中 泰 证 券 研 究 所 专 业 领 先 深 度 诚 信 2023.12.113D 3D S0740519080001 S0740522110001 3D 2014 3D 3D 3D 3D 3D CNC 3D SLM LPF 3D 2020-2022 3D 46%3D 16%(2021 7%3D 55%3D 21%3D 3D 3D 2024 iPhone 3D 10%/25%/10%3D 1.6/10.4/117 3D Statista Wohlers 2022 3D 21.27 1.01 0.21%3D 3D 3D 3D 3D+3D 3D 3D ZXEVuNnQnOpOrPtQtOoRpO9PcM7NmOpPmOnOkPpOtRlOqRsQ7NrRxPwMpMrOMYnNrR目录CONTENTS3D 3D 3D 3D 1234 5CONTENTS目录CCONTENTS专 业 领 先 深 度 诚 信中 泰 证 券 研 究 所13D5 2 3D 1 Hubs 1.1 3D 3D 50-100mm 3D 3D 1 2 3 4 3D 5 3D 3D 3D 5 SLM LSF 2.2 95%0.1mm 0.1-61.2 3D 40 3D 1980 4 1 1980-1992 3D 3D SLA LOM FDM 3D System Stratasys 2 1992-1999 3D+3D 3D 3 2000-2013 3D 2001 3D 2009 FDM 1000 3D 4 2014 3D 2013-2014 SLA 2016 12 SLM 3D 4 3D Tech fan:3D,3D1980 3D 1988 1984 SLA 1986 3D System 1986 LOM 1988 FDM 1989 Stratasys 3D 3D 1992Stratasys FDM DTM SLS 1993 5 SLS 10 3D 1994 EBM 1994 LOM 1995 SLM 1999 3D 1998 SLS SLM 3D2001 3D 2009ASTM F42 FDM 2011 3D 2012 3D 10 15 SLA 3D 2013 SLA 1 2014 MJF HP 2015 2(2015-2016)2016-2017SLM GE 3D 2016 4 10,12 2017 2017-2020 2018 3D HP 3D 20193D EOS 3D 2020 3D.3 2013 3D CNIPR 7 7 3D Wind 2014 3D 2014 3D System 3D 2012-2013 3D 2014 3D System2020Q4 5 3D 3D Wind 6 3D Wind 1.3 3D-100-80-60-40-20020SLM SOLUTIONS GROUP()3D STRATASYS ELECTRO OPTIC SYSTEMS HOLDIN 01020304050SLM SOLUTIONS GROUP()3D STRATASYS ELECTRO OPTIC SYSTEMS HOLDIN2014 800.511.522.5010002000300040005000600070002009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022A 股3D 打印指 数 3D 打印/创业板指（右）10 2014 3D Wind 9 2014 3D 8 3D Wind 1.4 3D 3D 2014-2015 3D 2013 3D 2015 2 2015-2016 30%3D 2015 6 3D 020004000600080001000012000140001600018000200002013 2014 2015 2016 2017 2018 2019 2020 2021:10.1 19.5 28.1 50.7 82.6 109.1 12215820826594.0%44.3%79.9%63.0%32.2%11.8%29.5%31.6%27.4%0%10%20%30%40%50%60%70%80%90%100%0501001502002503002012 2013 2014 2015 2016 2017 2018 2019 2020 2021%91 3D 2 3 3D 3D 3D 1.510CONTENTS目录CCONTENTS专 业 领 先 深 度 诚 信中 泰 证 券 研 究 所2 3D112.1 3D 3D+3D 3D Wohlers Associates 2022 3D 180 17%16%15%2021 3D 265 3D CNC CNC CNC 30-40%3D 3D CNC Counterpoint Apple Watch series 6 132 3D Ultra 109 12 IT OPPO Iphone15 Pro/Pro Max Apple Watch Ultra/Ultra2 Magic v2 Watch 4 Pro Galaxy S24 Ultra Galaxy Watch5 Pro OPPO Find N2 Find N3 Xiaomi 14 Pro 11 3D 12 3D 2023 7 MagicV2 3D 3D Apple Watch Series 9 Binder Jetting 3D Apple Watch Ultra L-PBF 3D 3D 14 Pro(2023.10)Galaxy S24Ultra(2024.3)3C 14 Series9 Ultra 3D 13 MagicV2 3D Apple Watch Series 93D Apple Watch Ultra3D 2.1 3D13 16 PBF DED AMPOWER Report 2023 15 7 3D 3D 3D 3D PBF DED 7 4 3D PBF SLS SLM EBM MJF DED LSF WAAM Wohlers2022 Senvol 1026 94%PBF(902)DED(61)2.2 3D VAT Photopolymerization SLA DLP CLIP DPP Material Extrusion FDM MaterialJetting PJ PowderBedFusion PBF SLM SLS EBM MJF DirectedEnergyDeposition(DED)/LSF WAAM BinderJetting/+3DP(SheetLamination LOM 14 18 SLM 17 3D SLM LSF SLM SLM SLM SLM EOS Trumpf SLMSolutions Concept Laser(GE)/EOS SLMSolutions 3Dsystems mm mm mm 1330 700 17001200 600 1500450 450 1000600 600 600500 500 500/m/s 15.2 7 7 10/2.2 3D15 19 LSF LSF LSF LSF,LSF Optomec 2.2 3D162.2 3D 20 3D 3D 3D SLM 172.3 3D 3D 3D 2020-2022 3D 144.5/78.2/46%22 3D 21 3D 144.4898.278.190204060801001201401602020 2021 2022/TLSTechNIk 92%92%2.34 2.4 2.74 2.76 36.2s 37.8s 0.01%0.03%D10 22.23m 23.50m D50 39.39m 39.26mD90 55.25m 54.87m 18 23 3D 2023 BLT-A400 BLT-S400 BLT-S450 24 142.46121.68103.07299.38279.83255.160501001502002503003502016 2017 2018 S200 系列 S300 系列/2022 1-6 2021 2020 2019 61,937 63,175 76,734 69,291 45,491 64,498 68,118 61,397 3,271 2,331 2,422 2,121 2,536 2,828 3,034 2,606 1,798 2,055 2,365 3,388/kg 188 301 278 312 2.3 3D19CONTENTS目录CCONTENTS专 业 领 先 深 度 诚 信中 泰 证 券 研 究 所33D203.1 3D 3D 3D 3D 3D 3D 25 3D 2021 3D 21 27 2022 2021 50 50 2021 14.7 700 5.5 37%3D 2022 69.9%IPG 99.13%2020 15%3D Scaps Scanlab 26 3D 3.2 EOS+3DSystem+TLSTechNIK 223.3 3D 3D 3D 3D 3D Systems EOS 3D/Stratasys 3D Systems Materialise/28 2021 3D(EOS SLM+SLS-SLM Solutions SLM 5.76 4.42-2.15%HP MJF-3D Systems SLM+SLA SLS 39.78 14.13-6.89%SLM LSF WAAM 5.52 2.18 140 1.06%SLM+SLS 3.34 2.92 133 1.42%29 2021 3D Wohlers Report 2022 12%10%8%6%5%3%3%3%2%2%2%1%1%1%1%40%StratasysFormlabs3DSystemsMarkforgedETECRapidshape3DPlatformHPWaspShining3DUniontechXYZprintingEOSSinteritMutoh其他23 30 2021 3D Wohlers Report 2022 3.4 3D 3D 58%3D 3D 6 3D 3D 31 2021 3D 58%18%7%10%7%17%15%15%13%12%11%7%6%4%航空航天 医药 汽车 其他 消费电子科研 能源 政府 建筑24CONTENTS目录CCONTENTS专 业 领 先 深 度 诚 信中 泰 证 券 研 究 所425 3D iPhoneApple Watch 24 3D 2024 iPhone 3D 10%/25%/10%3D 1.6/10.4/117 3D Statista Wohlers 2022 1.01 3D 21.27 0.21%3D 32 3D 4.1 3D 2023E 2024E 2025E 2026E 2027E 3D%5%10%20%30%40%3D 1.1 3.3 8.1 14.0 19.3 3D 0.9 1.6 3.4 3.9 3.2 0.1 0.2 0.5 1.1 1.6 0.2 0.8 2.2 4.2 6.5 0.1 0.5 1.5 3.0 4.9 AppleWatch 3D%25%30%35%40%3D 11.3 11.3 12.3 13.2 3D 10.4 0.4 0.1 0.3 0.8 0.9 1.0 1.1 2.4 2.7 3.0 3.1 1.6 1.9 2.1 2.3 iPhone3D%10%20%30%40%3D 74.4 119.0 142.8 171.4 3D 117.1 72.5 41.8 21.3 4.2 7.7 10.4 12.3 4.8 8.8 11.9 14.1 3.3 6.2 8.4 10.6 26 0.6/g 4.51g/cm3 4 200 8 1500 4cm3/h 6cm3/h 280 300 10 33 4.24 200 4 cm3/h 4 g/cm3)4.51 g)72.16 h)10.1 280 1010 g)2045130 g 0.98 g 1.58 8 1500 8 cm3/h 6 g/cm3)4.51 g)216.48 h)5.67 300 1010 g)3682325 g 4.07 g 4.67 27 3D 10%3D 3.3 3D 1.6 3D 40%3D 19.3 3D 3.2 3D Magic V2 5%40%Counterpoint 2023-2027 1860 1.02 10g 3D 34 3D 3D IDC Counterpoint 4.3 3D 10%1.6 2023E 2024E 2025E 2026E 2027E3D 5%10%20%30%40%70%90%95%100%100%3D 2.0 2.6 3.2 3.8 4.5 1860 3570 5470 7860 10150 45 136 347 623 894 3D 200 180 160 140 1203D 116 93 74 59 47 3D/g 0.6 0.55 0.5 0.45 0.4 4 3.8 3.5 3.2 3 6 5.5 5 4.5 43D 1.1 3.3 8.1 14.0 19.3 3D 0.9 1.6 3.4 3.9 3.2 0.1 0.2 0.5 1.1 1.6 0.2 0.8 2.2 4.2 6.5 0.1 0.5 1.5 3.0 4.9 28 Apple Watch Apple Watch 3D 25%3D 11.3 3D 10.4 3D 40%3D 13.2 3D 0.3 TrendForce Canalys Apple Watch 4160 4885 14g 3D 35 3D apple watch 3D TrendForce 4.4 Apple Watch 3D 25%10.4 2023E 2024E 2025E 2026E 2027E3D 25%30%35%40%70%90%95%100%100%3D 1.5 1.9 2.3 2.7 3.1 Apple Watch 4160 4331 4508 4693 4885 576 600 607 628 3D 200 180 160 140 1203D 130 104 83 75 67 3D/g 0.6 0.55 0.5 0.45 0.4 4 3.8 3.5 3.2 3 6 5.5 5 4.5 43D 11.3 11.3 12.3 13.2 3D 10.4 0.4 0.1 0.3 0.8 0.9 1.0 1.1 2.4 2.7 3.0 3.1 1.6 1.9 2.1 2.3 29 iPhone iPhone 3D 10%3D 74 3D 117 3D 40%3D 171 3D 21 IDC iPhone 2.2 35g 36 3D iPhone 3D ITBEAR IDC 4.5 iPhone 3D 10%117 2023E 2024E 2025E 2026E 2027E3D 10%20%30%40%35%70%90%95%100%iphone 22000 22000 22000 22000 22000 3D 2.6 3.2 3.8 4.5 836 1394 1743 1936 3D 1500 1400 1300 1200 11003D 564 338 271 216 195 3D/g 0.6 0.55 0.5 0.45 0.4 4 3.8 3.5 3.2 3 6 5.5 5 4.5 43D 74 119 143 171 3D 117 72 42 21 4 8 10 12 5 9 12 14 3 6 8 11 30CONTENTS目录CCONTENTS专 业 领 先 深 度 诚 信中 泰 证 券 研 究 所531 37 3D Wind 2023 12 8 wind 3D 3D 3D 3D+3D CNC 3D 5.1 2023/12/11 EPS(PE(2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E 688291.SH 29.29 0.48 0.51 0.74 0.98 76.95 57.60 39.74 29.86 002008.SZ 21.12 1.15 1.07 1.51 1.90 18.37 19.72 14.01 11.12 300747.SZ 24.34 0.07 0.50 0.75 1.06 337.42 48.60 32.37 22.87 688025.SH 87.45 0.82 1.58 2.56 3.68 108.34 55.48 34.19 23.75 000988.SZ 32.58 0.9 1.11 1.43 1.79 36.15 29.39 22.74 18.22 301021.SZ 25.37 0.1489 0.20 0.36 0.60 170.28 128.13 71.18 42.24 3D 688333.SH 107.98 0.7 1.59 2.82 4.32 217.65 67.89 38.32 25.01 688433.SH 30.42 0.27 0.37 0.54 0.77 127.03 83.07 56.68 39.43 834914.NQ 8.00-0.28-29.90-830978.NQ 13.93 0.05-274.44-300606.SZ 33.44 0.18-181.31-300115.SZ 12.25 0.04 0.17 0.54 0.76 346.52 70.81 22.54 16.07 002903.SZ 21.41 0.37 0.41 0.54 0.72 60.22 52.14 39.49 29.80 3D 300337.SZ 7.98 0.08 0.13 0.18 0.24 97.45 62.10 44.36 33.66 32 3D;3D 33