|2023 07 28 3D/3D 3D Additive Manufacturing,AM 3D 3D Printing-3D 3D 3D 40%3D GA PREP PA PS GA PREP 3D 7 PBF DED 3D 3D 3D SLM LENS Wohlers Associates 2025 3D 298 CAGR 18.2%3D 3D/3D 22EPS 23EPS 23PE PB 688333.SH 19.3 0.70 1.57 76.6 12.6-688456.SH 3.9 0.53 1.50 25.3 3.5 002171.SZ 9.7 0.10 0.51 14.2 1.6-688433.SH 14.7 0.27 0.39 90.2 8.1-wind%218 4.3 3608.6 4.3 3190.0 4.5%1m 6m 12m 3.6-12.5-21.1 1.1-5.9-13.1 1 2023-07-26 2 2023-07-10 3 2023-04-20 S1090517030002 S1090514080007 S1090522050002 S1090523060003 S1090519040002 S1090522090001-30-20-10010Jul/22 Nov/22 Mar/23 Jul/23(%)金属及材料 沪深300 2 3D.6 1.6 2.6 3.7 4.7.9 1.9 2.10 1 GA.11 2 PREP.12 3 PA.13 4 PS.14 3.15.16 1 3D.16 1 PBF.17 2 DED.17 2.19.20 1.20 2.22 3.24 4.24.26 1.26 2 3D.29 3 3D.31 4.32.34 0YCXvMqNoNqRqOtQqNrOnMbRbPaQpNoOpNpMkPoOsNkPmPmNbRoPrPvPnPmMNZtQqR 3 1.6 2.6 3 3D.6 4 3D.8 5 2021 3D.8 6 2020 3D.8 7 2021 3D.10 8 2021 3D.10 9.11 10 VIGA.12 11 EIGA.12 12 VIGA.13 13 PA.14 14 PS.14 15 3D.16 16 2021 3D.17 17 SLM.17 18 LENS.18 19 WAAM.18 20 2021 3D.19 21 3D.20 22 3D.20 23 3D.20 24 2021 3D.20 25 2019-2021 3D.21 26 3D C919.22 27 3D C919.22 28 C919.22 29 3D C919.22 30 2019-2021 3D.23 4 31 3D.23 32 2019-2021 3D.24 33 Magic V2 3D.25 34.27 35.27 36.27 37.27 38.27 39.27 40.28 41.28 42.29 43.29 44.29 45.29 46.30 47 3D.30 48 3D/.30 49.31 50.31 51.31 52.32 53.32 54 3D.32 55.33 56.33 57.33 58.33 59.33 60.33 61 PEBand.34 62 PBBand.34 5 1 3D.7 2 3D.9 3 3D.10 4 3D.11 5 3D.15 6 3D.19 7 3D.21 8.26 9.28 10.30 6 3D 1 Additive Manufacturing,AM 3D 3DPrinting-ASTM F42 1 2.3D J.,2021(04):126-130 2 3D 1940 Perera 1986 Hull SLA 3D 3D Systems 3D SLS FDM 3DP 3D 3D 2000 3D SLM LENS 3D 3 3D 7 3 3D 2015 3D 2025 2016 2017 2017-2020 2020 200 30%2020 2020-2022)1 3D 2022 8 2022 6 2021 2(2021-2025)()1:3D;2:5G 3D 2020 8 3D:183506X)3D 2020 3 0 1 3D 2020 2 2020-2022)2022:2-3 90%2018 11 2018 2017 11 2017-2020 2020 200 30%2016 12 2016 4 2016-2020 2015 5 2025 3D 3D 4 3D 3D DLP 3D 8 4 3D 3D Wohlers Report 2022 2021 3D 90.15 59.1%3D 31.74 20.8%3D 30.55 20.0%2020 3.5pcts 5 2021 3D 6 2020 3D Wohlers Associates Wohlers Associates 20.0%20.8%59.1%原材料 设备 打印服务16.5%23.6%58.4%原材料 设备 打印服务 9 1 3D 3D 3D DLP 3D 3D 3D 3D 2 3D ABS PC Somos19120 SomosNext 3D 2021 3D 34.7%25.2%3D 18.2%3D 2021 3D 40%20.2%10%9.1%10 7 2021 3D 8 2021 3D Wohlers Associates 2 3D 3D 3D 90%3 3D/34.7%25.2%19.9%18.2%2.0%聚合物粉材 光敏树脂 聚合物丝材 金属材料 其他20.2%15.2%14.1%11.1%10.0%9.1%6.1%14.1%钛合金 PLA 尼龙 ABS 铝合金 不锈钢 树脂 其他 11 9.J.,2020,44(11):46-52+58 3D GA PREP PA PS 4 3D GA PREP PA PS/um 100 250 200 150 VIGA EIGA 5%0 4 5 m.1 GA GA 1920s 12 3D VIGA EIGA 10 VIGA 11 EIGA.1 2 3 4 VIGA Fe Ni Co Al Cu Ti EIGA EIGA PSIG ALD 2 PREP PREP 1974 Nuclear 1 13 20000 10-20 m 2 3 1 20-200 m 2 3 4 0.005%Nuclear 12 VIGA Erwin W,Stephan F,Tarek E G.Rapid solidification electrode-processof steel droplets in the plasmarotating 3 PA PA Pegasus Refractory Materials 1995 AP&C Arcam GE 1 2 3 1 GA 2 3 AP&C 14 13 PA.4 PS PS 1 104K 2 TEKNA 14 PS.15 3 3D Sandvik Carpener GKN 10,000/2000/5 3D/Sandvik 3,000 CarpenterTechnology 3,000 GKN 2,000 AP&C 100 LPWTechnology 1,000 450 300 60 800-400 500-16 1 3D 3D 7 ISO/TC261 2015 ISO/ASTM52900:2015 3D 7 PBF DED SLS/SLM FDM SLA DLP 32%15%15%14%3D 3D 3D CAD-3D PBF DED PBF/DED 15 3D 17 16 2021 3D Wohlers Associates 1 PBF PBF SLM EBM SLM SLM SelectiveLaserMelting 2D EBM SLM 17 SLM 2 DED DED LENS EBDM WAAM LENS LENS LMD LSF 32%15%15%14%8%5%3%8%SLS/SLM FDM SLA DLP 3DP LENS EBM 其他 18 WAAM MIG TIG PAW-EBDM 18 LENS 19 WAAM 3D 1 3D 2 3D 3 3D 3D 4 5 3D 3D 19 6 3D 3D SLM LSF 95%0.1mm 0.1-10 m Ra2 m-Ra1 0 m Ra0.1 m 2 3D Stratasys EOS GE 3D Systems 3D 3D 16.4%Stratasys EOS 14.8%13.1%3D 20 2021 3D 3D 16.4%14.8%13.1%9.8%8.2%6.6%4.9%3.3%23.0%联泰 Stratasys EOS GE 3D Systems华曙高科 铂力特 惠普 其他 20 2025 3D 298 CAGR 18.3%Wohlers Report 2023 2022 3D 180+18.1%2015-2022 19.5%2025 298 2022-2025 CAGR 18.3%2030 853 2025-2030 CAGR 23.4%2021 3D 262+34.4%2016-2021 27.7%2024 500 CAGR 24%21 3D 22 3D Wohlers Associates 3D 3D SmarTech Analysis 3D 2019 33 2024 110 CAGR 27.2%3D/Wohlers Report 2022 2021 16.8%15.6%14.6%11.8%11.1%7.0%6.0%4.5%23 3D 24 2021 3D SmarTech Analysis Wohlers Associates 1 Wohlers Associates 2021 3D 16.8%6.0%25.6 9.1 2019-2021 3D 14.7%16.8%0%5%10%15%20%25%30%35%40%45%050100150200250300350201220132014201520162017201820192020202120222025市场规模（亿美元）增长率0%10%20%30%40%01002003004005006002016 2017 2018 2019 2020 2021 2022E2023E2024E市场规模（亿元）增长率0204060801001202019 2024E16.8%15.6%14.6%11.8%11.1%7.0%6.0%4.5%12.6%航空航天 医疗/牙科 汽车领域消费 及 电子产品 学术科研 能源政府/军方 建筑领域 其他CAGR 27.2%21 25 2019-2021 3D Wohlers Associates 7 3D 3D 1 2 3 4 5 6 2023 5 28 C919 C919 3D 3D 55 C919 3.07 196 1607 3D 90%136 17.420.325.614.7%15.9%16.8%13.5%14.0%14.5%15.0%15.5%16.0%16.5%17.0%0.05.010.015.020.025.030.02019 2020 2021 22 26 3D C919 27 3D C919 CCTV4 3D 28 C919 29 3D C919 3D 2 Wohlers Associates 2019-2021 3D 13.9%15.6%2021 3D 23.8 23 30 2019-2021 3D Wohlers Associates 3D 3D 3D 3D 3D 3D 3D 3D 3D MRI CT 3D 3D 31 3D 3D 3D 3D 3D 3D 3D 16.517.723.813.9%13.9%15.6%13.0%13.5%14.0%14.5%15.0%15.5%16.0%0.05.010.015.020.025.02019 2020 2021 24 3D 3D 3D 3D 3D 3D 3 Wohlers Associates 2019-2021 3D 16.4%14.6%2021 3D 22.3 32 2019-2021 3D Wohlers Associates 3D 3D 3D 3D 3D 3D 4 Wohlers Associates 2019-2021 3D 15.4%11.8%2021 3D 18.0 3D 3D 3D 19.520.422.316.4%16.0%14.6%13.5%14.0%14.5%15.0%15.5%16.0%16.5%17.0%18.018.519.019.520.020.521.021.522.022.52019 2020 2021 25 3D 7 12 Magic V2 3D 150%27%8 Apple Watch Ultra 3D iPhone 15 33 Magic V2 3D 26 1 3D 3D 3D 3D 3D 8 3D TC4 TA15 TA1 TC15 TC18 TA18 Ti65 BLT-S BLT-A BLT-C 3D 2022 9.2 66.3%2019 69%26%3D 3D 51%46%2016 29%0 3D 3D 50%59%51%3D 39%27 34 35 wind wind 36 37 wind wind 2021 0.53 2022 0.79 2023 2020 10 2020-2022 0.15 1.73 1.63 0.12 1.47 1.38 2023-2025 0.89 0.42 0.09 2022 2.18 38 39 wind wind 0%10%20%30%40%50%60%70%0.02.04.06.08.010.02016 2017 2018 2019 2020 2021 2022营业收入 YoY0%20%40%60%80%100%2016 2017 2018 2019 2020 2021 2022航空航天 工业机械 科研 院所 医疗研 究 其他0%50%100%2016 2017 2018 2019 2020 2021 2022其他 代理销售增材制造设备及 配件3D打印原材料 3D打印设备及 配件(自研)3D打印定制化产品0%20%40%60%80%2016 2017 2018 2019 2020 2021 20223D打印定制化产品 3D 打印设备及配件(自研)3D打印原材料 代理销售增材制造设备及配件-200%-100%0%100%200%300%(0.80)(0.60)(0.40)(0.20)0.000.200.400.600.801.002016 2017 2018 2019 2020 2021 2022归母净利润 YoY(1.00)(0.50)0.000.501.001.502.002.502016 2017 2018 2019 2020 2021 2022 2023E2024E2025E归母净利润 剔除股份支付影响的归母净利润股份支付对净利润的影响 28 40 wind 2016 0.15 2022 1.62+42.3%18%41 800 489/3D 2022 8 31.09 25.09 6 2021 400 3D 800 16 16 13.19/IPO 10.38/3D 8,440.48 10.55/9/IPO 6.0 4,152.16 400 10.38 2021 25.09 10,550.60 800 13.19 3D 3 3D 2.5 43%41%44%50%53%48%55%17.3%16.3%19.9%23.18%21.0%-9.7%8.7%24.0%16.9%23.7%-20%-10%0%10%20%30%40%50%60%2016 2017 2018 2019 2020 2021 2022毛利率 净利率 剔除股份支付影响的净利率0%20%40%60%80%0.00.20.40.60.81.01.21.41.61.82016 2017 2018 2019 2020 2021 2022研 发 费 用 研 发 费 率 YoY 29 2 3D 3D 3D 2022 27.8 0.55-31.7%2022 3D 55%33%1%48%33%5%42 43 44 45 500/2021 12 80%20%20%2500/500/MIM 2,500/500/2,000/-10%0%10%20%30%40%50%60%70%0510152025302018 2019 2020 2021 2022营业收入 YoY-100%-50%0%50%100%150%00.20.40.60.811.21.42018 2019 2020 2021 2022净利润 YoY0%20%40%60%80%100%2017 2018 2019 2020 2021 2022先进铜基金属粉体材料 微电子锡基焊粉材料3D打印材料 其他业务0%20%40%60%80%100%2017 2018 2019 2020 2021 2022先进铜基金属粉体材料 微电子锡基焊粉材料3D打印材料 其他业务 30 46 3D 2022 3D 74.4 73.4+196%+169%120 30 80 80 150 460 500 3D 3D 2022 43.6%12.7 7.4%47 3D 48 3D/wind wind 10/AlSi10Mg AlSi7MgAIMgScZrA1MnScZr 15 10 6 529 20 625 25 50 CuCrZr CuCrNb CuNiSiCr 211 5 15 10 GH4169 GH3536 31 60 5 12.5 9.8 33.7 10.6 25.1 74.4 12.6 9.6 27.8 10.5 27.3 73.4 010203040506070802017 2018 2019 2020 2021 2022产量 销量0%10%20%30%40%50%60%70%0102030402017 2018 2019 2020 2021 2022单位收入 单位成本单位毛利 毛利率（%）31 239 159 15 18Ni300 CX 20 50 80 TC4 TA15 159 239 211 800 80 3 3D 3D 2022 4.55+45%0.62-28%49 50 51 3D 3D 3D 3D 3D 3D 2.04 1.87 1.97 1.71 3.14 4.5532%-9%6%-13%83%45%-20%0%20%40%60%80%100%0.001.002.003.004.005.002017 2018 2019 2020 2021 2022营业收入 YoY0.73 0.63 0.66 0.27 0.87 0.62 40%-13%5%-59%221%-28%-100%-50%0%50%100%150%200%250%0.000.200.400.600.801.002017 2018 2019 2020 2021 2022净利润 YoY 32 3D VIGA PREP 3D 52 53 54 3D 4 SLM SLS 3D 20 40 3D SLM 33 SLS 3D 2019-2022 1.6 4.6 CAGR 43.3%52.2%23.7%3D 88.2%3D 7.4%53.1%47.6%55 56 wind wind 57 58 wind wind 2022 0.99-15.5%2019 0.18 CAGR 76.8%2022 0.89+25%2021 3D 4000 2021 59 60 wind wind 0%10%20%30%40%50%60%0.01.02.03.04.05.02019 2020 2021 2022营业收入 YoY0%20%40%60%80%100%2019 2020 2021航空航天 模具及 模具加工 汽车消费 及 电子品 高校及 科研 医疗其他(行业)0%20%40%60%80%100%2019 2020 2021 20223D 打印设备及 辅机配件 3D打印粉末材料售后 服务 及 其他 其他业务59.5%57.9%56.4%53.1%52.1%47.1%48.8%47.6%0.0%20.0%40.0%60.0%80.0%100.0%2019 2020 2021 20223D打印设备及 辅机配件 3D打印粉末材料售后 服务 及 其他 其他业务-50.0%0.0%50.0%100.0%150.0%200.0%0.00.20.40.60.81.01.21.42019 2020 2021 2022归母净利润 YoY0%50%100%150%200%250%300%350%400%450%0.00.20.40.60.81.02019 2020 2021 2022扣非归母净利润 YoY 34 1 3D 2 3D 3D 3 3D 4 61 PEBand 62 PBBand 050010001500200025003000350040004500Jul/21 Jan/22 Jul/22 Jan/23050010001500200025003000Jul/21 Jan/22 Jul/22 Jan/23 35 6-12 A 300 500 20%5-20%5%5%