Farsoon(SH:688433)2026-02-28 02:55Summary of the Conference Call on 3D Printing Industry Industry Overview - The core logic of 3D printing is the continuous cost reduction and efficiency improvement, which drives the marginal expansion of applications in various fields [1] - The cost-effectiveness of industrial-grade additive manufacturing has significantly improved, with applications rapidly penetrating areas beyond aerospace, such as shoe molds, 3C products, and automotive parts [1] Key Points Powder Segment - The powder production process has shifted from traditional atomization methods to hydrogen dehydrogenation combined with spheroidization, leading to significant improvements in yield and cost [1] - The average price of TC4 titanium powder has decreased from 2000 RMB/kg in 2020 to currently 200-300 RMB/kg, with a target of reaching 100 RMB/kg in the medium term, approaching the prices of stainless steel and aluminum alloy powders [1] - Powder materials account for 50% of the cost in the 3D printing blank segment, making cost reduction in this area crucial for overall economic viability [1] Core Components - The combination of laser and galvanometer technology has gradually reduced dependence on overseas suppliers like IPG and Scanlab, with domestic technology maturing [2] - The cost of a single set of 500-1000W fiber laser and supporting galvanometer has decreased from over 100,000 RMB to below 50,000 RMB, resulting in a 20% reduction in equipment manufacturing costs [2] Equipment Development - A single 500W laser has an average printing efficiency of 25 cm³/h, with the development of multi-laser large-size equipment leading to exponential growth in printing efficiency [2] - Customized equipment for the 3C sector features a wide low-height forming chamber design that reduces spot size and improves precision, enhancing the quality of blank parts closer to final products [2] Investment Opportunities - The entire industry chain is experiencing cost reduction and efficiency improvements, making 3D printing a universal process across the manufacturing sector [2] - Recommended investment opportunities include: 1. Huasu High-Tech: A leading manufacturer of industrial-grade metal/non-metal 3D printing, expected to ship 1,500 units in 2026, a year-on-year increase of over 400% [2] 2. Harsen Co., Ltd.: A pioneer in titanium powder technology, aiming to reduce TC4 powder costs to below 100 RMB/kg, facilitating further penetration of titanium alloy 3D printing [3] 3. Jiangshun Technology: Engaged in differentiated rocket engine DED printing, benefiting from the increasing penetration of 3D printing in the rocket engine sector [3] Other Notable Companies - Other notable companies in the industry include Dazhu Laser, Plit, Feiwo Technology, Yinbang Co., Nanfeng Co., and Deen Precision [4]