Industry Overview - The 3D visual digitalization product industry in China is entering a golden development period, with a projected market size of approximately 2.9 billion yuan in 2024, representing a year-on-year growth of 34.72% [1][13] - Growth is driven by multiple factors, including explosive growth in the new energy vehicle supply chain, increasing industrial demand for battery module testing and automotive body measurement, and the continuous release of demand for 3D detection in the clean energy sector [1][13] - The integration of AI and 3D visual technology is creating new applications in non-industrial fields such as medical orthodontics and cultural relic reconstruction [1][13] Industry Development History - The industry has experienced four main stages: 1. **Incubation Period (1980-2000)**: Emergence of 3D scanning technology with limited precision and efficiency, primarily used in research and high-end manufacturing [4] 2. **Market Cultivation Period (2001-2010)**: Commercial breakthroughs in laser scanning and structured light technology, expanding into industrial inspection [5] 3. **Diversified Application Period (2011-2020)**: Integration of AI with 3D visual technology, expanding applications into non-industrial fields [6] 4. **Ecosystem Construction Period (2021-Present)**: Multi-technology integration and the popularity of portable devices, driving the industry towards intelligence and automation [6] Industry Value Chain - The upstream of the industry includes raw materials and components, software services, and production equipment [8][9] - The midstream focuses on the research and development of 3D visual digitalization products [8] - The downstream applications span various sectors, including automotive, industrial machinery, aerospace, energy, healthcare, education, cultural relics, 3D printing, virtual reality, and gaming [8] Market Size - The market for 3D visual digitalization products in China is projected to reach approximately 2.9 billion yuan in 2024, with a year-on-year growth of 34.72% [1][13] - The explosive growth in the new energy vehicle supply chain and the national strategy promoting clean energy are key drivers of this growth [1][13] Key Companies' Performance - The industry has formed a competitive landscape characterized by "dual super and multiple strong" players, with Sikan Technology and Xianlin 3D as the dual super leaders [15] - Sikan Technology leads in handheld laser scanning technology, serving major national projects like the C919 aircraft and the Chinese space station [15] - Xianlin 3D specializes in high-precision industrial 3D scanning, with a significant market share in dental digitalization and automotive reverse engineering [15] Industry Development Trends 1. **Technological Integration**: The integration of 3D visual technology with AI, 5G, and IoT is accelerating the penetration of applications into non-industrial fields [20] 2. **Domestic Substitution**: Significant progress has been made in domestic substitution of core components, reducing reliance on imports [21][22] 3. **Globalization**: Leading companies are restructuring the global market through technology output and localized operations, enhancing China's influence in international standards [23]

公司研究 证 券 研 究 报 告 思看科技（688583）深度研究报告 强推（首次） 从平面到立体，商业级蓝海启航，工业级技 术筑基 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 333 | 421 | 534 | 677 | | 同比增速(%) | 22.4% | 26.5% | 26.9% | 26.8% | | 归母净利润(百万) | 121 | 144 | 173 | 209 | | 同比增速(%) | 5.5% | 19.6% | 19.8% | 20.8% | | 每股盈利(元) | 1.77 | 2.12 | 2.54 | 3.07 | | 市盈率(倍) | 60 | 50 | 42 | 35 | | 市净率(倍) | 11.5 | 9.6 | 5.3 | 4.8 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 23 日收盘价 仪器仪表Ⅲ 2025 年 05 月 24 日 | 目标价：148.35 ...