Core Insights - The development of 3D printing technology is becoming a significant force in cultivating new productive forces in China [1] - A breakthrough in medical 3D printing has been achieved by Caltech, enabling in-body manufacturing of medical implants without traditional invasive surgery, paving the way for personalized medicine [2] - The 3D printing industry is experiencing rapid growth, with projections indicating a global market potential of $88.3 billion by 2030 and a domestic market exceeding 120 billion yuan by 2029, with a compound annual growth rate of approximately 19.5% from 2024 to 2029 [3] Industry Developments - The application of 3D printing technology is expanding across various sectors, including aerospace, automotive, and biomedical, transitioning from an optional to a necessary component in high-end manufacturing [3] - The average increase in stock prices for 3D printing concept stocks in the A-share market is 17.18% this year, with four stocks seeing cumulative gains exceeding 50% [5] - A total of over 30 concept stocks related to 3D printing are listed in the A-share market, with companies like Jinggong Technology and Aidi Te focusing on product development in this field [4] Market Activity - As of May 12, 2023, several 3D printing concept stocks have shown significant trading activity, with 16 stocks experiencing a daily trading volume increase of over 10% [5] - Specific stocks such as Ruike Laser and Guangyun Da have reported substantial increases in trading volume, with Ruike Laser's trading volume increasing by 326.04% [7] - Valuation levels indicate that eight stocks have a rolling price-to-earnings ratio below 40, and seven stocks have a price-to-book ratio below 2 [6]

Core Viewpoint - Huina Technology is undergoing a change in its actual controller and plans to raise 739 million yuan through a private placement, with shares resuming trading on May 12 [2][5]. Group 1: Shareholder Changes - The actual controller of Huina Technology will change from Zhang Hongjun to Jiang Zexing through the transfer of 18.0171 million shares, representing 15% of the total shares [3][4]. - Jiang Zexing will acquire 36 million shares in a private placement, increasing his total control to approximately 34.60% of the company [3][4]. Group 2: Fundraising and Business Strategy - The private placement price is set at 20.52 yuan per share, aiming to raise up to 739 million yuan, which will be used to supplement working capital and gradually develop digital business in the additive manufacturing sector [5]. - Huina Technology plans to leverage its competitive advantages in artificial intelligence and big data to capture growth opportunities in the rapidly expanding additive manufacturing market [5]. Group 3: Financial Performance - Huina Technology has reported continuous losses over the past three years, with revenues of 361 million yuan, 376 million yuan, and 363 million yuan for 2022, 2023, and 2024 respectively, and net losses of 37.67 million yuan, 34.03 million yuan, and 23.86 million yuan [7][8]. - In the first quarter of 2025, the company achieved a revenue of 52.36 million yuan, a year-on-year increase of 4.19%, but reported a net loss of 2.64 million yuan, an increase in loss of 87.4% year-on-year [8]. Group 4: Stock Performance - The stock price of Huina Technology has increased by 9.82% this year, with a current market capitalization of 3.3 billion yuan [2][13]. - The stock reached a high of 40.09 yuan per share in October last year but fell to 20.61 yuan in January this year, showing a volatile performance [13].

Financial Data and Key Metrics Changes - Consolidated revenue for Q1 2025 was $136 million, down from $144.1 million in Q1 2024 [13] - Product revenue decreased to $93.8 million from $99.2 million year-over-year, while service revenue fell to $42.2 million from $44.9 million [14] - GAAP operating loss was $12.4 million, an improvement from a loss of $24.5 million in the same period last year [17] - Non-GAAP net income for the quarter was $2.9 million, compared to a net loss of $1.7 million in Q1 2024 [17] - Adjusted EBITDA increased to $8.2 million from $4.1 million year-over-year [17] Business Line Data and Key Metrics Changes - Consumables revenue was $62.6 million, down from $66.3 million year-over-year, but showed a sequential growth of approximately 7% [14][15] - System revenue was $31.2 million, compared to $32.9 million in the same period last year [14] - Customer support revenue within service revenue was $30 million, down from $31.4 million year-over-year [15] Market Data and Key Metrics Changes - The company noted strong utilization rates across its customer base, indicating robust demand for its additive manufacturing systems [3] - The ongoing tariff situation is being monitored, with expectations of no material revenue impact due to most printers and materials being produced in the U.S. or Israel [5][6] Company Strategy and Development Direction - The company is focusing on high-growth end users driven by megatrends such as supply chain improvement, next-generation mobility, and sustainability initiatives [4] - A strategic investment of $120 million from Fortissimo Capital has strengthened the company's cash position to approximately $270 million with no debt [4] - The company is committed to continuous product innovation and enhancing customer engagement through improved go-to-market strategies [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate market uncertainties and emphasized a focus on profitability and cost management [30][58] - The outlook for 2025 anticipates revenues to range between $570 million to $585 million, with expectations of sequential growth throughout the year [19] - Management acknowledged the uncertainty in the macroeconomic environment but highlighted strong customer engagement and demand for additive manufacturing solutions [56][58] Other Important Information - The company launched new products, including the NEO 800 plus 3D printer and advanced materials for industrial applications, enhancing its competitive position [7][10] - The company is actively exploring opportunities for inorganic growth through acquisitions, leveraging its strong financial position [36][39] Q&A Session Summary Question: Clarification on tariffs and their impact on costs - Management confirmed that tariffs apply to the cost of goods sold when importing from Israel to the U.S., but the impact is not material [25][26] Question: Economic outlook for the second half of the year - Management reiterated guidance for a slight increase in revenue in the second half, focusing on securing EBITDA amidst market uncertainties [28][30] Question: Insights on consumables and customer activity - Management noted a return to higher utilization rates and expected consumables revenue to be higher in 2025 compared to 2024 [35] Question: Capital allocation and M&A appetite - The company is focused on inorganic growth opportunities and will pursue acquisitions that align with its strategy [36][39] Question: R&D spending and focus - Management clarified that R&D spending was focused rather than cut, maintaining investment in key areas [42][44] Question: Competition from low-end market players - Management emphasized that Stratasys focuses on industrial-grade solutions and reliability, differentiating itself from low-end competitors [46][49] Question: Engagement with the GenAI and automation community - Management confirmed ongoing efforts to integrate with the GenAI and robotics communities, leveraging AI to enhance additive manufacturing processes [63][66]

Core Viewpoint - Guangdong Province has released a significant policy aimed at boosting consumption, which includes measures to enhance property income channels, support for employee stock ownership plans, and various initiatives to stimulate consumer spending in sectors like automotive and healthcare [1][2][3]. Group 1: Consumption Enhancement Measures - The plan encourages listed companies to promote employee stock ownership plans and strengthens the market value management of state-owned enterprises to stabilize investor return expectations [1][2]. - It proposes to simplify the process for distributing childcare subsidies and encourages local governments to increase support for families with two or three children [1][2]. - The policy aims to expand automotive consumption by relaxing vehicle purchase restrictions and increasing car purchase quotas in cities like Guangzhou and Shenzhen [1][3]. Group 2: Real Estate and Housing Policies - The government will utilize its autonomy in real estate regulation to adjust restrictive measures related to purchasing, transferring, and financing properties, aiming to stabilize the real estate market [3]. - There is a commitment to increase the supply of affordable housing and to support the renovation of old residential areas, with a target of starting renovations on at least 600 old communities by 2025 [3]. Group 3: Technological and Health Consumption - The initiative promotes the integration of artificial intelligence in various consumer sectors, including healthcare and education, and aims to enhance remote medical services [4]. - It supports the development of new consumption models, such as the "old for new" policy for consumer goods, which includes subsidies for replacing old appliances [4]. Group 4: Financial Support for Consumption - The policy encourages financial institutions to increase personal consumption loans while ensuring risk control, allowing for higher loan amounts and extended repayment periods for creditworthy customers [5]. - It also promotes the establishment of duty-free shops and tax refund services to enhance international consumer experiences in cities like Guangzhou and Shenzhen [5]. Group 5: Market Response and Investment Opportunities - Recent data indicates a robust recovery in domestic tourism and spending, with a 6.4% increase in travel and an 8.0% rise in total spending during the holiday period [6]. - Analysts suggest that the ongoing policy support for consumption will benefit sectors such as dining, travel, and retail, with a focus on service consumption as a key area for future growth [6][7].

报告发布日期：2025年4月7日 报告名称:《苹果布局3D打印，推动消费电子精密制造革新》 分析师：胡剑 S0980521080001/ 吴双 S0980519120001/ 李书颖 S0980522100003 联系人：张宇翔 完整报告请扫描下方二维码 国信研究 3D打印行业框架报告 2025-04-07 | 胡剑 李书颖 吴双 张宇翔 •增材制造又称"3D打印"，是一种基于三维模型数据的 先进制造技术。它采用与传统减材制造技术截然相反的逐层 叠加材料的方式，利用激光束、热熔喷嘴等手段，将粉末、 树脂等特殊材料逐层堆积黏结,最终叠加成形。与传统精密 加工技术相比，增材制造在加工精度、表面粗糙度和可加工 材料方面仍存在差距,但其独特的技术原理在特定应用场景 中具有显著优势： 1）缩短研发周期降低研发成本,无需模 具即可直接成形;2）高效成形复杂结构,实现一体化、轻 量化设计；3）材料利用率高，符合ESG理念；4）快速凝 固工艺使制件内部组织均匀致密，强度提升而不损失塑... 长按识别小程序阅读全文 点击 关注我们 证券研究报告| 2025年04月07日 图信证券 3D打印框架报告 苹果布局3D打印，推动消费电 ...

Core Viewpoint - Apple is actively investing in 3D printing technology to drive innovation in precision manufacturing within the consumer electronics sector, aiming to enhance product design and production efficiency [5][54]. Group 1: 3D Printing Technology Overview - Additive manufacturing, also known as 3D printing, is a cutting-edge manufacturing technology that builds objects layer by layer from three-dimensional model data, contrasting with traditional subtractive manufacturing methods [3][9]. - Key advantages of additive manufacturing include reduced R&D cycles, lower costs without the need for molds, efficient formation of complex structures, high material utilization rates, and improved mechanical properties due to rapid solidification processes [15][19]. Group 2: Market Growth and Projections - The global 3D printing market was approximately $20 billion in 2023, with projections to reach $36.2 billion by 2026, reflecting a compound annual growth rate (CAGR) of 21.8% [9][36]. - China's 3D printing market is expected to grow from approximately 32 billion yuan in 2022 to 41.5 billion yuan by 2024, indicating significant growth potential [36][37]. Group 3: Applications and Industry Segments - Major downstream applications of 3D printing include aerospace (13.3%), medical (13.7%), automotive (14.0%), and consumer electronics (14.0%), highlighting the technology's versatility across various sectors [37][38]. - In the consumer electronics sector, 3D printing is being utilized for manufacturing precision components such as hinges for foldable devices, with Apple exploring its application in products like the Apple Watch and foldable phones [52][54]. Group 4: Cost Reduction and Efficiency Improvements - The cost of titanium alloy powder used in 3D printing has decreased significantly, from 600 yuan/kg in 2023 to below 300 yuan/kg in 2024, representing a 50% reduction, which is expected to enhance the economic viability of additive manufacturing [50][51]. - Innovations such as beam shaping technology and the introduction of multi-laser systems are improving production efficiency, with some systems achieving up to 2.7 times the output compared to traditional dual-laser setups [50][51]. Group 5: Industry Players and Competitive Landscape - Key players in the 3D printing equipment market include established companies like EOS and 3D Systems, alongside emerging Chinese firms such as Plater and Huazhu High-Tech, which are rapidly gaining market share [39][43]. - The competitive landscape is evolving, with domestic manufacturers increasingly focusing on the localization of core components to reduce reliance on imports and lower production costs [50][51].

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2] Core Insights - The additive manufacturing, also known as 3D printing, is revolutionizing precision manufacturing in consumer electronics, driven by companies like Apple [5][8] - The global 3D printing market is projected to grow from approximately $20 billion in 2023 to $36.2 billion by 2026, with a CAGR of 21.8% [5][31] - China is identified as the most promising market for 3D printing, with an expected market size of approximately 41.5 billion yuan by 2024 [5][31] Summary by Sections 1. Comparison of Additive Manufacturing and Traditional Manufacturing - Additive manufacturing offers significant advantages such as reduced R&D costs, efficient formation of complex structures, high material utilization, and rapid solidification processes [5][11] - The technology is categorized into metal and non-metal types, with metal 3D printing being more mature and widely applied in aerospace, medical, and automotive sectors [5][19] 2. Cost Reduction and Efficiency Improvement - The industry is transitioning to "Additive Manufacturing 2.0," focusing on cost reduction and efficiency improvements to enable mass production [5][49] - The price of titanium alloy powder has decreased significantly, from 600 yuan/kg to below 300 yuan/kg, contributing to lower production costs [5][49] 3. Main Downstream Applications: Consumer Electronics, Aerospace, and Automotive - The consumer electronics sector is a key application area for 3D printing, with components like hinges for foldable phones being produced using this technology [5][68] - Apple has been actively exploring 3D printing for products like the Apple Watch and foldable devices, indicating a strategic shift towards additive manufacturing [5][71] - In aerospace, the market for 3D printing is expected to reach $4.1 billion by 2024, growing to $8.2 billion by 2029 [5][72] 4. Industry Chain Related Companies - Recommended companies to watch include 3D printing equipment manufacturers like Platinum and Huazhu High-Tech, as well as core component suppliers like Jingyan Technology and Luxshare Precision [5]

Core Insights - China has become the most important market for additive manufacturing globally, with an average annual growth rate exceeding 40% over the past decade [1][2] - The TCT Asia 2025 exhibition showcased significant participation from companies in the Pearl River Delta, particularly from the Liwan District of Guangzhou, which has the highest concentration of laser and additive manufacturing enterprises [1][2] Industry Development - The additive manufacturing industry in China has developed a spatial structure centered around the Bohai Rim, Yangtze River Delta, and Pearl River Delta regions, with the central and western regions serving as a link [1] - Liwan District established the first district-level 3D printing industry policy in 2014 and has since developed a national-level incubator focused on additive manufacturing [3] Company Highlights - Guangzhou WanNeng Product Design Co., a pioneer in the Liwan District, has been recognized for its contributions to the 3D printing industry since its establishment [2] - Guangzhou Ruitong Additive Technology Co., the first company to apply metal 3D printing in dentistry, is located in Liwan and benefits from a well-developed dental industry in Guangdong [3] Future Directions - Liwan District aims to attract high-power laser equipment, non-metal printing devices, and digital process service providers, focusing on applications in integrated circuits, biomedicine, and high-end manufacturing [4] - The new laser and additive manufacturing industrial park in Liwan is set to begin operations in 2025, expanding the capacity for industry development [3][4] Technological Innovations - The exhibition featured innovative products such as the world's first desktop metal 3D printer, designed to meet the needs of dental factories with limited space [4] - New light-curing 3D printing technologies showcased at the event promise higher precision and broader applications in jewelry design, dental, and medical device manufacturing [6][7] Market Trends - The consumer-grade 3D printing market is emerging, with companies developing fluid 3D printing technologies for personalized products in food and cosmetics [11][12] - The cost of 3D printing technology is decreasing, with plastic 3D printers now available at around 1,000 yuan, and metal 3D printing prices also dropping significantly [12]

Investment Rating - The report maintains an "Accumulate" rating for the military industry [3] Core Insights - The military materials sector is expected to see demand recovery in 2025, driven by the release of pent-up demand and the completion of significant projects [11][12] - The report highlights the development of advanced ceramic matrix composites, which offer superior high-temperature resistance and weight reduction compared to traditional high-temperature alloys, making them ideal for aerospace applications [2][31] - The application of 3D printing technology is expanding in both military and civilian sectors, enhancing product performance and reducing costs [6][34] Summary by Sections Important Events and Announcements - The Sichuan Provincial Science and Technology Department plans to establish a technology innovation center for ceramic matrix composites, indicating a focus on advanced materials development [25] - OPPO's launch of the Find N5 smartphone, utilizing 3D printed titanium alloy components, showcases the integration of advanced manufacturing techniques in consumer electronics [26][32] Military Materials Industry Analysis - The military materials index outperformed the broader military industry index by 1.05 percentage points in February, indicating positive market sentiment [8][37] - The report notes that 2024 will be a challenging year for military materials companies, with a mixed performance in earnings forecasts [9][11] - The demand for high-end materials such as titanium alloys, carbon fibers, and high-temperature alloys is projected to grow significantly by 2028, with market sizes expected to exceed 200 billion, 300 billion, and 400 billion respectively [42][44] Capital Market Status - The military materials sector is experiencing a recovery phase, with a notable increase in orders and production capacity as companies adapt to market demands [11][12] - The report suggests that companies should focus on diversifying their supply chains and reducing reliance on single-source suppliers to mitigate risks [13][46] Investment Recommendations - The report recommends focusing on companies such as Guangwei Composite, Zhongfu Shenying, and Jialiqi in the carbon fiber sector, as well as Feishun Special Steel and Steel Research High-tech in the high-temperature alloy sector [20][48]

定、退市风险高等特点,投资者面临较大的市场风险。投资者应充分了解科创板的投 资风险及本公司所披露的风险因素，审慎作出投资决定。 湖南华曙高科技股份有限公司 Farsoon Technologies Co., Ltd. （长沙高新开发区林语路181号） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商）：西部证券股份有限公司 （陕西省西安市新城区东新街 319 号 8 幢 10000 室） i 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业绩不稳 湖南华曙高科技股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 发行人及全体董事、监事、高级管理人 ...