国金证券认为，3D打印行业消费级渗透正当时，新消费浪潮下大有可为。根据PrecedenceResearch数 据，全球3D打印市场规模在2024年达到246.1亿美元（约1700亿元人民币），2024—2034年CAGR有望 达到18.5%。其中参数适中、操作简便、价格亲民的消费级3D打印市场蓄势待发，根据创想三维招股 书，消费级3D打印2024年市场规模为41亿美元，CAGR达到28%。需求端，3D打印小单快返的生产特 点，契合新消费浪潮下对于个性化、差异化、限量款的消费需求，持续抬升行业天花板。供给端，伴随 龙头企业开发多喷头、自动调平等技术普惠长尾效应显现，开箱即用属性提高，消费级3D打印或迎来 行业突破。 近日，苹果公司在官方网页上正式披露，Apple Watch Series 11/Ultra 3的钛金属表壳全部采用全新3D打 印工艺制造。该3D打印技术采用"粘结喷射"方式，将100%再生钛金属粉末逐层堆叠成表壳雏形，再通 过热压和精细加工完成最终形态。除苹果公司外，无人机龙头大疆公司进军3D打印的消息，同样引起 市场关注。 ...

Core Insights - The PCB sector has experienced significant growth, with the CITIC PCB Index rising over 140% since April, driven primarily by the explosive demand for AI computing power [1][3][5] - The current market valuation of the PCB sector is not excessively high, as it reflects the growth potential and certainty of companies that can capitalize on AI benefits [1][6][7] Industry Trends - The demand for AI computing power is the main driver of the PCB industry's growth, with AI servers requiring more advanced and higher-layer PCBs compared to traditional servers [3][4][12] - The PCB industry is entering a high-growth phase, supported by strong mid-year financial reports indicating improved profitability and capital expenditure plans exceeding 30 billion yuan from leading companies [9][10][11] Valuation and Market Sentiment - Despite recent price increases, many leading PCB companies still have reasonable valuations, with some trading at dynamic P/E ratios in the teens, indicating potential for further appreciation [6][7] - The market is differentiating between companies based on their ability to secure AI-related orders and maintain technological advantages, leading to a more selective investment approach [6][7][11] Long-term Growth Logic - The long-term growth logic of the PCB industry is clear, driven by the continuous increase in computing power demand and advancements in PCB technology [12][13] - Key factors for sustaining industry prosperity include ongoing global AI infrastructure development and domestic companies' breakthroughs in high-end products [12][13] Investment Opportunities - In addition to PCB, the consumer electronics sector, particularly innovations in edge AI hardware, presents significant investment opportunities [2][13] - The focus on "selling shovels" in the AI revolution emphasizes investing in leading PCB companies that are deeply integrated into the supply chains of major tech firms [15][16]

Core Viewpoint - The PCB sector is experiencing significant growth driven by the explosive demand for AI computing power, with a notable increase in stock prices and company performance in the industry [4][15][16]. Group 1: PCB Market Dynamics - The PCB index has surged over 140% since its low in April [4]. - Nearly 20 stocks in the A-share PCB sector have doubled in value this year, reflecting strong performance from leading companies in the industry [6]. - The demand for AI computing power is identified as the primary driver of growth in the PCB sector, with expectations for sustained profitability and valuation increases [15][19]. Group 2: Industry Logic and Sustainability - The current PCB market rally is supported by solid industrial logic, particularly the rapid growth in AI computing demand [15][19]. - AI servers require PCBs with more layers and advanced materials, significantly increasing the unit price of PCBs compared to traditional servers [18]. - The sustainability of the current market conditions depends on continued capital expenditure from overseas cloud providers and the capacity release from domestic companies [19]. Group 3: Valuation and Market Sentiment - Despite recent price increases, the current PE ratio of the PCB sector remains relatively low compared to future earnings expectations [22][23]. - Leading companies in the PCB sector are deeply integrated into the supply chains of major global AI firms, which supports their growth trajectories [22]. - The market is willing to pay a premium for companies with clear growth paths and strong technological and customer barriers [22]. Group 4: Positive Industry Signals - Recent financial reports indicate a clear upward trend in the PCB industry, with leading companies showing significant improvements in profitability and growth rates [25][27]. - The capital expenditure plans of major PCB manufacturers signal strong confidence in future demand driven by AI [26]. - The industry is entering a phase of large-scale expansion, particularly in high-end product lines, reflecting optimism about long-term growth [27]. Group 5: Long-term Trends and Opportunities - The PCB industry is expected to continue evolving towards higher layer counts and advanced materials, with increasing unit value [28]. - Key factors for sustained industry growth include the ongoing development of global AI infrastructure and technological advancements by domestic companies [28]. - The demand for AI computing power is anticipated to remain high, benefiting the PCB sector in the long run [28]. Group 6: Investment Strategies - Investment strategies focus on leading companies in the PCB sector that are well-positioned within the global supply chain of major tech firms [34]. - There is an emphasis on identifying high-potential opportunities in the upstream materials segment of the PCB industry [34]. - The investment approach combines industry trends with a focus on companies with stable customer relationships and technological advancements [35].