According to the Zhitong Finance APP, Tianfeng Securities released a research report stating that 3D printing technology originated in Europe and the United States, and in recent years, there has been a significant trend of catching up domestically. Compared to traditional precision machining technology, 3D printing technology has core advantages such as personalization, lightweight, adaptability to complex structures, and short processing time. It is recommended to pay attention to 3D printing industry chain manufacturers: 1) Equipment and material manufacturers: Huashu Gaoke (688433.SH), BLT (688333.SH); 2) Service providers: Chaozhuo Hangke (688237.SH), SUNSHINE (300227.SZ); 3) Upstream material and component manufacturers: Jinchengzi (688291.SH), Jieput (688025.SH), etc.
The main viewpoints of Tianfeng Securities are as follows:
Technological breakthroughs lead industry development, and metal additive manufacturing technology is the trend. 3D printing technology originated in Europe and the United States, and in recent years, there has been a significant trend of catching up domestically. Compared to traditional precision machining technology, 3D printing technology has core advantages such as personalization, lightweight, adaptability to complex structures, and short processing time. The current mainstream 3D printing technology can be divided into two categories based on materials: metal and non-metal. Various materials can be applied in different fields based on their characteristics and processing techniques. It is expected that in the future, metal additive manufacturing technology will be more widely popularized, with high added value and high strength and toughness suitable for broad downstream fields such as aerospace and automotive.
The industry has experienced rapid growth for many years, creating a mature and clear industrial chain. After more than a decade of development, the 3D printing industry chain is complete and the development logic is clear, including upstream raw materials, midstream 3D printing equipment and services, and downstream applications in aerospace, healthcare, automotive, and other fields. Over the past decade, the scale of the 3D printing industry has maintained a stable expansion trend, with the global additive manufacturing output value (products and services) growing from USD 5.165 billion in 2015 to around USD 20 billion in 2023. The CAGR of the 3D printing market from 2015 to 2023 is approximately 18.46%. With more and more new participants entering the market, it is expected to activate the vitality of the 3D printing market and promote the upgrading of related technologies and processes. It is anticipated that in the future, companies with advantages in technology/materials/services will stand out.
The upstream of the industry is in a critical period of domestic substitution, with industrial-grade equipment as the mainstream in the midstream. Materials are key factors determining the quality, performance, and price of 3D printed products, including raw materials, core software, and hardware. Currently, some core materials such as metal powders, galvanometers, and lasers still rely heavily on imports, leading to high procurement costs. Import restrictions and price fluctuations will directly affect the production capacity and profitability of midstream manufacturers. From the domestic market perspective, many companies have already laid out research and production for 3D printing powders, lasers, etc., such as BLT (metal materials), AVIC Mite (metal materials), and Raycus Laser (lasers), and are expected to break through foreign technological blockades in the future.
Downstream applications continue to develop, with vast space remaining in multiple fields. Currently, 3D printing has been applied to a certain extent in fields such as healthcare, automotive, and consumer electronics, with the global automotive share at 14.4% in 2023, consumer goods at 14%, and healthcare/dental at 13.7%. The application of 3D printing in foldable screen hinges (Honor Magic V2, Magic Vs3;
The OPPO Find N5 marks the official establishment of metal additive manufacturing technology as a key technological path for high-end consumer electronics core components, ushering the consumer electronics manufacturing into the &#34;precision additive era.&#34; With the continued penetration of foldable screens and Apple's deepening application of 3D printing in its products, the industry is expected to accelerate its development.
Risk Warning: The development progress of 3D printing may fall short of expectations, the expansion of downstream applications of 3D printing may not meet expectations, and there is a risk of dependence on imported software for core components

300227

688333

Tianfeng Securities released a research report indicating that 3D printing technology is rapidly developing in China, with advantages such as personalization and lightweight design. It is recommended to pay attention to related industry chain manufacturers, including equipment and material manufacturers Huashu Gaoke, BLT, service providers Chaozhuo Hangke, SUNSHINE, and upstream material manufacturers Jinchengzi, Jieput. It is expected that metal additive manufacturing technology will be widely applied in aerospace, automotive, and other fields, and the market will continue to expand in the future

Zhitong

SUNSHINE

Raycus

TF SECURITIES

Farsoon

CHAOZHUO AVIATION TECHNOLOGY

Beijing JCZ Technology

Apple

AVICHINA

Tianfeng Securities: 3D printing leads a new era of advanced manufacturing, suggesting attention to industry chain manufacturers, etc