中金主要观点如下： 消费级3D打印是什么？ 中金发布研报称，生成式AI的普及、个性化消费的兴起以及供应链的成熟，推动消费级3D打印行业迈 入"技术筑基+场景破圈"的黄金增长期。据灼识咨询数据，2020~2024年全球消费级3D打印机GMV由10 亿美元增长至21亿美元，CAGR为20.4%；预计2029年将达88亿美元，2024~2029年CAGR为33.2%。中 国产能主导全球，场景拓展与产品降本带动中国需求增长，未来潜力充足。 全球市场初具规模，增长前景乐观。据灼识咨询数据，2020~2024年全球消费级3D打印机GMV由10亿 美元增长至21亿美元，CAGR为20.4%；预计2029年将达88亿美元，2024~2029年CAGR为33.2%。中国 产能主导全球，场景拓展与产品降本带动中国需求增长，未来潜力充足。欧美需求主导全球，根源在于 小型工业品供应链不发达、人工成本高、DIY文化盛行及物流体系效率不高。美国为全球第一大消费 国，2025年占中国增材制造设备出口额的4成。 消费级3D打印的竞争格局如何？ 全球市场集中度高，2024年全球出货量CR5达到78.6%。中国品牌主导全球市场，拓竹科技份额领先 ...

行业主要上市公司：铂力特(SH.688333)、先临三维(SH.600588)、有研粉材(SH.688456)等; 消费级3D打印机的应用起源于业余爱好者，但随着科技的发展和人们创新意识的增强，现在可以与互 联网结合，开创新的商业模式。消费级3D打印机以FDM技术为主，打印材料大多为PLA、ABS等高分 子材料，消费领域主要分布在文化创意产业及教育行业。 产业竞争 当前全球消费级3D打印行业呈中国品牌主导格局，拓竹科技、创想三维、纵维立方、智能派等中国品 牌合计贡献了全球95%的份额。欧美Prusa、Ultimaker 退守高端准专业市场，竞争聚焦技术升级、生态 构建。部分企业具体布局情况如下： | 企业名称 | 所属国家 | 布局情况 | | --- | --- | --- | | FORMLABS | 美国4 | 全球专业光固化 3D 打印龙头,主打 SLA/SLS 打 | | | | 印机与后处理方案,覆盖医疗、珠宝、汽车等领 | | | | 域,全球10+分支机构,KICKSTARTER 众筹起 | | | | 家,服务个人创作者与中小企业(2) | | PRUSA- | 捷克( | 开源 3D 打印 ...

2026.01.29 本文字数：1182，阅读时长大约2分钟 作者 |第一财经 郑栩彤 消费级3D打印厂商拓竹科技1月28日在一篇关于给员工母校捐款的文章中，提到营收情况。 "给母校捐一笔钱大概是2025年中时定下的，当时拓竹年营收破百亿的预期已经比较明朗了。"拓竹CEO 兼联合创始人陶冶表示，公司成立时间只有5年。 消费级3D打印的市场容量增速颇快。一名3D打印厂商联合创始人此前向记者形容，这是消费类硬件中 过去两年为数不多持续增长的赛道，拓竹去年继续维持高增长速度，也是一级市场资本对消费级3D打 印感兴趣的原因。 有消费级3D打印业内人士向记者表示，市场容量扩大的推动力，将来自3D打印向普通人群渗透，但这 一过程中，厂商间将展开激烈竞争，各厂商将在软硬一体化、生态等方面进行多维度竞争，并在研发方 面投入更多力量。 陶冶在上述文章中，也谈到人才对公司发展的重要性。他表示，公司的发展几乎可以百分百归功于广大 员工，公司的业务决定了无法依靠少数几个"英雄式人物"去搞定特定技术点、投资人、关键大客户等。 公司因此本能地思考人才从哪里来，思考及讨论的结果是，大学的优先级最高。 拓竹的捐赠款分配按照各高校在公司的员工 ...

2026.01. 29 本文字数：1182，阅读时长大约2分钟 作者 | 第一财经 郑栩彤 有消费级3D打印业内人士向记者表示，市场容量扩大的推动力，将来自3D打印向普通人群渗透，但这一过 程中，厂商间将展开激烈竞争，各厂商将在软硬一体化、生态等方面进行多维度竞争，并在研发方面投入更 多力量。 陶冶在上述文章中，也谈到人才对公司发展的重要性。他表示，公司的发展几乎可以百分百归功于广大员 工，公司的业务决定了无法依靠少数几个"英雄式人物"去搞定特定技术点、投资人、关键大客户等。公司因 此本能地思考人才从哪里来，思考及讨论的结果是，大学的优先级最高。 拓竹的捐赠款分配按照各高校在公司的员工数量、薪酬包等决定，从这份名单可窥见该公司的人才组成。将 被捐赠的高校包括电子科技大学、哈尔滨工业大学、中国科学技术大学、华南理工大学、华中科技大学、上 海交通大学、深圳职业技术大学、西安交通大学、香港科技大学、中国美术学院，名单前三个大学是公司三 名创始人的母校。 消费级3D打印厂商拓竹科技1月28日在一篇关于给员工母校捐款的文章中，提到营收情况。 "给母校捐一笔钱大概是2025年中时定下的，当时拓竹年营收破百亿的预期已经比较 ...

消费级3D打印厂商拓竹科技1月28日在一篇关于给员工母校捐款的文章中，提到营收情况。 "给母校捐一笔钱大概是2025年中时定下的，当时拓竹年营收破百亿的预期已经比较明朗了。"拓竹CEO兼联合创始人陶冶表示，公司成立时间只有5年。 消费级3D打印的市场容量增速颇快。一名3D打印厂商联合创始人此前向记者形容，这是消费类硬件中过去两年为数不多持续增长的赛道，拓竹去年继续维 持高增长速度，也是一级市场资本对消费级3D打印感兴趣的原因。 此前有消息称，拓竹2024年营收55亿至60亿元，净利润近20亿元。若以此计算，2025年拓竹营收增长幅度在60%以上。从2024年市占率看，此前创想三维招 股书引援灼识咨询数据称，2024年行业前五家消费级3D打印机公司的市占率共78.6%，2024年B公司出货120万台，市占率29%，排名第一。市场分析通常认 为B公司是拓竹科技。 机构预计消费级3D打印市场容量还将继续扩大。据灼识咨询数据，全球消费级3D打印市场出货量预计将从2024年的410万台增长至2029年的1340万台，行业 规模预计从2024年的41亿美元增长至2029年的169亿美元。 消费级3D打印厂商展开多维度竞争 ...

Core Insights - The consumer-grade 3D printing industry is approaching a pivotal moment, often referred to as the "iPhone moment" [1] - The market is experiencing significant growth, with the A-share 3D printing index rising nearly 90% year-to-date as of January 23, 2025, and almost 70% of companies in the sector reporting profit growth [2] - Intense competition is emerging, with major players like DJI, Meituan, and Hillhouse Capital entering the market, while established companies like Creality pursue IPOs [3][11] Market Dynamics - The 3D printing sector has seen 72 financing events since 2025, with 52 companies receiving investments, primarily in the domestic market [7] - DJI's investment in Elegoo, a significant player in the consumer-grade 3D printing market, highlights the potential for growth in this sector [7] - Snapmaker's recent funding round, led by Hillhouse Capital and Meituan, underscores the interest in innovative products that promise substantial growth potential [8] Competitive Landscape - Creality, once a dominant player, is facing challenges as it attempts to go public while experiencing a decline in net profit despite revenue growth [11][13] - The competition is not limited to hardware specifications but involves capital battles and ecosystem strategies [4] - The emergence of new players and the aggressive strategies of existing companies indicate a shift towards a more competitive environment [6][12] Ecosystem Development - The success of 3D printing companies increasingly relies on building robust ecosystems, as seen with Bambu Lab's Maker World community, which has nearly 10 million active users [16] - The debate between open-source and closed ecosystems is intensifying, with companies like Bambu Lab adopting a closed strategy to enhance user experience and protect content [18] - Competitors are investing heavily in ecosystem development, with Elegoo and Creality focusing on community engagement and content creation [19] Future Outlook - The global consumer-grade 3D printing market is projected to grow from $1.5 billion in 2020 to $4.1 billion by 2024, with a compound annual growth rate of approximately 28% [14] - The entry of AI technologies is expected to lower barriers to entry and accelerate the development of high-quality content in the 3D printing space [19] - As the industry matures, the competition will increasingly hinge on the quality of models and user experience, making the ecosystem a critical factor for long-term success [20]

Core Viewpoint - The consumer-grade 3D printing industry is approaching a pivotal moment, often referred to as the "iPhone moment," characterized by rapid growth and increased consumer engagement [1][11]. Market Performance - The A-share 3D printing index has seen a nearly 90% increase year-to-date as of January 23, 2025, with almost all stocks in the sector rising and about 70% of companies reporting positive net profit growth [3][4]. Competitive Landscape - The market is witnessing intense competition, with major players like DJI, Meituan, and Hillhouse Capital entering the space, while established companies like Creality are pursuing IPOs [5][10]. - Bambu Lab, a pioneer in consumer-grade printers, faces significant competition from both established and new entrants, indicating a shift from a single-player dominance to a multi-competitor environment [5][11]. Investment Trends - Since 2025, there have been 72 investment events in the 3D printing sector, with 52 companies receiving funding, primarily concentrated in the domestic market [7][8]. - Notable investments include DJI's multi-million dollar investment in Elegoo, highlighting the potential for growth in consumer-grade 3D printing technology [7][8]. Financial Performance of Key Players - Creality's revenue is projected to grow from 13.46 billion to 22.88 billion from 2022 to 2024, but its net profit is expected to decline by 31% in 2024, indicating a challenging competitive environment [10]. - Bambu Lab's revenue is estimated to be between 55 billion and 60 billion in 2024, with a net profit close to 20 billion, maintaining a leading market share [13]. Ecosystem Development - Bambu Lab's Maker World community has become a central part of its ecosystem strategy, boasting nearly 10 million active users and over one million 3D models, which enhances user engagement and lowers operational barriers [14][16]. - The industry is experiencing a shift towards ecosystem competition, with companies like Elegoo and Snapmaker also focusing on building robust content ecosystems to attract users [16][18]. Future Outlook - The global consumer-grade 3D printing market is expected to grow from $1.5 billion in 2020 to $4.1 billion in 2024, with a compound annual growth rate of approximately 28% [13]. - The entry of AI technologies is anticipated to lower barriers for content creation, facilitating a transition to a "everyone can create" era in 3D printing [18].

Group 1 - The consumer-grade 3D printing industry is on the verge of explosive growth, with a market size of hundreds of billions and a 90% share of domestic production, indicating potential investment opportunities in related companies [1] - Copper replacement technology is expected to exceed a 40% penetration rate by 2027, with silver paste and copper slurry materials projected to generate a profit margin of 730 million, highlighting investment opportunities in the photovoltaic cost reduction sector [1] - The 6G technology trials have entered the second phase, with a trillion-level commercial market countdown, suggesting significant future investment potential [1] - China's commercial space industry is entering a rapid development phase, with core segments of the industry chain poised to benefit first, indicating a favorable investment landscape [1]

Investment Rating - The report suggests a positive outlook for the consumer-grade 3D printing industry, indicating a potential investment opportunity in the AI and consumer sectors, as well as in the supply chain and materials segments [4][10]. Core Insights - The consumer-grade 3D printing industry is expected to experience significant growth driven by product upgrades, decreasing prices of machines and materials, and the empowerment of creative communities and AI models, which lower the cost of product selection and modeling for consumers [4][10]. - The penetration rate for consumer-grade 3D printers is projected to be only 3.9% in 2024, indicating substantial room for growth [4][10]. - The industry is anticipated to reach a "singularity moment" due to the resonance of supply and demand factors, making it crucial to seize investment opportunities in high-growth sectors [4][10]. Summary by Sections Company Overview - The report highlights Chuangxiang Sanwei as a leading global provider of consumer-grade 3D printing products and services, with 3D printers contributing approximately 70% of the company's revenue in 2024, and a market share of 27.9% in cumulative shipments from 2020 to 2024 [7][19]. - The company is expected to achieve a revenue of 2.288 billion yuan in 2024, representing a year-on-year growth of 21.5%, with a net profit of 89 million yuan [7][19]. Growth Potential - The consumer-grade 3D printing sector is showing rapid growth, with a 29.6% year-on-year increase in the export of 3D printers from China in the first 11 months of 2025, totaling 4.48 million units and 9.866 billion yuan in export value [8][41]. - The supply side benefits from product upgrades and price reductions, while the demand side is fueled by the rise of trendy toy culture and a large creative community, suggesting a high growth ceiling for the industry [8][41]. Competitive Factors - The competitive landscape is characterized by a few strong players, with market shares for major companies in 2024 being 29% for Tuo Zhu Technology, 17% for Chuangxiang Sanwei, and others [9]. - Key competitive factors include product capabilities, ecosystem development, and consumer reach, with a focus on product differentiation in terms of printing size, speed, and multi-color functionality [9]. Investment Recommendations - The report emphasizes the importance of capitalizing on the AI and consumer high-growth sectors, as well as potential investment opportunities in the supply chain and materials segments [10].

Summary of the Consumer-Level 3D Printing Industry Conference Call Industry Overview - The global consumer-level 3D printing industry is experiencing rapid growth, with a compound annual growth rate (CAGR) of 28% from 2020 to 2024, expected to reach nearly 30 billion RMB by 2024. However, household penetration is only 1.8%, indicating significant growth potential. The industry is projected to maintain a CAGR of over 30% in the coming years [1][3]. Market Position of Chinese Companies - Chinese companies dominate the global consumer-level 3D printing market, accounting for 45% of global export value in 2024, with a CAGR of 51% over the past two years. Top companies include Tuozhu Technology with a 29% market share and Creality 3D with a 17% market share. The market concentration (CR5) among the top five companies is 80% [1][4][5]. Application Areas - Consumer-level 3D printers are primarily used in consumer goods (43%), education (34%), and trendy stationery (13%). The demand for personalized products and the push for 3D printing in education are key growth drivers [1][6]. Future Growth Drivers - Several factors will continue to drive the growth of the consumer-level 3D printing industry, including ongoing technological upgrades (e.g., AI integration), diverse material applications, and the leading position of top Chinese companies. The market is expected to exceed 60 billion RMB by 2029 [1][7]. Export Performance - China is a major exporter of consumer-level 3D printing equipment, with 45% of global export value in 2024 and a CAGR of 51% over the past two years. The U.S. and Europe are the primary import regions, each accounting for about 30% [1][8]. Revenue Contribution by Product Type - In the industry chain, approximately 50% of revenue comes from complete machine sales, while consumables and accessories contribute around 20%. The revenue growth rate for complete machines is 21%, while consumables and accessories see a higher growth rate of 40% due to increased ownership [1][9]. Investment Opportunities - Investors are advised to focus on Creality 3D, which is set to go public in Hong Kong, and Jia Lin Technology, a leader in modified plastics. Creality 3D has a strong technological edge, while Jia Lin Technology is experiencing profit recovery and growth from overseas base construction. Additionally, companies related to consumables are also worth considering due to the rapid growth in demand [2][10]. Financial Performance of Creality 3D - Creality 3D is projected to achieve revenue of 2.3 billion RMB in 2024, with a CAGR of 30% over the past three years. The revenue from 3D printers accounts for nearly 62%, while other products like 3D scanners and laser engravers contribute about 10%. The gross margin remains stable at around 30%, but net profit margin has decreased from 8% in 2022 to 4% in 2024 due to increased sales expenses [12]. Channel Development - Creality 3D's revenue sources are well-balanced, with China, North America, and Europe each contributing 20%-30% of revenue. The company has significantly increased its online channel presence, growing from 6 overseas stores in 2022 to 57 in 2024, with online revenue achieving a CAGR of 127% [13]. Technological Advantages of Tuozhu Technology - Tuozhu Technology has notable advantages in smart integration, leveraging technology from the drone industry to enhance user experience in 3D printing. The company has rapidly become the global leader in consumer-level 3D printers since its establishment in 2020 [14]. Recommendations for Consumables Companies - The consumables sector is expected to grow at a CAGR of 36% from 2024 to 2029, outpacing the overall industry growth. Key recommendations include Jia Lian Technology and Yinxi Technology, both of which are well-positioned to benefit from the increasing demand for consumables [15]. Overall Industry Outlook - The consumer-level 3D printing industry shows strong growth potential driven by both supply and demand factors. Key players like Creality 3D and fast-growing consumables companies such as Jia Lian Technology and Yinxi Technology are expected to benefit significantly from industry growth [16].