Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 136.46 and a sector rating of "Outperform" [1][4]. Core Insights - The company has demonstrated rapid growth in Q2 2025, achieving revenue of RMB 5.38 billion, a year-on-year increase of 59.15%, and a net profit of RMB 0.59 billion, up 107.76% year-on-year. The company is a leading domestic MOPA laser manufacturer and is expanding its applications in consumer electronics, which is expected to unlock further growth potential [4][9]. - The revenue for the first half of 2025 reached RMB 8.81 billion, representing a 48.34% increase year-on-year, with a net profit of RMB 0.95 billion, up 73.84% year-on-year. The growth is attributed to strong sales in precision processing for new energy battery applications and consumer-grade laser products [9][10]. Financial Summary - The company’s revenue projections for 2025-2027 are RMB 18.11 billion, RMB 23.13 billion, and RMB 27.57 billion, respectively. The expected net profits for the same period are RMB 1.99 billion, RMB 2.59 billion, and RMB 3.26 billion, with corresponding EPS of RMB 2.10, RMB 2.73, and RMB 3.43 [6][8]. - The current price-to-earnings (PE) ratios are projected at 65.0 for 2025, 50.1 for 2026, and 39.8 for 2027, indicating a favorable valuation trend as the company grows [6][8]. Performance Metrics - The company’s gross margin for the first half of 2025 was 39.44%, with a net margin of 10.56%, reflecting effective cost control and strong profitability [9][10]. - The overall expense ratio decreased to 24.54%, down 3.92 percentage points year-on-year, showcasing the company's strong expense management capabilities [9][10]. Market Position and Strategy - The company is positioned as a leader in the MOPA laser sector and is focused on providing integrated solutions that include laser systems and core modules. It is actively expanding into new application areas, including laser engraving and optical communication products, to meet the growing demand in data centers and cloud computing [9][10].

Investment Rating - The report indicates a positive investment outlook for the consumer-grade 3D printing industry, highlighting significant growth potential driven by various demand factors and technological advancements [3][79]. Core Insights - The consumer-grade 3D printing market is expected to reach USD 7.1 billion by 2028, with a compound annual growth rate (CAGR) of 19.2% from 2022 to 2028 [3][83]. - Key demand drivers include the rise of the maker movement in Europe and the U.S., the DIY culture, and the increasing consumer interest in personalized products [3][39]. - The supply side is characterized by technological advancements, a diverse material spectrum, and the establishment of community ecosystems that enhance customer engagement [3][91]. Summary by Sections 1. Market Overview - The consumer-grade 3D printing market is primarily designed for individual users and small businesses, offering ease of use and lower costs compared to industrial-grade printers [3][10]. - The market is witnessing rapid growth, with significant contributions from the U.S. and European markets, driven by high consumer spending power and interest in technology [3][47]. 2. Demand Drivers - The report identifies four main demand drivers: 1. The "garage innovation" culture in the U.S. and Europe, which promotes the adoption of desktop devices [3][39]. 2. The DIY trend among consumers, allowing for personalized product creation [3][40]. 3. The tool-like attributes of 3D printers for small businesses and educational institutions [3][59]. 4. The influence of trendy collectible products that enhance consumer interest [3][70]. 3. Supply Trends - The supply side is evolving with advancements in technology, including multi-functional devices and AI integration, which lower operational barriers for users [3][91]. - The materials used in 3D printing are becoming more diverse, allowing for a wider range of applications [3][106]. - Community ecosystems are being built to retain customer loyalty and encourage new entrants through crowdfunding opportunities [3][110]. 4. Key Players - Core companies identified in the report include: 1. Key components: Jieput, Ruike Laser, and Jinchengzi [3]. 2. 3D scanning accessories: Sikan Technology and Orbbec [3]. 3. Materials: Haizheng Materials, Huitong Technology, and Jialian Technology [3]. 4. Complete machines: Anker Innovation and others [3][28]. 5. Market Statistics - In 2024, China's 3D printer exports are projected to reach USD 1.147 billion, with a year-on-year growth of 31.09% [3][80]. - The report notes that over 90% of entry-level 3D printers globally are supplied by Chinese manufacturers, indicating a strong competitive position in the market [3][88].