerospace are positioned to benefit directly from increased demand [22]. Conclusion - The 3D printing industry is at a pivotal moment, transitioning from concept to reality, with significant opportunities for investment as domestic companies lead in both consumer and industrial markets [23].

Investment Rating - The report maintains an "Accumulate" rating for the industry [4] Core Insights - 3D printing is recognized as a revolutionary technology in high-end manufacturing, with a global market projected to reach $21.9 billion in 2024, where printers and services account for 74% and materials for 20% [1][18] - The consumer-grade 3D printing market is rapidly growing, with an expected market size of $4.1 billion in 2024, increasing to $16.9 billion by 2029 [2] - The industrial-grade 3D printing sector is primarily driven by the aerospace industry, with significant revenue contributions from companies like Platinum and Huazhu [2][3] Summary by Sections 1. 3D Printing: Unlocking High-End Manufacturing - 3D printing, also known as additive manufacturing (AM), is a disruptive technology that contrasts with traditional subtractive manufacturing methods [9] - The global 3D printing market is expected to reach $21.9 billion in 2024, with a forecasted growth to over $114.5 billion by 2034 [18] - The market is dominated by printer sales and services, which make up approximately 74% of the total market [18] 2. Consumer-Grade 3D Printers: China's "Four Little Dragons" Soar - The consumer-grade 3D printing market is entering a phase of accelerated penetration, with significant contributions from Chinese manufacturers [2] - In 2024, the global shipment of consumer-grade 3D printers is estimated to be around 4.1 million units, with Chinese companies holding a 94% market share [2] - The report highlights the technological advancements that have improved efficiency and reduced costs in consumer-grade printers [2] 3. Commercial Aerospace: The Mainline of Industrial 3D Printing - The aerospace sector is identified as the core downstream market for industrial-grade 3D printers, with significant revenue shares from companies like Platinum and Huazhu [2] - The commercial aerospace market in China is projected to reach ¥2.3 trillion in 2024, with expectations of further growth [2] - 3D printing is increasingly used in the manufacturing of rocket engines, significantly reducing costs and production times [2] 4. Technology & New Consumption: 3D Printing Technology Has Great Potential - 3D printing is gradually replacing traditional CNC machining in the 3C field, offering higher precision and lower material waste [3] - The technology is also being applied in the production of liquid cooling plates, enhancing thermal performance in various applications [3] - The report identifies key players in the consumer-grade and industrial-grade 3D printing markets, highlighting their roles and market positions [3]

消费级3D打印机：中国"四小龙"腾飞，行业加速崛起 相比于工业级3D打印，消费级3D打印强调易用性、低成本、个性化，为个人消费者及创客社区而设 计。过去消费打印机普遍存在"速度慢、易故障、难上手"的问题，目前技术升级带来打印效率、精度提 升;同时主流品牌入门级型号降价至1000元内，大大降低了购买门槛，而例如Gemini Nano Banana等多模 态AI大模型的出现可通过2D图片生成3D模型，进而降低消费者使用门槛。2024年全球消费级3D打印机 市场规模41亿美元，预计2029年提升至169亿美元。2024年全球消费类3D打印机出货量约410万台，中 国厂商占据全球94%市场，"四小龙"中拓竹科技、创想三维、纵维立方、智能派分别出货120、72、 55、55万台，行业景气持续加速。 商业航天：工业级3D打印的主线β 航空航天是工业级3D打印机最核心下游，2024年铂力特、华曙高科营收中航空航天占比分别为61%、 50%。目前全球商业航天步入奇点时刻，2024年SpaceX实现138次火箭发射，迎来指数级增长。国内方 面，2025年火箭发射持续迎来突破，朱雀三号运载火箭成功首飞标志着我国可回收商业航天进入 ...

Core Insights - 3D printing additive technology addresses pain points in traditional manufacturing processes, with significant growth potential driven by 3C, consumer, and industrial sectors [1] - The domestic supply chain for 3D printing equipment and components is rapidly catching up, with consumer-grade products leading in the domestic market [1] Group 1: Industry Overview - 3D printing offers advantages such as reduced product development cycles, efficient formation of complex structures, and higher material utilization compared to traditional manufacturing [1] - According to data from Zhongshan Industrial Research Institute, the distribution of downstream applications in China's 3D printing market shows aerospace accounting for the largest share at 16.7%, followed by medical (15.5%), automotive (14.5%), consumer electronics (11.9%), and academic research (11.2%) [1] - The global 3D printing market is projected to reach $21.9 billion by 2024 and $115 billion by 2034 according to Wohler Associates [1] Group 2: Consumer Electronics - Apple's entry into the 3D printing space is expected to lead the development in the 3C sector, with the introduction of 3D printing processes in products like the iPhone Air and Apple Watch Ultra [2] - The use of titanium in 3D printing is gaining traction due to its lightweight and high-strength properties, with significant advancements in foldable screen technology [2] Group 3: Consumer Market - The application of 3D printing is expanding from industrial to consumer markets, including entertainment and education, with open-source models and community sharing lowering the learning curve [3] - The global consumer-grade 3D printing market is expected to grow from $4.1 billion in 2024 to $16.9 billion by 2029 according to Zhaosheng Consulting [3] Group 4: High-end Manufacturing - 3D printing is enabling breakthroughs in commercial aerospace and nuclear fusion industries by overcoming traditional manufacturing limitations [4] - Major organizations like NASA and SpaceX are utilizing additive manufacturing for critical components in rocket technology [4] Group 5: Supply Chain - Domestic manufacturers of 3D printing equipment and components are rapidly improving their performance, with companies like Plater and Huazhu High-Tech closing the gap with international leaders [5] - In the consumer market, Chinese suppliers dominate the global consumer-grade 3D printer shipment market, accounting for nearly 95% of the total shipments [5]

Core Viewpoint - Since 2025, the Chinese 3D printing industry has entered a phase of capital frenzy, marked by significant investments and IPO attempts, indicating a shift towards large-scale and capitalized growth [1] Group 1: Capital Influx - On December 10, consumer-grade 3D printing brand KuaiZao Technology announced the completion of a multi-hundred million yuan Series B financing led by Hillhouse Capital and Meituan, with funds allocated for multi-color printing technology R&D and global talent acquisition [2] - KuaiZao Technology, founded in 2016 and headquartered in Shenzhen, has a product line that includes multifunctional printers and high-efficiency multi-color printers, with its flagship product U1 achieving a crowdfunding record of 150 million yuan, reflecting strong market demand [2] - DJI, a drone giant, invested several hundred million yuan in Smart Pie, indicating confidence in the growth potential of consumer-grade 3D printing technology [2] - Other major players, including Tencent and Shenzhen Capital Group, are also investing in the sector, with Chuangxiang Sanwei planning to raise funds through an IPO to enhance R&D and expand overseas [2][3] Group 2: Industry Growth and Trends - Since 2025, the number of investment and financing events in the industry has reached a near five-year high, exceeding 40, with a clear trend of capital concentrating on leading projects [4] - Shenzhen has emerged as a hub for the 3D printing industry, with significant contributions from consumer-grade products, as evidenced by customs data showing 3D printer exports reaching 3.7777 million units in 2024 [5] - In Q1 2025, global shipments of entry-level 3D printers (priced below $2,500) surpassed 1 million units, a 15% year-on-year increase, with Chinese suppliers accounting for 95% of the market share [5] - TuoZhu Technology, founded in 2020, reported revenues of 5.5 to 6 billion yuan in 2024, with a net profit of nearly 2 billion yuan and a net profit margin exceeding 30% [5] Group 3: Technological and Market Dynamics - The industry explosion is attributed to a deep resonance of technology, policy, and demand, with AI integration lowering usage barriers and enhancing user experience [8] - The demand for 3D printing is experiencing explosive growth, driven by the Z generation's pursuit of personalized expression and strong industrial demand from sectors like consumer electronics and aerospace [9] - Policies supporting the industry are intensifying, with the inclusion of desktop 3D printing devices in key consumption categories, leading to price reductions for entry-level devices [9]

证券研究报告 | 行业周报 gszqdatemark 2025 12 14 年 月 日 基础化工 左手商业航天右手消费，聚焦 3D 打印材料 3D 打印全球 219 亿美元市场，材料种类多样。3D 打印即增材制造（AM）， 被誉为引领第三次工业革命的核心技术。不同于传统制造将原料"削减" 加工成所需形状，3D 打印可一体化成型复杂结构产品，具有快捷、低成 本、高精度等优势。根据 WOHLERS，2024 年全球 3D 打印市场规模高 达 219 亿美元。材料方面，金属材料占比 22%，其中铁基材料由于成本 较低最为主流；高分子材料领域，PLA 线材以其优异的打印性能及低廉的 价格深度绑定 FDM 成为应用最广泛的材料；SLA 光固化主要采用光敏树 脂；SLS 主要搭配高分子粉材，PA12 为主流品种。 消费级 3D 打印机：中国"四小龙"腾飞，行业加速崛起。过去消费打印 机普遍存在"速度慢、易故障、难上手"的问题，目前技术升级带来打印 效率、精度提升；同时主流品牌入门级型号降价至 1000 元内，大大降低 了购买门槛，而例如 Gemini Nano Banana 等多模态 AI 大模型的出现可通 过 2D 图 ...

点击上图▲立即收听 " 中国消费级 3D 打印机家庭用户占比，从 2023 年的不足 20% 攀升到 2025 年的 45% 。 " 文 /巴九灵（微信公众号：吴晓波频道） 大部分人对3D打印机的印象，还停留在工业生产线上的"大块头"、前沿科技展会上的概念产品。如今，它却频繁出现在普通人的案头——为了更 直观地了解这个突然跑出的爆款，我们入手了一台千元左右的入门款以作尝试。 从收货到通电开机，再到完成初始化等一系列操作，不过十多分钟的时间。在APP里的上万个模型里挑选了一款，2个小时后，一只小手办来到了 我们手里。 想象一个画面：一台略小于台式电脑主机的桌面3D打印机，紧挨着办公的你独自作业。期间， 直径不足1毫米的喷嘴不断吐出加热融化的塑料， 在方形面板上画出一层一层的塑料薄层，不断堆叠、冷却，在你工作的几个小时里，打出了一只精致的"星星人"。 小巴用3D打印机尝试制作的玩具 这个被当代年轻人誉为"能打印万物"的大玩具，已经出现在了越来越多人的家里或者办公桌上。 双十一期间，在京东和天猫，消费级3D打印机卖出了上万台，几大品牌销售额同比增长超过80%。 社交媒体开始涌现一批又一批3D打印博主，他们晒出自己在 ...

Investment Rating - The report maintains a "Positive" outlook on the 3D printing industry, indicating a low current penetration rate and potential for rapid growth driven by the expansion of demand for customized products and the popularization of the 3D farm model [7]. Core Insights - The 3D printing industry is entering a "singularity moment," where growth is driven not just by technological breakthroughs but also by a paradigm shift in industrial manufacturing and a surge in consumer demand for personalized products. Key drivers include agile manufacturing advantages in industrial-grade 3D printing, the ability to produce complex shapes, and the democratization of technology in consumer-grade 3D printing [9][13]. - The global 3D printing market is projected to reach $21.9 billion in 2024, with a year-on-year growth of 9.31%. In China, the market is expected to reach 42.3 billion yuan, with a significant portion of revenue coming from equipment and services [9][69]. Summary by Sections Investment Suggestions and Targets - The report suggests that the 3D printing industry is poised for rapid growth due to low current penetration rates and expanding demand. Key investment targets include: - Consumer-grade 3D printing service operator Huina Technology (300609, not rated) - Industrial-grade metal printing equipment manufacturers Plater (688333, not rated) and Huashu High-Tech (688433, not rated) - 3D printing material suppliers Jialian Technology (301193, not rated) and Youyan Powder Materials (688456, not rated) [4][21]. Industry Overview - 3D printing technology is characterized by its flexibility and high production capacity, allowing for the creation of complex structures with minimal waste. The technology has evolved from traditional subtractive manufacturing to additive manufacturing, enabling significant design freedom and reduced production cycles [22][24]. - The main materials used in 3D printing include plastics and metal powders, with various technological routes such as FDM, SLS, and SLA being commercially viable [31][36]. Market Outlook - The global 3D printing market is experiencing a golden development period, with both consumer and industrial segments expected to expand. The U.S. leads the market, while the Asia-Pacific region is catching up rapidly. The market for 3D printing materials is projected to grow by 35.21% in 2024, with significant growth also seen in 3D bioprinting and metal additive manufacturing [58][62]. - In China, the 3D printing market is expected to reach 42.3 billion yuan in 2024, with a strong focus on equipment and services, which together account for 76% of the market [69][70]. Key Players - The report highlights the differentiation among leading companies in the industrial-grade 3D printing sector, with notable players like Plater and Huashu High-Tech excelling in metal 3D printing. In the consumer-grade sector, Huina Technology is building a supply-demand ecosystem through a combination of scale farms and offline stores [9][20][21].

Group 1 - Snapmaker, a 3D printing brand, announced the completion of a multi-hundred million RMB Series B financing round on December 10 [1][2] - The financing round was led by Hillhouse Capital and Meituan, with participation from existing investors [2] - Snapmaker's U1 3D printer set a record by raising 150 million RMB on a crowdfunding platform, marking the highest amount ever raised in 3D printing history [2] Group 2 - The consumer-level 3D printing market is expanding, with household users now accounting for 45% of the market, up from less than 20% three years ago [5][6] - Schools and small business owners are also significant buyers, with around 80% of schools planning to introduce 3D printing for STEAM education [5][6] - The global shipment of entry-level 3D printers surpassed 1 million units in Q1 2025, with 95% coming from Chinese suppliers [5][6] Group 3 - The industrial 3D printing market is seeing growth in sectors such as aerospace, medical implants, and automotive parts, with 13.24% of industrial attendees at the 2025 TCT Asia exhibition having procurement budgets over 5 million RMB [20][21] - Companies like Xunyi High-Tech are breaking foreign monopolies in continuous fiber and ceramic 3D printing, directly engaging with clients in aerospace and military sectors [23] - SIRUI Additive is addressing the issue of metal waste in aerospace and medical fields by recycling metal waste into usable powder, significantly reducing costs for companies [24][25] Group 4 - The rapid growth of the 3D printing industry is facing a talent shortage, with companies struggling to fill key technical positions [26][30] - The demand for interdisciplinary talent is high, as expertise in both 3D printing technology and specific industry requirements is necessary [31] - Companies like Snapmaker are investing heavily in talent acquisition to support their technological advancements and global expansion [31]

Core Insights - Since 2025, the Chinese 3D printing industry has entered a phase of capital frenzy, marked by significant investments and IPO attempts, indicating a shift towards large-scale and capitalized growth [1][2]. Group 1: Capital Influx - On December 10, consumer-grade 3D printing brand Kuaizao Technology announced it completed a multi-hundred million yuan Series B financing led by Hillhouse Capital and Meituan, with funds allocated for multi-color printing technology development and global talent acquisition [2]. - Kuaizao Technology, founded in 2016 and headquartered in Shenzhen, has a product line that includes multifunctional printers and high-efficiency multi-color printers, with its flagship product U1 achieving a crowdfunding record of 150 million yuan, reflecting strong market demand [2]. - DJI, a drone giant, invested several hundred million yuan in Smart Pie, indicating confidence in the growth potential of consumer-grade 3D printing technology [2]. - Other major players, including Tencent and Shenzhen Capital Group, are also backing companies like Chuangxiang Sanwei, which plans to raise funds through an IPO to enhance R&D and expand into overseas markets [2][3]. Group 2: Industry Growth and Trends - The number of investment and financing events in the industry reached a near five-year high since 2025, with over 40 occurrences, showing a clear trend of capital concentrating on leading projects [4]. - Shenzhen has emerged as a hub for the 3D printing industry, with significant contributions from consumer-grade products, as evidenced by 3D printer exports reaching 3.7777 million units in 2024 [5]. - In Q1 2025, global shipments of entry-level 3D printers (priced below $2,500) surpassed 1 million units, with Chinese suppliers accounting for 95% of the market share, led by Chuangxiang Sanwei with a 39% share [5]. Group 3: Company Performance - Tuo Zhu Technology, founded in 2020 by former DJI engineers, achieved revenue between 5.5 billion to 6 billion yuan in 2024, with a net profit nearing 2 billion yuan and a net profit margin exceeding 30% [5]. - Smart Pie, established in 2015, initially focused on STEM education kits but pivoted to 3D printing, launching its first resin printer at a competitive price, thus capturing the mid-to-low price market [6]. - Zongwei Lifang has expanded its business globally, generating over 1 billion yuan in annual revenue since 2016 [6]. Group 4: Industry Ecosystem and Demand - The industry's growth is driven by a confluence of technological advancements, policy support, and rising demand, with AI integration lowering usage barriers and enhancing user experience [7][8]. - The demand for 3D printing is surging, particularly among Gen Z consumers seeking personalized products, with sales of 3D printing-related categories during the 2025 JD 618 shopping festival increasing over threefold year-on-year [8]. - Policies supporting the industry, such as subsidies for desktop 3D printing devices, are expected to drive down entry-level equipment prices to around 1,000 yuan [8].