Huachuang Securities: Multiple rounds of driving forces such as 3C, consumption, and high-end manufacturing have broad development space for 3D printing.

Huachuang Securities released a research report stating that 3D printing additive technology directly addresses the pain points of traditional processes, with a wide range of opportunities driven by 3C, consumer, and industrial sectors. In terms of the supply chain, domestic 3D printing equipment and parts manufacturers are catching up, with the domestic consumer market holding a leading advantage. The characteristics of 3D printing additive manufacturing are expected to bring extensive development opportunities in consumer electronics, consumer goods, and high-end manufacturing (commercial aerospace, nuclear fusion, etc.). The localization of equipment, parts, and material cost reductions are expected to further accelerate the industry process, bringing investment opportunities to the industry chain. Key points from Huachuang Securities are as follows: 3D printing additive technology directly addresses the pain points of traditional processes, with a wide range of opportunities driven by 3C, consumer, and industrial sectors 3D printing has advantages that cannot be compared to traditional processing, such as shortening the new product development cycle, efficiently forming complex structures, and higher material utilization rate. According to data compiled by Zhongshang Industry Research Institute, the current distribution of downstream applications of 3D printing in China is mainly in the aerospace industry, accounting for the highest proportion at 16.7%. Following this is the medical, automotive, consumer electronics, and academic research fields, accounting for 15.5%, 14.5%, 11.9%, and 11.2% respectively. The incremental demand for 3C and consumer goods opens up growth space for 3D printing, while industrial demand further expands in sectors such as commercial aerospace and nuclear fusion. According to Wohler Associates data, the global 3D printing market is expected to reach $219 billion by 2024 and $1,150 billion by 2034. Consumer electronics: Apple's entry into the field of 3D printing in the 3C sector is leading the development, and foldable screens are driving new demand for 3D printing Titanium is lightweight and has high strength, and terminal manufacturers are introducing titanium alloy materials. However, machining titanium is difficult, leading to the emergence of 3D printing. In 2025, Apple's iPhone Air model applied 3D printing processing technology in the phone's USB-C for the first time. The cases of the Apple Watch Ultra 3 and the titanium version of the Apple Watch Series 11 released in the same year were both manufactured using 3D printing, using 100% aerospace-grade recycled titanium powder. Apple's entry opens up opportunities for Android manufacturers to follow suit. For foldable screens, thinning and lightening are the upgrading trends, and the application of 3D printing is evident: In 2023, Honor released the Magic V2 hinge with the shaft cover portion using titanium alloy 3D printing technology, reducing the width by 27% compared to aluminum alloy, while increasing the strength by 150%. On February 20, 2025, OPPO officially launched its new generation foldable flagship phone, Find N5, in which the hinge's wing plates and outer axis frames are manufactured using metal 3D printing technology, with the thinnest part being only 0.15mm, setting a new record in precision manufacturing of titanium alloy in the consumer electronics industry. Consumer market: The blue ocean market of 3D printing is expanding rapidly, with Chinese manufacturers having a significant competitive advantage The application of 3D printing is transitioning from industrial to consumer-level in entertainment, education, and other consumer applications. Open-source models, software ecosystems, and community sharing are reducing the learning costs of 3D printing and stimulating consumer purchasing intentions. According to data from Zhaoyi Consulting, the global market size of consumer-grade 3D printing industry is estimated to be $4.1 billion in 2024, and is expected to grow to $16.9 billion by 2029. High-end manufacturing: 3D printing empowers breakthroughs in commercial aerospace, nuclear fusion, and other industries Aerospace: 3D printing surpasses traditional manufacturing technologies in the aerospace industry in terms of structure size, complexity, and material molding restrictions. The European Space Agency, NASA, SpaceX, and Relativity Space all use additive manufacturing technology to produce rocket igniters, thruster nozzles, combustion chambers, and fuel tanks. The use of 3D printing technology has also been seen in China's aerospace missions such as the Long March series. Nuclear fusion: 3D printing technology supports the manufacturing of components exposed to extreme temperatures during their operational lifecycles and reduces the reliance on traditional techniques such as welding, thereby reducing the number of manufacturing and connection processes, serving as a key support in solving the difficulties of manufacturing components under extreme conditions. Supply chain: Domestic 3D printing equipment and parts manufacturers are catching up, with the domestic consumer market holding a leading advantage 3D printing equipment and parts: 3D printing equipment is a crucial link in the industry chain, with domestic manufacturers such as Xi'an Bright Laser Technologies and Farsoon Technologies gradually approaching the performance of overseas leading manufacturers. Mirrors and lasers in 3D printing equipment have a high proportion of value volume, mostly imported at present, but domestic manufacturers are gradually improving their product performance, with significant room for domestic substitution. Consumer market: In terms of 3D printing equipment, Chinese consumer-grade 3D printers hold a leading position, with Context reporting that global consumer-grade 3D printer shipments surpassed 1 million units in Q1 of 2025, a 15% year-on-year growth, with Chinese suppliers such as Creality, Tronxy, and Zonestar accounting for nearly 95% of the market share. Risk warning: Consumer electronics 3D printing falls short of expectations, equipment capacity expansion falls short of expectations, downstream development of new applications falls short of expectations.