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。 ...

Group 1: Apple and DJI Developments - Apple has officially announced that the titanium cases for the Apple Watch Series 11/Ultra 3 are manufactured using a new 3D printing process, which utilizes "binder jetting" to layer 100% recycled titanium powder, significantly reducing material waste and saving approximately 400 tons of titanium annually [1] - DJI has invested several hundred million RMB in the consumer-grade 3D printing company Smart Pie, recognizing the growth potential of the consumer-grade 3D printing technology and aligning with its innovative technology strategy [1] Group 2: Market Trends in 3D Printing - Global demand for consumer-grade 3D printing has surged, with entry-level 3D printer sales increasing by 22% year-on-year in Q1, surpassing 1 million units for the first time [2] - The production of 3D printing equipment in China has grown by 40.5% year-on-year in the first three quarters, outpacing growth in industrial robots and new energy vehicles [2] - The global 3D printing market is projected to reach $24.61 billion by 2024, with a compound annual growth rate (CAGR) of 18.5% from 2024 to 2034 [2] Group 3: Performance of 3D Printing Stocks - A-share 3D printing concept stocks have shown strong performance, with an average increase of 43.11% year-to-date, outperforming the Shanghai Composite Index [3] - Five concept stocks have seen increases exceeding 70% year-to-date, including Zhongzhou Special Materials, Huazhu High-Tech, and others [3] - Trading activity has increased significantly for 3D printing concept stocks, with notable increases in daily trading volume for companies like Tongda Chuangzhi and Yinbang Co., indicating heightened investor interest [3]

Group 1 - Xiaomi is expected to achieve its annual delivery target of 350,000 vehicles this week, with over 100,000 new car deliveries in Q3 and a total of over 260,000 deliveries in the first three quarters [2] - Apple's iPhone 17 series saw a significant sales increase of 37% year-on-year in China, contributing to an overall 8% growth in the smartphone market [2] - Baidu reported Q3 revenue of 31.2 billion RMB, exceeding the estimated 30.87 billion RMB, with an adjusted profit of 11.12 RMB per ADS [6] Group 2 - Pinduoduo's Q3 adjusted net profit reached 31.38 billion RMB, marking a 14% year-on-year increase, although it experienced a quarter-on-quarter decline [5] - iQIYI's Q3 total revenue was 6.68 billion RMB, with membership service revenue at 4.21 billion RMB, a 3% increase quarter-on-quarter [5] - ByteDance has consolidated its engineering teams for e-commerce and advertising into a new department to enhance research and development efficiency [7] Group 3 - Apple revealed that the titanium cases of the Apple Watch Series 11/Ultra 3 are entirely manufactured using 3D printing technology, reducing raw material usage by half and aiming for carbon neutrality by 2030 [8] - The global memory market is experiencing a "panic buying" phase due to severe supply shortages, with some distributors implementing forced bundling sales strategies [10][11]

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company is expected to benefit from the successful launch of the iPhone 17 series, which has shown strong sales performance compared to the previous generation [6][7] - Despite a decline in revenue and net profit year-on-year, there are signs of marginal improvement in the company's performance in Q3 2025, driven by operational adjustments and a focus on quality [4][5] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 39.375 billion yuan, a year-on-year decrease of 31.47%, and a net profit of 337 million yuan, down 35.78% [3] - In Q3 2025, the company achieved revenue of 14.005 billion yuan, a year-on-year decline of 24.75% but a quarter-on-quarter increase of 10.86% [5] - The gross profit margin for Q3 2025 was 5.30%, up 1.66 percentage points year-on-year, while the net profit margin was 1.01%, an increase of 0.25 percentage points year-on-year [5] - The company has reduced its prepaid accounts by 46.69% and inventory by 7.87% compared to the beginning of the year, indicating improved financial management [5] Market Position and Strategic Partnerships - The company maintains long-term strategic partnerships with major brands like Apple, Honor, and Samsung, positioning itself as a leading distributor in the market [8] - As of September 30, 2025, the company operated 246 Apple APR stores, the highest number in the country, and has expanded its service network for Honor and Samsung products [8] Earnings Forecast - The company is projected to generate revenues of 71.152 billion yuan, 78.267 billion yuan, and 85.312 billion yuan for the years 2025, 2026, and 2027, respectively [9][11] - The expected earnings per share (EPS) for the same years are 0.54 yuan, 0.66 yuan, and 0.71 yuan, with corresponding price-to-earnings (P/E) ratios of 23.2, 18.9, and 17.7 [9][11]

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company is expected to benefit from the upcoming release of the iPhone 17 series, coinciding with the consumer electronics peak season, which may lead to a sequential improvement in performance [6][8] - The company has faced challenges in the first half of 2025, with a significant decline in revenue and net profit, attributed to a decrease in market share and adjustments in business structure [5][8] Financial Performance Summary - For the first half of 2025, the company reported revenue of 253.70 billion yuan, a year-on-year decrease of 34.69%, and a net profit of 2.22 million yuan, down 43.98% year-on-year [4] - In Q2 2025, revenue was 126.33 billion yuan, a year-on-year decline of 26.52%, and net profit was 0.95 billion yuan, down 58.06% year-on-year [5] - The company’s gross margin for Q2 2025 was 4.76%, showing a year-on-year increase of 0.8 percentage points [5] Strategic Partnerships and Market Position - The company maintains long-term strategic partnerships with major brands like Apple, Honor, and Samsung, and has the largest number of self-operated Apple APR stores in China [8] - As of the first half of 2025, the company added 36 self-operated Apple APR stores, bringing the total to 236, solidifying its leading position in the APR channel [8] Earnings Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 711.52 billion yuan, 782.67 billion yuan, and 853.12 billion yuan respectively, with corresponding EPS of 0.54 yuan, 0.66 yuan, and 0.71 yuan [9][11]