证券研究报告 | 2026年1月7日 AI应用系列： 3D打印百花齐放，国产厂商持续突破 目录 01 3D打印在消费和工业市场均大放异彩 行业研究 · 深度报告 计算机 · 人工智能 投资评级：优于大市（维持评级） 证券分析师：熊 莉 xiongli1@guosen.com.cn 证券投资咨询执业资格证书编码：S0980519030002 证券分析师：库宏垚 kuhongyao@guosen.com.cn 证券投资咨询执业资格证书编码：S0980520010001 请务必阅读正文之后的免责声明及其项下所有内容 报告摘要 请务必阅读正文之后的免责声明及其项下所有内容 • 消费级3D打印市场被国内厂商主导，AI助力3D打印生态繁荣。2024年全球消费级3D打印机市场达到41亿美元（按GMV计），预计到 2029年增长至169亿美元，复合增速达到33%。根据2024年出货量统计，国内四大厂商占据了全球70%以上份额，拓竹科技和创想三 维是市场领导者。在AI、3D扫描仪的辅助下，3D建模和打印的应用门槛大幅降低，国内也兴起了3D打印农场模式。 • 工业级3D打印核心环节亟待突破，应用逐步走向规模化。工业3D打印核心部 ...

Company Insights - Sikan Technology has developed a handheld 3D scanner that utilizes blue laser technology, which offers better precision and resistance to environmental light interference compared to traditional red laser systems [4][5][6] - The company has invested 10 years in building a technological moat in the 3D visual digitization field, leading to the launch of the world's first handheld dual-color laser scanner in late 2016 [6] - Sikan Technology's R&D expenditure is projected to be 17.76% in 2024 and is expected to rise to 24.06% in the first three quarters of 2025, with approximately 40% of its workforce dedicated to R&D [6][7] - The company has successfully ventured into non-industrial applications, including cultural heritage preservation and medical imaging, showcasing its technology's versatility [7][8] - Sikan Technology's mission is to create a 3D digital ecosystem that integrates advanced technologies like digital twins and the metaverse, aiming to redefine the boundaries of 3D applications [8] Industry Overview - The visual intelligence industry in Hangzhou is recognized as a key sector within the national advanced manufacturing cluster, with a focus on digital security and visual intelligence [3][9] - The industry has shown robust growth, with revenues reaching 710.4 billion yuan in the first three quarters of 2025, marking a 14.4% year-on-year increase [10] - Hangzhou aims to establish itself as a global hub for visual intelligence technology, with plans to reach a revenue target of 900 billion yuan by 2027 and 1.1 trillion yuan by 2030 [11] - The establishment of "China Vision Valley" is a significant initiative to attract top-tier companies, talent, and research platforms to the region, enhancing the local visual intelligence ecosystem [10][11]

摘要 消费级 3D 打印龙头专家交流 20251204 消费级 3D 打印市场经历三个转折点：疫情期间 DIY 需求、2022 年高 速打印技术突破、2024 年多色与 AI 技术应用，推动市场快速发展，预 计 2030 年出货量将超 850 万台。 用户群体从创客扩展至教育、家庭、设计师和医疗等领域，其中教育、 创客和家庭互动类用户是重点关注对象，但国内渗透率受教育文化、生 活节奏和供应链差异影响较低。 未来产品升级方向包括彩色/全彩印刷、提升速度与成功率、降低使用门 槛，头部企业通过开设线下体验店推广，但需解决实际生活需求才能提 高普及度。 3D 打印产品质量目前略逊于品牌注塑产品，但优于低端非品牌产品。各 企业竞争优势在于用户定位（拓竹）、渠道（创想 3D）、性价比（中为 立方）和技术（智能派），产品力是未来竞争关键。 拓竹营收领先，达 57 亿元，但 FDM 增长空间有限，正布局多元化产品； 创想 3D 多元化发展但研发投入不足；中为立方需提升研发和用户体验； 智能派需加强研发避免价格竞争。 Q&A 请介绍一下消费级 3D 打印行业过去几年的发展情况及目前的市场规模。 消费级 3D 打印机主要包括 F ...

Core Viewpoint - Sikan Technology, known as the "first stock of 3D scanning" in A-shares, has been deeply engaged in 3D visual digitalization, aiming to balance social value and commercialization potential through diversified cooperation models [2][6]. Group 1: Technology Development - Sikan Technology has developed the SIMSCAN series of handheld 3D scanners, which are compact and lightweight, weighing only 570 grams, and have been successfully used in space experiments [3][4]. - The company has achieved breakthroughs in non-contact 3D scanning technology, with measurement accuracy reaching up to 0.02 millimeters, breaking foreign technology monopolies [4]. - Sikan Technology has introduced several innovative technologies, including multi-band scanning and edge computing, with product iteration speed surpassing that of overseas competitors [4]. Group 2: Industry Applications - The company extends its 3D visual technology beyond industrial applications to cultural heritage protection and healthcare, converting irreplaceable cultural assets into sustainable digital assets [5][6]. - In the medical field, Sikan Technology combines 3D visual technology with 3D printing and AI algorithms to create customized orthotic supports for patients, addressing industry pain points [5]. Group 3: Global Expansion - Sikan Technology is focusing on expanding its overseas market, with subsidiaries established in Germany and the USA, and offices in South Korea, India, Brazil, and Mexico [7]. - The company's overseas revenue is projected to account for 42.90% of total revenue in 2024, reflecting a year-on-year growth of 55.73% [7]. - To address local service preferences in the European and American markets, Sikan Technology adopts a "technology + service" strategy, ensuring high international standards while customizing services for different markets [7]. Group 4: Future Outlook - The company plans to increase R&D investment, expanding its team and focusing on breakthroughs in high-precision 3D visual technology and its integration with AI [8]. - Sikan Technology is collaborating with international organizations to promote the standardization of 3D visual technology, aiming to enhance the global competitiveness of Chinese enterprises [8].

Group 1 - The first Consumer Electronics Innovation Conference (CEIC 2025) attracted 52,200 attendees globally, showcasing the growing interest in consumer electronics [1] - The event featured innovative technologies such as AI pets and dynamic photo frames, emphasizing the tangible impact of future technologies on daily life [3] - The conference aims to establish a complete closed-loop from technology to orders, positioning itself as a platform for defining global consumer electronics trends [5] Group 2 - Shenzhen's consumer electronics companies demonstrated strong competitiveness in traditional sectors like smartphones and computers, while also showcasing innovation in emerging fields such as AI technology and 3D printing [6] - Industrial Fulian, a leading company in the consumer electronics sector, reported record revenue and net profit in the first half of the year, driven by strong demand for AI servers [6] - The consumer electronics industry is expected to evolve towards smart, ecological, and sustainable development, with AI becoming the core engine driving industry growth [6]

Core Insights - The integration of traditional culture with cutting-edge technology is creating innovative experiences at the 19th Cultural Expo, showcasing digital technology, AI creativity, and immersive experiences as key themes [3][4] - The event serves as a vivid definition of future lifestyles, moving beyond imagination to reality [3] Group 1: Technological Innovations - Zhejiang University and China Academy of Art presented distinct styles at the expo, focusing on the theme of "Technology Empowering Culture" and exploring the possibilities of technology in daily life [4] - The exhibits included advanced robotics, such as a robot playing the piano and autonomous flying robots, illustrating the practical application of academic research in industry [5] - The China Academy of Art's section highlighted the collaboration between various industries and AI, showcasing the potential of AI in transforming artistic expression across multiple domains [5] Group 2: Cultural Integration - The "Digital Art of Patterns" exhibition featured interactive elements where traditional patterns transformed in real-time, merging thousands of traditional design elements with digital technology and AI [6] - The exhibition encouraged audience participation, allowing visitors to create unique visual works and purchase culturally inspired products, thus integrating traditional motifs into modern life [6] - This digital art exhibition not only enhanced the technological aspect of "Guochao" (national trend) but also revitalized traditional patterns as dynamic cultural symbols [6] Group 3: Local Innovations - Various districts showcased impressive technological displays, including VR experiences and AI health diagnostics, enhancing the cultural experience for visitors [8] - The immersive VR experience of the Liangzhu site allowed participants to engage with ancient civilization, bridging the gap between past and present [8] - New technologies like 3D scanning and low-altitude flying devices expanded the methods of cultural dissemination, contributing to the growth of the cultural tourism industry [8][9]

Core Viewpoint - Foreign public funds are increasingly investing in the Chinese market, with major firms like Morgan Stanley and Lipper announcing significant capital injections and expressing optimism about the market's potential [1] Group 1: Foreign Fund Activities - Morgan Stanley Investment Management's report indicates that Chinese assets are crucial in the global asset allocation rebalancing process, suggesting potential structural market opportunities in the second half of the year [1] - Lipper Fund's July report states that conditions for an upward trend in A-shares are forming, with the market awaiting more definitive factors [1] - Over 30 new funds have been launched by foreign public institutions such as Lipper, Fidelity, and Morgan funds, indicating a strong interest in A-share companies [1] Group 2: Company Research and Performance - Morgan Fund conducted research on 38 companies in the past month, with notable focus on companies like Jing Sheng Jidian, which was researched twice, and has seen a price increase of 53.31% in the last month [5] - Among the companies researched by Morgan Stanley, 18 have seen price increases of over 50% this year, with 8 companies doubling their stock prices, particularly in the semiconductor sector [6] - SourceJet Technology has experienced a remarkable year-to-date increase of 173.27%, attributed to the booming demand for computing power, with a recent monthly increase of 23.92% [8] Group 3: Sector Insights - The semiconductor industry is highlighted as a key area of interest, with multiple companies being researched and showing significant price increases [9] - The storage chip industry is undergoing a supply-demand restructuring due to the AI computing power revolution, leading to price increases for various memory products [11] - The report indicates that the semiconductor and general equipment sectors have the highest number of companies researched by foreign funds, reflecting their growing importance in the market [12]

Core Viewpoint - Chuangxiang 3D is expected to fill the gap in the secondary market for consumer-grade 3D printers as it seeks to go public in Hong Kong, positioning itself as the first stock in this category [4][10]. Market Dynamics - Following the successful crowdfunding of Anker's UV printer, the market has seen a surge of new players entering the space [2]. - The secondary market has begun to focus on consumer-grade 3D printers, with some companies experiencing significant stock price increases despite being marginal players [6]. Company Positioning - Chuangxiang 3D has submitted its IPO application and plans to heavily invest in UV printer technology to capture new market opportunities [3][12]. - The company has seen a decline in market share for its 3D printers, leading to a need for a second growth curve to maintain its position in the second tier of the consumer-grade 3D printer industry [4][24]. Financial Performance - Chuangxiang 3D's revenue has grown from 1.346 billion RMB in 2022 to 2.288 billion RMB in 2024, with a compound annual growth rate of 30.4%. However, profits have decreased from 1.04 billion RMB in 2022 to 886.6 million RMB in 2024, indicating a situation of revenue growth without profit growth [14][18]. - The company’s 3D printer sales are projected to drop from 870,700 units in 2023 to 720,600 units in 2024 due to a focus on higher-end products [13][21]. Market Share and Competition - Chuangxiang 3D is the largest consumer-grade 3D printer company globally, with a cumulative shipment of 4.4 million units and a market share of 27.9% from 2020 to 2024 [8][9]. - In the 3D scanner market, Chuangxiang 3D leads with a market share of 37.7% by shipment volume in 2024 [15][16]. Future Outlook - The company is actively developing its product matrix, including launching new series of 3D scanners and enhancing its UV printing capabilities [12][22]. - Analysts suggest that if Chuangxiang 3D can improve its profit margins to levels comparable to competitors like Tuozhu, it could unlock significant valuation potential in the secondary market [22][23].

Core Viewpoint - The article emphasizes the intense competition among Chinese hardware companies in the global market, particularly in the 3D printing sector, where domestic players dominate and pose significant challenges to emerging firms [4][10]. Group 1: Company Overview - Creality, founded in 2014, is on the verge of going public in Hong Kong, marking a significant milestone in its journey [6]. - The company has achieved remarkable revenue growth, surpassing 2.288 billion RMB in 2024, with a notable increase from 1.346 billion RMB in 2022 [19][27]. - Creality's market share in the global consumer-grade 3D printer segment is reported at 27.9% based on cumulative shipments from 2020 to 2024, making it a leading player [14]. Group 2: Competitive Landscape - The entry of new competitors like Bambu Lab has reshaped the market dynamics, with Bambu Lab reportedly achieving revenues exceeding 5.5 billion RMB in 2024, overshadowing Creality's 2.288 billion RMB [9][16]. - The article highlights that Creality's shipment volume decreased from 870,000 units in 2023 to 720,000 units in 2024, indicating a shift towards higher-end products [17]. - The competitive environment is characterized by a "Matthew Effect," where leading companies like Bambu Lab and xTool significantly outpace others in revenue and market share [20][34]. Group 3: Financial Performance - Creality's revenue from 3D printing machines has decreased from 81.7% in 2022 to 61.9% in 2024, indicating a diversification in its product offerings [18]. - The company's gross profit margin improved slightly from 28.8% in 2022 to 30.9% in 2024, despite a decline in net profit from 104 million RMB in 2022 to 88.66 million RMB in 2024 [19]. - The revenue contribution from 3D scanning devices has grown rapidly, reaching 208 million RMB in 2024, accounting for 9.1% of total revenue [27]. Group 4: Market Trends - The global consumer-grade 3D scanning market is projected to grow significantly, with a compound annual growth rate of 47.8% from 2020 to 2024 [26]. - Creality's average selling price for 3D scanners dropped from 2,700 RMB in 2022 to 1,700 RMB in 2023, reflecting increased price competition [28]. - The laser engraving machine segment is also competitive, with Creality generating 160 million RMB in revenue from this category in 2024, representing 7.1% of total revenue [32]. Group 5: Strategic Focus - The company is focusing on enhancing its product offerings and expanding its sales channels, with online sales accounting for 47.9% of total revenue in Q1 2024 [36]. - Creality's sales expenses have increased from 8.1% in 2022 to 16.7% in 2024, indicating a growing investment in marketing and sales efforts [38]. - The article suggests that for hardware companies, product quality and innovation are critical for success, as evidenced by the achievements of competitors like Bambu Lab and xTool [37].

Core Insights - The article discusses the competitive landscape of the 3D printing industry, particularly focusing on the challenges faced by Creality, a leading Chinese 3D printer manufacturer, as it prepares for its IPO in Hong Kong. The company is facing intense competition from both established players and new entrants in the market [1][4][31]. Group 1: Company Overview - Creality was founded in 2014 and has grown to become a significant player in the 3D printing market, with revenue exceeding 2.288 billion RMB in 2024 [3][13]. - The company claims to be the largest consumer-grade 3D printer provider globally, with a cumulative market share of 27.9% from 2020 to 2024 [8][10]. - However, Creality's market position is challenged by competitors like Bambu Lab, which has rapidly gained market share, achieving revenue of over 5.5 billion RMB in 2024 [5][10]. Group 2: Market Dynamics - The consumer-grade 3D printing market is dominated by four Shenzhen-based companies, which collectively account for over 90% of global shipments [7][8]. - The market is experiencing a "Matthew Effect," where larger companies are gaining a disproportionate share of the market, making it increasingly difficult for smaller players to compete [8][10]. - Creality's sales of 3D printers are projected to decline from 870,000 units in 2023 to 720,000 units in 2024, as the company shifts focus to higher-end products [11][12]. Group 3: Financial Performance - Creality's revenue has shown modest growth over the past three years, with figures of 1.346 billion RMB in 2022, 1.883 billion RMB in 2023, and 2.288 billion RMB in 2024 [13]. - The company's gross margin improved slightly from 28.8% in 2022 to 30.9% in 2024, but net profit has decreased from 104 million RMB in 2022 to 88.66 million RMB in 2024 [13]. - The share of revenue from 3D printing machines has decreased from 81.7% in 2022 to 61.9% in 2024, indicating a diversification in revenue streams [12][13]. Group 4: New Business Ventures - In 2024, Creality became the leading company in global shipments of consumer-grade 3D scanners and ranked third in consumer-grade laser engraving machines [15]. - The market for consumer-grade 3D scanners is growing rapidly, with a compound annual growth rate of 47.8% from 2020 to 2024 [16]. - Creality's revenue from 3D scanners reached 208 million RMB in 2024, contributing 9.1% to total revenue, although this is still less than the revenue from 3D printing consumables [17][18]. Group 5: Competitive Landscape - The laser engraving machine market is also highly competitive, with xTool emerging as a significant player, projecting revenues of 20-30 billion RMB in 2024 [24]. - Creality's sales network has expanded significantly, with 74 self-operated online stores and 2,163 distributors covering approximately 140 countries [27]. - Despite the expansion of sales channels, product competitiveness remains crucial in the hardware industry, as evidenced by the success of competitors like Bambu Lab and xTool [28][29].