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立讯精密(002475):业绩稳健增长,多板块协同发力
CAITONG SECURITIES· 2025-08-28 07:22
Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has demonstrated steady growth in performance, with multiple business segments contributing to its success. The telecommunications and automotive sectors have shown rapid growth, while the consumer electronics segment continues to perform well. The company has successfully integrated new product projects and expanded its client base in emerging fields such as AR/VR and 3D printing [7][6] - The company reported a revenue of 124.5 billion yuan for the first half of 2025, representing a year-on-year increase of 20.18%, and a net profit of 6.644 billion yuan, up 23.13% year-on-year. The second quarter of 2025 saw a revenue of 62.715 billion yuan, a 22.51% increase year-on-year [7] - The company has provided guidance for the third quarter of 2025, forecasting a net profit of 4.246 to 4.699 billion yuan, which is a year-on-year increase of 15.41% to 27.74% [7] Financial Performance Summary - Revenue projections for the company are as follows: 2023A: 231.91 billion yuan, 2024A: 268.79 billion yuan, 2025E: 323.50 billion yuan, 2026E: 387.71 billion yuan, 2027E: 428.70 billion yuan, with a revenue growth rate of 8.4% in 2023, increasing to 20.4% in 2025 [6] - The net profit forecast for the company is: 2023A: 10.95 billion yuan, 2024A: 13.37 billion yuan, 2025E: 16.64 billion yuan, 2026E: 20.11 billion yuan, 2027E: 23.53 billion yuan, with a net profit growth rate of 19.5% in 2023, reaching 24.5% in 2025 [6] - The earnings per share (EPS) are projected to be: 2023A: 1.54 yuan, 2024A: 1.86 yuan, 2025E: 2.29 yuan, 2026E: 2.77 yuan, 2027E: 3.24 yuan, with corresponding price-to-earnings (PE) ratios of 22.4 in 2023, decreasing to 19.6 in 2025 [6] Business Segment Performance - The consumer electronics segment generated revenue of 97.799 billion yuan in the first half of 2025, a year-on-year increase of 14.32%, while the telecommunications segment saw revenue of 11.098 billion yuan, up 48.65%, and the automotive segment reached 8.658 billion yuan, an increase of 82.07% [7] - The company has successfully completed the acquisition of assets from Wentech Technology, enhancing its product integration capabilities [7] - The company continues to expand its market share among leading cloud service providers and AI server clients, with multiple high-value products being delivered in bulk [7]
发力UV打印机,创想三维IPO前景如何?
雷峰网· 2025-08-27 08:13
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].
创想三维冲刺港股IPO,去年出货量不及拓竹六成丨IPO观察
36氪· 2025-08-25 13:31
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].
创想三维冲刺港股IPO,去年出货量不及拓竹六成|IPO观察
3 6 Ke· 2025-08-23 01:39
作者 | 张子怡 编辑 | 彭孝秋 当下,绝大多数出海硬件企业谈到对手,没人能绕开中国企业,海外对手早已不算什么,真正让人畏惧的是一波又一波来自中国的硬件企业。它们既内 卷,又努力,有共同的供应链优势,还有层出不起穷的新技术。 对于这一点,创想三维一定有相当深刻的感触。 2014年,创想三维四位合伙人在一场展会上相识,决定合作开发3D打印机。11年后,距离赴港上市只差临门一脚。 只是,这条路已不是他们独享的舞台——新老大拓竹增长迅猛、旧玩家纵维立方和智能派环伺。 2015年前后是中国3D打印机行业发展最迅速的时期,涌现了大量相关企业,这一年,纵维立方和智能派陆续成立。 3D打印热潮后是泡沫破灭期,留下了技术和供应链。而地处深圳的创想三维和纵维立方则抓住了临海城市的外贸机遇,四五年时间它们都成为营收过10 亿元的3D打印企业。 超10亿元的营收成绩,在颇为小众的3D打印赛道里是个了不起的成绩。 直到新入局者拓竹的加入,2022年4月拓竹拓竹推出第一代3D打印机产品,以势如破竹的气势洗牌了市场。到2024年,有市场消息称,拓竹营收已突破55 亿元。而创想三维彼时的营收为22.88亿元。 后来者与早发者的差距已越来 ...
中信建投:消费级3D打印市场已经进入到奇点时刻 市场有望迎来快速爆发
Di Yi Cai Jing· 2025-08-22 00:24
Core Insights - The consumer-grade 3D printing market is entering a pivotal moment, with expectations for rapid growth driven by improved user experience and decreasing prices of desktop 3D printers [1] - The prices of popular consumer-grade 3D printer models have dropped to levels comparable to mid-to-high-end smartphones, making them more accessible [1] - The cost of related consumables for consumer-grade 3D printing has also decreased significantly, contributing to the market's potential for expansion [1] - The flourishing of 3D model communities allows consumers to access a wide range of creative 3D models at little to no cost, facilitating the transformation of ideas into tangible products [1] - The combination of supply-side cost reductions and strong consumer demand is expected to drive market growth [1]
中信建投:消费级3D打印市场已进入奇点时刻 市场有望迎来快速爆发
智通财经网· 2025-08-21 23:42
Core Insights - The consumer-grade 3D printing market is entering a pivotal moment, with expectations for rapid growth driven by improved user experience and decreasing prices of popular desktop 3D printers, now comparable to mid-to-high-end smartphones [1][2] - The cost of consumer-grade 3D printing materials has also significantly decreased, enhancing market accessibility [1] - The flourishing of 3D model communities allows consumers to access a wide range of creative models at little to no cost, facilitating the transformation of ideas into tangible products [1][2] Market Dynamics - The overseas market is experiencing sustained demand, providing a reference for future domestic market trends [2] - The rise of the IP economy in China is driving DIY consumer demand, leading to an accelerated growth trend in the consumer-grade 3D printing sector [2] - Currently, the consumer-grade 3D printing market is predominantly driven by overseas demand, particularly from Europe and the U.S., but domestic demand is also growing due to the popularity of trendy products and decreasing terminal prices [2] Investment Outlook - Both supply-side technological advancements and cost reductions, as well as an increasing number of DIY users and thriving 3D model communities, are propelling the rapid growth of the consumer-grade 3D printing market [3]
四位“80后”,冲刺“港股消费级3D打印机第一股”
Core Viewpoint - Shenzhen-based Creality, a leading player in the consumer 3D printing industry, is preparing for an IPO in Hong Kong, aiming to capitalize on the growing demand for personalized and customized products driven by advancements in AI and smart manufacturing [1][5]. Company Overview - Creality was founded in 2014 by four young entrepreneurs with an initial investment of 300,000 yuan and has since become a significant player in the consumer 3D printing market, holding a 27.9% market share as of 2024 [1][3]. - The company has launched several successful products, including the CR-i3 and CR-10, which disrupted the high pricing of international competitors by offering lower-cost alternatives [2][3]. Financial Performance - Creality's revenue is projected to grow from 1.346 billion yuan in 2022 to 2.288 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 30.4% [3]. - The company's gross profit for the same period is expected to increase from 388 million yuan in 2022 to 708 million yuan in 2024, with gross margins improving from 28.8% to 30.9% [3]. Market Position - Creality is the largest provider of consumer 3D printing products and services globally, with a second-place market share in consumer 3D printers and first in consumer 3D scanners [3]. - The consumer 3D printing market is expected to see significant growth, with shipments projected to rise from 4.1 million units in 2024 to 13.4 million units by 2029, achieving a CAGR of 26.6% [5]. Investment and Funding - Prior to the IPO, Creality raised 6 billion yuan in 2020 from several investors, marking its first external funding round [4]. - The company plans to use the proceeds from the IPO to enhance its global operations, brand promotion, and innovation efforts [9]. Competitive Landscape - The consumer 3D printing industry is becoming increasingly competitive, with new entrants and established companies expanding their presence [5][6]. - Creality's revenue from 3D printers has been declining as a percentage of total revenue, indicating a need for diversification [5]. Strategic Initiatives - Creality is focusing on enhancing its research and development efforts, with R&D spending increasing from 87.5 million yuan in 2022 to 149 million yuan in 2024 [6]. - The company is also expanding its international presence through partnerships with e-commerce platforms and localizing its marketing strategies [7].
【脱水研报】3D打印Labubu引爆消费级3D打印市场关注
申万宏源研究· 2025-07-31 07:27
Core Viewpoint - The market perceives the consumer-grade 3D printing sector as having limited growth potential and low barriers to entry, leading to insufficient investment value. However, a thorough analysis of the industry chain reveals significant growth opportunities driven by factors such as exports to Europe and the U.S. and the influence of trendy toys, with the market expected to reach approximately $50 billion by 2028, reflecting a CAGR of 19% [2][17]. Industry Overview - Consumer-grade 3D printers are designed for individual users and small businesses, characterized by ease of use and relatively low costs, also referred to as desktop or entry-level 3D printers [3]. - The consumer-grade 3D printing equipment represents a typical case of high-end industrial technology being adapted for consumer market applications [6]. Market Dynamics - The synergy between trendy toys and 3D printing is expected to enhance both sectors: 3D printing will enable better realization of creative ideas in trendy products, while the popularity of trendy IPs will boost the demand for consumer-grade 3D printers, with a new economic model for 3D printing farms anticipated to emerge in China starting in 2024 [10][11]. - The demand for desktop 3D printing equipment is rapidly increasing due to the innovative culture in Europe and the U.S., alongside the "maker movement," which promotes the widespread application of these devices and a high willingness to pay for exploration of interests and technologies [13][15]. Market Size and Growth Projections - The global consumer-grade 3D printer market reached $2.503 billion in 2022 and is projected to grow to $7.1 billion by 2028, corresponding to a market space of approximately 500 billion RMB, with a compound annual growth rate of 19% [17][18].
消费级3D打印产业链深度汇报
2025-07-28 01:42
Summary of the 3D Printing Industry Conference Call Industry Overview - The consumer-grade 3D printing market is benefiting from new consumption trends and the rise of trendy IPs, with industry leader Anycubic (拓竹科技) experiencing rapid revenue growth, projected to reach 5-5.5 billion RMB in 2024 and 7-8 billion RMB in 2025 [1][2] - The market is expected to continue growing and extend towards more consumer devices for export, with companies like Anker starting to position themselves in this space [1][6] - The majority of demand (70%-80%) for consumer-grade 3D printing is driven by exports, particularly from the European and American markets [1][10] Key Insights from Anycubic - Anycubic's success is attributed to its robust ecosystem and hardware innovations, including the Make Word platform, which has over 10 million monthly active users [4] - The H2D model features a printing speed of up to 1,000 mm/s and precision improved to 0.05 mm, supporting multiple materials and secondary processing, becoming a significant revenue growth point [5] - The company has a community engagement strategy, hosting model competitions and providing a library of over 100,000 free models, enhancing user retention [4] Market Dynamics - The global market for 3D printing is projected to reach 7.1 billion USD by 2028, with the equipment market alone estimated at 50 billion RMB [3] - The value distribution in 3D printer components shows that software, hotends, and extrusion parts hold the highest value, with laser modules also being significant [8] - High-end 3D printers are trending towards multifunctionality, with increasing participation from listed companies, leading to a significant rise in value [9] Demand Drivers - The demand for consumer-grade 3D printers is primarily driven by the garage innovation culture and maker movements in the U.S. and Europe, alongside educational integration of 3D printing [12] - In China, the demand for consumer-grade 3D printers is expected to rise as educational systems evolve to foster hands-on skills among students [13] Competitive Landscape - Anycubic holds a dominant market share of 50%-60% in online platforms, with significant traffic to its independent site [16][17] - Anker's recent crowdfunding success on Kickstarter, raising over 300 million RMB, highlights the potential for innovation in the consumer 3D printing space [34] - The industry is characterized by a "one strong, many strong" structure, with Anycubic as the clear leader [16] Future Trends - The future of 3D printing devices will focus on enhancing speed, precision, and functionality, with AI integration expected to play a crucial role [18] - New materials, including desktop-grade metal printing and personalized consumables, are anticipated to drive further growth [19] - The introduction of high-end accessories like 3D scanners is expected to increase market size and drive business growth for related companies [23] Investment Opportunities - Companies with established brands and distribution channels, such as Anker and others focusing on laser technology, are expected to see significant growth potential [22] - The collaboration between companies like Anycubic and others in the 3D scanning space indicates a trend towards more integrated solutions in the market [25][24] Conclusion - The consumer-grade 3D printing industry is poised for substantial growth, driven by technological advancements, market demand, and innovative business models. The competitive landscape is evolving, with significant opportunities for investment and expansion in both hardware and software segments.
中金2025下半年展望 | 消费电子:AI重构创新边界
中金点睛· 2025-07-15 23:49
Core Viewpoint - The consumer electronics industry is expected to grow in the second half of 2025, driven by the gradual implementation of edge AI across multiple terminals, hardware upgrades in AI smartphones, innovations in AI wearable devices, and a revival in the optical industry [1]. Group 1: Mobile & Optical Market - The smartphone market demand is expected to remain stable in the second half of 2025, with IDC projecting a global smartphone shipment growth rate of 0.6% for 2025 and a CAGR of 1.4% over the next five years [4]. - The trend of optical upgrades in smartphones is anticipated to continue, leading to double-digit market growth, with a focus on innovations such as larger sensors, hybrid glass-plastic lenses, and module structure upgrades [4]. - The optical industry is expected to see improved profitability due to capacity utilization recovery and rational price competition [26][31]. Group 2: Edge AI Hardware - The penetration of AI smartphones into mid-range price segments is expected to accelerate, with Canalys forecasting a global AI smartphone penetration rate of 34% by 2025, increasing to 50% by 2027 [5]. - Innovations in AI wearable devices, particularly AR/MR products, are expected to enhance user interaction and experience, with lightweight designs becoming a trend in 2024 [5]. - The emergence of new terminal forms, such as panoramic cameras, is anticipated to meet the growing demand for "recording life" [5]. Group 3: Edge AI Software - The rapid development of AI Agent technology is expected to reshape human-computer interaction and create new ecological models, with AI Agents likely to become new traffic entry points on mobile devices [5]. - The introduction of innovative AI Agents, such as Manus, demonstrates the potential for multi-agent models to facilitate the widespread adoption of AI in consumer applications [50][51]. Group 4: Market Review and Outlook - The consumer electronics sector in A-shares has seen a decline in valuation due to tariff uncertainties, with the overall PE ratio for the sector at 29.2 times as of July 4 [9]. - The Hong Kong stock market for consumer electronics has experienced significant valuation fluctuations, with the PE ratio recovering to 17.1 times, slightly above the historical median [12]. - The smartphone market is expected to maintain stable demand, with a focus on innovations in edge AI and foldable screens [13]. Group 5: Performance and Growth - The consumer electronics sector reported a revenue growth of 21% and a net profit growth of 2% in the first quarter of 2025, driven by the launch of new iPhone models and expansion into new business areas [23]. - The global smartphone camera module market is projected to see a mild recovery, with shipments expected to reach 45.6 billion units in 2025, reflecting a 2.2% year-on-year growth [27]. Group 6: AI and Innovation - The integration of AI into smartphones is expected to drive upgrades in components such as chips, thermal management, and battery technology, enhancing user upgrade intentions [39][40]. - The rise of consumer-grade 3D printing is anticipated to support the growth of the consumer electronics supply chain, with significant increases in production and sales volumes [42][44]. - The demand for handheld smart imaging devices is projected to grow, with the market size expected to reach 600 billion yuan by 2027 [45].