25H2 受益于新机超广角及潜望光学创新，苹果手机、可穿戴、智能家居等光学升级与份额提升驱动公 司未来新一轮高成长。公司后摄新业务将为25H2 业绩继续带来强劲支撑，25H2 iPhone 17 新机有望迎 来潜望升级和超广角下沉，且公司份额望环比进一步提升，收入增长无忧。盈利能力方面，随着新机起 量和下半年稼动率提升，预计利润率有望环比进一步提升。未来几年苹果光学仍有玻塑混合、可变光 圈、潜望新方案等诸多看点，同时AI将赋能TWS、眼镜、智能家居等产品光学升级，苹果摄像模组市 场规模将高达200+亿美金。公司已深度参与大客户26-27 年TWS、折叠机、眼镜等重要新品光学创新， 且未来有望进一步切入手机主摄市场并持续提升市场份额，综合为公司带来长线数倍业绩弹性。 积极布局AR/VR、机器人等新业务，打开长线成长空间。1）AR/VR：公司积极参与苹果创新，布局核 心光学元件如MicroLED 显示技术及相关元件；2）机器人：公司凭借在光学摄像头模组、激光雷达等 高精度光学感知产品领域的积累，布局机器人新业务，已与国内头部客户形成合作。 维持"强烈推荐"投资评级。考虑未来几年苹果手机、可穿戴光学升级与份额提升将 ...

Summary of Dongshan Precision's Q1 2025 Earnings Call Company Overview - Dongshan Precision reported business growth in Q1 2025, primarily driven by the increase in revenue from the PCB (Printed Circuit Board) segment, with the new energy business achieving over 100% growth in a single quarter. Non-PCB businesses, including touch display and LED manufacturing, turned losses into profits year-on-year. [2][4] - The gross margin improved year-on-year due to stable PCB performance and the recovery of other business segments. The reduction in operating expense ratio was attributed to controlled sales and management expenses, although R&D investment increased. [2][4] Key Business Segments New Energy Business - The new energy business generated 2.63 billion, a year-on-year increase of 44%. Successful product introduction from major clients and smooth ramp-up of new production capacity contributed to this growth. [3] - The company aims to enhance the value and market share of its products in the new energy sector, targeting the establishment of a 100 billion intelligent manufacturing platform. [3] LED and Touch Display Business - The LED and touch display segments, which had previously reported losses, showed signs of recovery with reduced losses in Q1 2025. The LED segment is expected to continue reducing losses throughout the year, potentially turning profitable in certain quarters. [4][6] - The touch display segment is anticipated to achieve revenue growth as demand from major clients gradually increases. [4] Market Dynamics - The company noted that the LED industry has faced severe competition due to oversupply and weak demand, leading to a challenging environment. However, structural adjustments in product and client mix have started to yield positive results. [4][6] - The company does not foresee significant pricing pressure in the soft board segment, maintaining stable gross margins despite ongoing price reductions. [5] Future Outlook - The second quarter is traditionally a slow season for consumer electronics, but the company expects continued improvement in precision components and LED segments. The demand for PCBs remains uncertain due to trade conflicts and structural adjustments. [6] - For the full year, the company is optimistic about ASP (Average Selling Price) increases and the introduction of new products from major clients. [6] Production and Capacity - The company is focusing on high-end multilayer PCB technology for next-generation computing needs and is investing in automation and AI technologies in its manufacturing processes. [2] - The Thai factory is positioned to support module production, with expectations of achieving a 1:3 input-output ratio once soft board production reaches full capacity. [17] Strategic Partnerships and Innovations - The company is collaborating with DingTalk to build a digital platform that optimizes production planning and supply chain management through AI technology. [2] - The company is also involved in the development of AI glasses and has positioned itself as a key supplier for lightweight and high-performance soft boards. [18] Conclusion - Dongshan Precision is navigating a complex market landscape with strategic adjustments in product offerings and client relationships. The company is optimistic about future growth driven by new energy and advanced technology applications, while also managing challenges in traditional segments like LED and touch displays. [2][3][4][6]

Summary of Conference Call Records Company and Industry Involved - The discussion primarily revolves around **Apple Inc.** and the **consumer electronics industry**. Key Points and Arguments Trade Relations and Supply Chain Impact - The recent easing of US-China trade tensions has limited short-term impacts on Apple's supply chain, with current tariffs around **30%**. Most Apple products are either exempt from tariffs or face only **10%** tariffs on exports from Vietnam. Future tariff reductions are anticipated, but outcomes of negotiations post the **90-day exemption period** should be monitored closely [1][2][3] - The US market accounts for approximately **30%** of Apple's global sales, with AirPods and iWatch primarily exported from Vietnam. Production in mainland China serves non-US markets. India's production capacity is limited, but iPhones have received tariff exemptions [4] Consumer Electronics Sector Valuation - The consumer electronics sector is currently undervalued compared to the Shanghai Composite Index. While export chain stocks have shown recovery, there remains a significant gap in the supply chain, particularly for leading companies like Luxshare Precision [5] Innovation Cycle and Product Launches - Apple is in a major product iteration cycle, with expected launches of innovative products such as foldable devices, AirPods with cameras, budget MacBooks, and AI glasses by **2026**. These innovations are projected to have a stronger impact on the supply chain than previous products [6][8] - Upcoming products like the Apple Vision Pro are anticipated to launch in **Fall 2025**, further accelerating the innovation cycle [6] Supply Chain Benefits from Innovation - Apple's product innovations are expected to significantly benefit its supply chain companies. For instance, the introduction of a foldable iPad and a smartwatch with blood sugar monitoring capabilities is projected for **2027**, which will enhance revenues for companies involved in structural components, assembly, and equipment [9][10] Second Quarter Performance Expectations - For the second quarter, Luxshare Precision has provided positive performance forecasts, indicating good visibility in domestic markets. Despite the ongoing trade tensions, Apple’s preemptive inventory strategies have mitigated impacts on US sales, leading to expectations of stable growth across the sector [11] Upcoming Events and Industry Catalysts - The **WWDC** in June is expected to be a significant event, potentially unveiling major AI-related plans that could boost stock prices of related companies. The introduction of new products in the second half of the year will also be crucial for market dynamics [12] - The consumer electronics industry is currently experiencing a technological innovation cycle driven by AI advancements, with several companies planning product launches in the coming months [13][14] Future Outlook for Semiconductor Sector - Although the semiconductor sector may appear weak in the short term, there is a trend towards accelerating the validation of domestic materials in response to geopolitical pressures. Companies with unique production capabilities are expected to benefit in the medium term [15]

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]