20231214_华创证券_机械行业深度研究报告：3C钛合金加速导入关注3D打印及刀具加工环节变化_25页.pdf
2009 1210 2023 12 14 3C 3D 3C 3C 3C CNC IDC 2024 12.63 10%1.26 31.58 MIM MIM MIM MIM 2016 49 2021 84 CAGR 11.38%3D CNC Magic Vs2 3D 3D 1 2024 3D 0.20%50%3D 253 3D 12 2 Mordor Intelligence 2024 1.71 3D 0.5%50%3D 86 3D 3 3D MIM 3C 3D 3C EPS PE PB 2023E 2024E 2025E 2023E 2024E 2025E 2023E 82.68 2.88 4.32 5.79 28.73 19.15 14.28 4.09 28.20 1.78 2.42 3.10 15.82 11.66 9.08 2.31 Wind 2023 12 14 021-20572562 S0360523020001 S0360523080009%()605 0.08()42,477.16 4.91()32,036.26 4.78%1M 6M 12M-4.1%-6.8%-6.5%2.3%6.5%8.8%20231204-20231210 Vision Pro MR 2023-12-10 2024 2023-12-01 20231120-20231126 2023-11-26-15%-7%1%10%22/12 23/02 23/05 23/07 23/10 23/122022-12-142023-12-14 300 2009 1210 1 3C 3C 2 3D MIM CNC 3 3D 3C 1 CNC 2 MIM 3 3D Magic Vs2 3D 3D 1ZDWuNmRpMpOqOmPnQoRnM7NbP8OnPpPsQnOjMrQmOfQpOqN8OqQuMMYmQoPvPrRqN 2009 1210 3 3C.6.6.6.7 CNC 3D MIM.8 CNC.8 3D“”“”.10 MIM.12 3D MIM CNC.15 3C.15 3C 3D.16 3D 3C.16 3C.20.21.22 2009 1210 4 1 3C.6 2.6 3.7 4.7 5 2011-2022.7 6 2011-2022.7 7 2011-2022.8 8 2011-2022.8 9/.8 10/.8 11.9 12.9 13.9 14 CNC.10 15.10 16 3D.10 17 3D.10 18 3D.11 19 3D.11 20 3D.11 21 3D.12 22 3D.12 23 3D.12 24 3D 3C.12 25 MIM.13 26 MIM.13 27 MIM.13 28 MIM.14 29 2020 MIM.14 30 MIM.14 31 MIM 3C.14 32 MIM.14 33 3D MIM CNC.15 2009 1210 5 34.15 35 2022.15 36 3C.16 37 3D.17 38 3D.18 39 3D.18 40 3D.19 41.20 2009 1210 6 3C 2023 9 13 iPhone 15 2023 10 12 Magic Vs2 Magic Vs2 3D 3C 3C 1 3C 3C 2 2009 1210 7 3 4.51g/cm3 TC4 2.3 3.8 1.8 3 500-196-253 4 g/cm3 Mpa b/p E104MPa BHN c 2.7 110-270 57 7.15 7.15 7.15 6.7 280-440 52 7.05 65140 385 1.8 250-343 191 4.41 6075 650 4.5 580-1646 366 11.76 270310 1658 2022 2022 2022 314.4 TiO2 10.05%2022 386 4.32%17.5 9 25%14.5 28 19.83%5 2011-2022 6 2011-2022.2022.2022-15%-10%-5%0%5%10%15%20%25%0501001502002503003502011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-5%0%5%10%15%01002003004005002011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2009 1210 8 7 2011-2022 8 2011-2022.2022.2022 2023 9/10/Wind,Wind,CNC 3D MIM CNC QY Research 2016 331 2021 380 2.80 2012-2016 320 2016 2021 477-30%-20%-10%0%10%20%30%40%024681012141618202011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-15%-10%-5%0%5%10%15%20%25%30%35%40%02468101214162011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0102030405060708090:(99.6%,)05,00010,00015,00020,00025,000中国:现货价:钛白粉(金红石 型，元/吨)2009 1210 9 11 12 QY Research 13 IPO 3,000 500 200 50 140 IPO:4,000 4,000 1,000 300 20 500 10 IPO 18,000 600 PCB 180 83 150 200 3,000 170 CNC 2.4%2.5%2.6%2.7%2.8%2.9%3.0%3.1%3003103203303403503603703803904002016 2017 2018 2019 2020 2021 2022E%-20%-10%0%10%20%30%40%50%01002003004005006007002005200620072008200920102011201220132014201520162017201820192020202120222023E2024E2025E 2009 1210 10 14 CNC 15 3D 3D 3D 16 3D 17 3D SLM Congressional Research Service,J.Sargent,R.Schwartz 3DPrinting:Overview,Impacts,and the Federal Role 3D 3D 3D 3D 2009 1210 11 18 3D 19 3D.3D 3D 3D 3D 20 3D 3D 2023 3D 367 Wohlers Associates 2021 3D 152 3D 2020-2023 208 367 3D 2009 1210 12 21 3D 22 3D Wohlers Associates 3D 3C Magic Vs2 3D 3D 23 3D 24 3D 3C.3D MIM MIM MIM 0%5%10%15%20%25%30%35%40%0204060801001201401601802002017 2018 2019 2020 2021 2022 0%5%10%15%20%25%30%35%0501001502002503003504002019 2020 2021 2022 2023E 2009 1210 13 25 MIM 26 MIM.27 MIM MIM MIM MIM 98%MIM+/-0.3%MIM MIM Ra 1 m MIM MIM 100%MIM MIM MIM CNC MIM MIM 2009 1210 14 28 MIM MIM MIM MIM 2016 49 2021 84 CAGR 11.38%29 2020 MIM 30 MIM 31 MIM 3C 32 MIM.,56.3%,11.7%,8.3%,6.9%,4.5%,3.5%0%2%4%6%8%10%12%14%16%18%20%01020304050607080901002016 2017 2018 2019 2020 2021 2022E%2009 1210 15 3D MIM CNC 3D MIM CNC MIM 3D MIM 3C CNC 3D MIM 34 35 2022 2022,50%,23%,4%,4%,3%,3%,2%,1%,1%,11%33 3D MIM CNC 3D MIM CNC“”“”SLM SLS 0.1mm 0.1-1 0 m Ra 2 m-R a 1 0 m Ra 0.1 m 2009 1210 16 3C 3D Magic Vs2 3D 3D 3D 3D 36 3C 3D 3C 3D 3D 3D 3D 1 3D 3D 3-5 3 3D 4050/3D 25 cm/h iPhone 15 pro max 2 12.5%3 2009 1210 17 2.5%4 4.51g/cm 3D 600/90%iPhone15 Pro max 35.14/5 CNC 3D 3D 20%30%50%75%478.54 330.74 212.50 153.38 37 3D 3D 20%30%50%75%3D/200 200 200 200 3 3 3 3 3D cm/h 25 25 25 25 cm 11.71 11.71 11.71 11.71 3D/4050 4050 4050 4050 250 250 250 250 3D/16.20 16.20 16.20 16.20 3D 7 10 17 26 3D/1729 2594 4323 6484 385.57 257.05 154.23 102.82 48.20 32.13 19.28 12.85 9.64 6.43 3.86 2.57/600 600 600 600 90%90%90%90%cm 11.71 11.71 11.71 11.71 35.14 35.14 35.14 35.14/478.54 330.74 212.50 153.38 3D 3D 1 IDC 2023-2027 11.93 12.63 13.09 13.41 13.71 2024 3D 0.2%0.5%1%2%5%253 632 1263 2526 6315 2 3D 3D 200/2024 3D 0.20%3D 50%3D 12 2009 1210 18 38 3D 2024E 2025E 2024E 2025E 2024E 2025E 3D 20.00%20.00%30.00%30.00%50.00%50.00%12.63 13.09 12.63 13.09 12.63 13.09 3D/0.00%-0.20%253 262 253 262 253 262 0.50%632 655 632 655 632 655 1.00%1263 1309 1263 1309 1263 1309 2.00%2526 2618 2526 2618 2526 2618 5.00%6315 6545 6315 6545 6315 6545 3D/3D 0.00%-0.20%1461 1514 974 1009 584 606 0.50%3652 3785 2435 2524 1461 1514 1.00%7305 7571 4870 5047 2922 3028 2.00%14609 15141 9740 10094 5844 6057 5.00%36523 37853 24349 25236 14609 15141 3D/3D 0.00%-0.20%29 30 19 20 12 12 0.50%73 76 49 50 29 30 1.00%146 151 97 101 58 61 2.00%292 303 195 202 117 121 5.00%730 757 487 505 292 303 IDC Apple Watch Ultra 2 1 CNC 3D 3D 50%70%80%90%145.79 111.02 100.16 91.71 39 3D 3D 50%70%80%90%3D/200 200 200 200 3 3 3 3 3D cm/h 25 25 25 25 cm 8.04 8.04 8.04 8.04 2009 1210 19 3D/4050 4050 4050 4050 250 250 250 250 3D/16.20 16.20 16.20 16.20 3D 25 35 40 45 3D/6300 8821 10081 11341 105.81 75.58 66.13 58.79 13.23 9.45 8.27 7.35 2.65 1.89 1.65 1.47/600 600 600 600 90%90%90%90%cm 8.04 8.04 8.04 8.04 24.11 24.11 24.11 24.11/145.79 111.02 100.16 91.71 3D 3D Mordor Intelligence 2024 1.71 3D 0.5%50%3D 86 3D 3 40 3D 2024E 2025E 2024E 2025E 2024E 2025E 3D 50.00%50.00%70.00%70.00%90.00%90.00%1.71 2.19 1.71 2.19 1.71 2.19 3D/0.50%86 109 86 109 86 109 1.00%171 219 171 219 171 219 2.00%343 438 343 438 343 438 5.00%857 1095 857 1095 857 1095 8.00%1371 1752 1371 1752 1371 1752 10.00%1714 2190 1714 2190 1714 2190 3D/3D 0.50%136 174 97 124 85 109 1.00%272 348 194 248 170 217 2.00%544 695 389 497 340 434 5.00%1360 1738 971 1241 850 1086 8.00%2176 2781 1554 1986 1360 1738 2009 1210 20 10.00%2720 3476 1943 2483 1700 2172 3D/3D 0.50%3 3 2 2 2 2 1.00%5 7 4 5 3 4 2.00%11 14 8 10 7 9 5.00%27 35 19 25 17 22 8.00%44 56 31 40 27 35 10.00%54 70 39 50 34 43 Mordor Intelligence 3D 3D 3C 3D 3D 3C 3C DLC TAC PVD 25/CNC 100+100+1 2023 iPhone15 pro iPhone15 Pro Max 14 Pro 2024 IDC 2024 12.63 10%1.26 31.58 41 2023E 2024E 2025E 2026E 2027E 1193 1263 1309 1341 1371 1 1 1 1 1/25 25 25 25 25/1%11.93 12.63 13.09 13.41 13.71 2%23.86 25.26 26.18 26.82 27.42 2009 1210 21 5%59.65 63.15 65.45 67.05 68.55 10%119.3 126.3 130.9 134.1 137.1 15%178.95 189.45 196.35 201.15 205.65 20%238.6 252.6 261.8 268.2 274.2 1%2.98 3.16 3.27 3.35 3.43 2%5.97 6.32 6.55 6.71 6.86 5%14.91 15.79 16.36 16.76 17.14 10%29.83 31.58 32.73 33.53 34.28 15%44.74 47.36 49.09 50.29 51.41 20%59.65 63.15 65.45 67.05 68.55 IDC 688308.SH 2023 8.05 0.63%1.60 15.34%2023Q3 2.72 0.71%0.51 30.39%688059.SH 2023 5.88 46.07%1.06 1.28%2023Q3 2.30 104.10%0.43 104.48%301377.SZ PCB 2023 9.27+1.91%1.69 0.24%2023Q3 3.45 13.82%0.63 14.27%PCB PCB PCB 600549.SH 2023 295.28 20.01%11.61 11.11%2023Q3 107.98 15.36%3.70 7.05%688433.SH 3D 2023 3.71 35.15%0.73 32.63%2023Q3 1.30 32.37%0.30 30.18%3D 2009 1210 22 SLM 3D SLS 3D 3D 20 40 3D 3D 3D 688333.SH 3D 2023 7.42 42.50%0.38 273.92%2023Q3 3.03 24.29%0.21 23.27%3D 3D 3D 3D 3D 3D 3D 3D 3D 688210.SH MIM 2023 3.68 2.86%0.23 65.31%2023Q3 1.60 16.75%0.13 54.86%SIM USB EMS MIM 300709.SZ MIM 2023 16.26 17.44%1.17 22.91%2023Q3 8.43 12.91%1.53 25.10%MIM 600114.SH 2023 27.82 1.48%1.07 13.91%2023Q3 10.19 6.43%0.71 55.60%P&M(SMC)MIM 3C 3C 3D 3C 3D 3D 3D 2009 1210 23 CFA 5 7 2023 2019 2019 2022 Choice 祎 2023 2023 2023 2023 2009 1210 24 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82871425 0755-82871425 021-20572536 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 2009 1210 25 A 300 500/6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522
