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 ...

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 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 招股意向书 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） 湖南华曙高科技股份有限公司 招股意向书 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 ...

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 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 （注册稿） 免责声明：本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本 招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式 公告的招股说明书作为投资决定的依据。 保荐机构（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） 湖南华曙高科技股份有限公司 招股说明书（注册稿） 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 ...