CMSC: Consumer-grade 3D printing is moving towards an era of mass creativity. Focus on opportunities related to the industry chain.

CMSC released a research report stating that consumer-level 3D printing is gradually moving towards an era of mass creation. Consumer-level 3D printers are printing devices designed for individual users and small businesses, mainly used for making prototypes, models, and custom items. Before 2022, consumer-level 3D printers faced issues such as single color, lack of printing speed and accuracy. In 2022, Tuozhu introduced the first product X1, which not only improved printing speed and yield but also achieved 16-color multi-material printing, reshaping industry standards. Since then, consumer-level 3D printers have not only been favored by a few geek creators but have started to gradually enter households. The main points of CMSC are as follows: FDM is the mainstream technology for consumer-level 3D printing Fused Deposition Modeling (FDM) and Stereolithography (SLA) are the two technology routes for consumer-level 3D printers. The advantages of FDM are low cost, easy to use, versatile, diverse material selection, long working hours, but the disadvantages are limited accuracy and details, speed and multi-color bottlenecks, and restrictions on high temperature/complex geometry. The advantages of SLA are higher accuracy and surface quality, high exposure efficiency for complete layers, but resin management/post-processing is complex, resin has weak toxicity/odor, and equipment/consumables cost is higher. The market size is growing rapidly, and the industry share is relatively concentrated The global 3D printer market size (by GMV) is expected to reach 21 billion US dollars in 2024, and is expected to grow to 88 billion US dollars by 2029, with a CAGR of 34% from 2024 to 2029. It is estimated that the global consumer-level 3D printer shipments/ownership CAGR will be 27%/21% from 2024 to 2029. The CR4 of the global consumer-level 3D printer market in 2024 is 71%, with the top four all being domestic manufacturers. According to Zhiryu Consulting, Chinese brands account for more than 95% of the global consumer-level 3D printer shipments. Tuozhu, with excellent product performance and a later arrival, will achieve a revenue breakthrough of over 10 billion in 2025 Tuozhu focuses on FDM and excels in creating explosive products. In terms of product performance, Tuozhu's product performance is significantly better than its competitors. Tuozhu's printing speed can reach up to 1000mm/s, accuracy can reach 0.01mm or 0.1mm in the Z direction, while also maintaining high yields and stability. In terms of product ecology, Tuozhu has achieved a complete software and hardware closed-loop, enhancing its brand influence and product repurchase rate. In terms of sales channels, Tuozhu follows the Direct-to-Customer (DTC) route with lower customer acquisition costs than its competitors. Disintegration of the industry chain: The upstream of the consumer-level 3D printing industry chain is the production of necessary raw materials and core hardware and software Core raw materials include consumables such as PLA, ABS, and PETG. Core hardware includes lasers, mainboards, DLP light engines, and mirror systems, softwares include design software, engineering processing software, simulation software, and intelligent processing software. The midstream of the industry chain consists of 3D printer and scanner manufacturers. The downstream of the industry chain is the application scenarios, currently consumer-level 3D printing is mainly used in consumer goods, academic/education, cultural and creative industries, accounting for 43%, 34%, and 10% respectively. Related targets: Scantech (3D scanner), Beijing JCZ Technology (laser mirror), Shenzhen JPT Opto-Electronics (laser), Ningbo Homelink Eco-iTech (PLA filament), Anker Innovations Technology (3D printer), etc. Risk warning: New product releases are slower than expected, overseas economic downturn.