Core Viewpoint - A leading domestic 3D printer company is entering the laser engraving machine market, with plans to launch new products by 2025 or 2026, aiming for an initial shipment of approximately 300,000 units in the first year [3][4]. Group 1: Market Dynamics - The 3D printing industry, particularly the FDM segment, is expected to reach a saturation point in the next 3-4 years, with potential sales bottlenecks occurring at 3-4 million units [5]. - Laser engraving machines are considered essential tools for makers, with lower technical barriers compared to 3D printers, indicating a more accessible market for new entrants [5][6]. Group 2: Competitive Landscape - Numerous players, both new and established, are actively entering the laser engraving machine sector, including companies like Atomstack, LaserPecker, WeCreat, and ACCELaser, with Anker also showing interest [6]. - xTool, the leading company in the laser engraving machine market, may face significant pressure from increasing competition, prompting it to diversify into UV printers and welding machines [6].

UV 打印机是一种采用紫外线固化墨水的数字喷墨打印设备，能够在各种平面或立体材料表面直接打印图像、文字或图案。其工作原理是通 过精确控制喷头将 UV 墨水喷涂在基材上，并立即利用紫外线灯光照射使墨水瞬间固化，从而实现高精度、高附着力和耐久性的打印效果。 UV 打印使用特殊的 UV 墨水代替传统的溶剂型墨水。这使得它们可以使用快速干燥，并产生更鲜艳的颜色和更清晰的图像或文本。具有环 保、高效、色彩鲜艳且适用于多种材质的优点。 据 QYResearch 调研团队最新报告"全球 UV 打印机市场报告 2025-2031 "显示， 预计 2031 年全球 UV 打印机市场规模将达到 20.6 亿美元 ， 未来几年年复合增长率 CAGR 为 5.5% 。 根据 QYResearch 头部企业研究中心调研，全球范围内 UV 打印机生产商主要包括 EPSON 、 Canon 、 Fujifilm 、 MIMAKI 、 Durst 等。 2024 年，全球前五大厂商占有大约 51.0% 的市场份额 。 UV 喷墨印刷是一种新兴的印刷技术，相对于传统有版印刷技术（包括凹版印刷、凸版印刷、柔版印刷、平版印刷、胶板印刷、丝网印刷 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 145 yuan per share [2][8]. Core Views - The company has introduced a restricted stock incentive plan for 2025, demonstrating management's confidence in future operations. The plan includes a grant price of 126.90 yuan per share for up to 608 core personnel, covering approximately 524.62 million shares, which is about 0.99% of the total share capital [2][8]. - The incentive plan's performance targets are based on 2024 revenue or non-recurring performance, with growth targets set at a minimum of 10%/20% for 2025/2026 if granted before the Q3 report of 2025, or 20%/30% if granted afterward [2][8]. - The company has shown strong revenue performance, with expectations of continued high-quality growth driven by core categories such as energy storage and security, alongside a rebound in the sweeping robot business, which grew by 75% year-on-year [8]. Financial Summary - Projected total revenue (in million yuan): - 2024: 24,710 - 2025: 32,128 - 2026: 40,075 - 2027: 47,919 - Year-on-year growth rates: - 2024: 41.1% - 2025: 30.0% - 2026: 24.7% - 2027: 19.6% [4][9]. - Projected net profit (in million yuan): - 2024: 2,114 - 2025: 2,737 - 2026: 3,441 - 2027: 4,161 - Year-on-year growth rates for net profit: - 2024: 30.9% - 2025: 29.4% - 2026: 25.7% - 2027: 20.9% [4][9]. Investment Recommendations - The report suggests that the company's diverse product categories and regional expansions are expected to continue delivering results, with earnings per share (EPS) forecasts for 2025, 2026, and 2027 at 5.15, 6.47, and 7.83 yuan respectively, corresponding to price-to-earnings (PE) ratios of 24, 19, and 16 [8][9].