飞入寻常百姓家，行业扩张奇点时刻降临 3D 打印行业报告 核心观点 投资建议与投资标的 3D 打印行业当前渗透率低，人造万物需求扩张和 3D 农场模式普及有望推动行业快速放 量，叠加生态闭环强化，行业 PE 中枢有望上移。 相关标的：消费级 3D 打印服务运营商汇纳科技(300609，未评级)；工业级 3D 金属打印 设备商铂力特(688333，未评级)、华曙高科(688433，未评级)；3D 打印材料商家联科技 (301193，未评级)、有研粉材(688456，未评级)。 风险提示 1）市场渗透风险。2）生态依赖风险。3）技术迭代风险。4）假设条件变化影响测算结 果。 家电行业 行业研究 | 深度报告 国家/地区 中国 行业 家电行业 报告发布日期 2025 年 12 月 13 日 看好（维持） | 曲世强 | 执业证书编号：S0860525100004 | | --- | --- | | | qushiqiang@orientsec.com.cn | | | 021-63326320 | | 李汉颖 | 执业证书编号：S0860525100006 | | | lihanying@orientsec.com ...

证券日报网12月5日讯家联科技在12月4日至12月5日回答调研者提问时表示，公司3D打印耗材使用的原 材料系经过公司自主改性技术改性后的PLA材料。公司通过自主研发并掌握对生物降解材料进行定制化 改性的工艺技术和流程，使其在耐热性、抗冲击性、高速打印适应性及多场景应用等方面显著优于通用 PLA材料，可以满足不同品类的产品生产需求，为消费者提供了更可靠、高效且环保的解决方案。 （文章来源：证券日报） ...

Summary of the Conference Call on Consumer-Level 3D Printing Industry Overview - The consumer-level 3D printing industry in China is experiencing strong export growth, with exports to the US accounting for 37% and Germany for 20% in the first half of 2024. The total export volume for the year is projected to reach 3.77 million units, generating revenue of 8.2 billion RMB, a year-on-year increase of 33% [1][5]. - The global market size for consumer-level 3D printing reached $19.8 billion in 2024, with an expected annual growth rate of 18.6% over the next 5 to 6 years [2]. Key Players - **拓竹科技 (Tao Zhu Technology)**: - Became the industry leader within three years by continuously iterating new models, building overseas brand presence, and creating a user co-creation community called Make World, which has over 1 million registered users [1][6]. - Reported revenue of 2.7 billion RMB in 2023, with a projected revenue exceeding 5.5 billion RMB and a net profit nearing 2 billion RMB in 2024 [3][9]. - **创想 3D (Chuangxiang 3D)**: - The second-largest consumer-level printer supplier globally and the largest consumer-level scanner supplier, currently pursuing an IPO in Hong Kong to expand market share [7]. Market Dynamics - The consumer-level 3D printing market is characterized by a shift towards professional applications, with B-end demand accounting for 60% and C-end demand for 40% [1][2]. - The industry benefits from improvements in equipment usability, speed, precision, yield, and cost reductions. For instance, the entry-level product price of Tao Zhu Technology dropped from 3,700 RMB in 2022 to 1,500 RMB in 2024 [4]. Growth Factors - Internal factors driving growth include advancements in technology (AI applications for real-time diagnostics and model generation) and significant cost reductions in both equipment and materials [4]. - External factors include the diversification of application scenarios, such as dental crowns in healthcare, small-batch figurines in cultural creativity, and jewelry supports in the jewelry industry [4]. Competitive Landscape - Domestic brands like Tao Zhu Technology and Chuangxiang 3D are rapidly increasing their global influence, surpassing established brands like Prusa in search volume on platforms like Google and Amazon [3][8]. - Tao Zhu Technology has maintained a market share exceeding 50% for five consecutive quarters, with a projected sales growth of 627% for the 2025 618 sales event [9]. Investment Opportunities - The upstream supply chain presents opportunities in consumables, particularly PLA materials, which are widely used and have strong repurchase attributes [13]. - Key components in the midstream supply chain include laser modules, motors, and scanners, with companies like 海正生材 (Haizheng Biomaterials) and 嘉联科技 (Jialian Technology) showing potential in PLA production [14][15][16]. Conclusion - The consumer-level 3D printing industry is poised for significant growth, driven by technological advancements, cost reductions, and expanding application scenarios. Domestic players are increasingly competitive on a global scale, presenting various investment opportunities across the supply chain.