20231030_华福证券_3D打印行业证券研究报告蓄势待发产业化应用赋能未来_58页 (1).pdf

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Techweb Galaxy S24 Ultra iPhone 15 Pro Max Galaxy Watch5 Pro OPPO Find N2 OPPO Find N2 275g 233g iPhone 14 Pro Max Find N3 MIM 7%Xiaomi 14 Pro 14 Pro Watch 4 Pro 48 22 3D 3D 3D aau3D 3D 3D 3D 3D 3D Atlas 3D Atlas HPU 3D 2023 4 14 FAU 3D AstroAtlas Atlas Astro Openbot 3D Atlas 3D Poppy 3D 3D 3D(TPP)23 PART1 PART2 PART3 PART4+PART5 0-1-100 PART6 PART7 PART8 24 3D 3D 3D CAD模型面型化 处理分层层信息 处理前处理离散计算机信息指令层准备层制造层粘结堆积增材制造堆积成型剥离/打磨真空淬 火/退火抛光/涂覆后处理粉末增材制造 25 PREP 2020 2021/m 45 m/%/%VIGA 0300 70 8590 1700 C Fe Ni Co Al CuEIGA 15300 3045 90 Ti PREP 45400 15 99 Ti PA 0300 3240 95 Ti WA 0500 6590 5070 PS 0200 50 85 Ti 26 3D AP&C Arcam EBM/EOS/Pyro Genesis PAP GKN Sandvik 3D TLS Technik TC4 EIGA LPW PS 3D Systems Corporation3D/Oerlikon Carpenter/PREP/IPCA/VIGA/EIGA/N-PREP/PAC/SS-PREP/TC4/PVD/PREP/27 3D FDM LOM 3DP SLA/DLP/Poly Jet SLS/DML/SLS/EBM 3D 3D SLA LOM SLS SLM 3D 28(3D 3D)3D Formlabs 3D(SLM):(EBM):(LENS):+:(SLS):CO2 CAD(SLA):(FDM):X Y Z(DLP):(PJ):+:UV 29 PolyJet SLA DLP FDM SLM EBM SLS/(SLM)(1(SLS)2 3(EBM)()(SLS)1 2()1 2 1 2(SLA)1 2 1 2 1 2(FDM)(PLA ABS)1 2 1 2(DLP)SLA)(PJ)1 2 3D SLM 30 SLM 3D&SLM EBM LENS 3D 3D FDM/Extrusion 0.05 mm 500 mm/s 316L 17-4 PH SLM/PBF 0.02mm 25 cm3/h EBM/PBF 0.07mm 55 80 cm3/h Metal Binder Jetting 0.035mm 1,500 cm3/h WAAM 1mm 2.2 kg/h DED Laser 0.2mm 500 cm3/h DED eBeam 0.2mm 2,000 cm3/h Metal Lithography 0.01mm 300/Cold Spray 0.38mm 100 g/m Micro 3D Printing 3D 0.005mm-31 3D 3D 3D 3D Desktop Metal Exone HP GE Digital Metal 3D Massivit 3D 3D VELO3D:SLM Solutions 3D xolo 3D Seurat 3D Mighty Buildings 3D Titomic SPEE3D 3D Fortify 3D Xjet 3D EOS 3D 3DEO 3D Evolve 3D exaddon 3D 3D MELD 3D AREVO 3D Xerox 3D L Nano Dimension.nScrypt Optomec 3D ValCUN 3D Amenba 3D 32 BJAM BJAM BJAM BJAM AM BJAM BJAM BJAM BJAM/%/MPa/MPa/%/MPaBJAM P 3.86 198 4.8 556 5.4 66 6.22504.25 197 3.5 555 4.3 70 2.64.87 189 1.0 547 0.5 70.5 0.55.64 189 1.7 534 5.0 64 2.0BJAM S 3.70 196 4.0 548 6.5 80 1.02504.20 196 4.1 555 8.2 75 2.04.48 198 1.6 558 3.8 74 3.64.69 196 2.9 551 4.3 75 4.6SLM P 2.30 511 14.0 621 11.0 20 2.0 101SLM S 2.30 430 11.0 510 20.0 12 1.0 CM 0.00 273 37.0 622 6.0 65 10.0 BJAM 3D 33 3DP BJAM BJAM BJAM SEIKO 1 020 812 BJAM BJAM ZbTM60 91.30%30.6 MPaSS 316L 95.80%250 MPa(SLM 101 MPa)H13 BA005 99.00%17-4PH Aqueouos 99.00%1045MPa 4%330 HV10SS 420 1053MPa Ni 718 Ni 625 99.20%718 MPa 327 HVMAR-M247 C20 99.80%1105 MPa 3.1%ZB60 70.00%158 MPa 2.9 GpaTi-6Al-4V 81.90%(/);()10 wt%34 PART1 PART2 PART3 PART4+PART5 0-1-100 PART6 PART7 PART8 35 3D 3D 3D 3D 3D 2000 3D 3D 2015 2009 12 3D 2016 3:2022(NSAM)2007-2013 60 3D 1.6 2.25 2015 3D 3D 2014-2020 2020 Fraunhofer 3D 10 3D PPP 2019 2 2030 3D 2014(MSIF)3D 10 2020 2020 6 12(ICT)3D 3D 5 3D 2015-2016 3D 3D 2016-2020 3D 2017-2016 3D 2020-2022 2022 2021 3D 3DCAT 3D 3D 3D 3D 3D+36 3D 2007 1998 3D 3 50%12+16 0 1 BJAM FDM 2009 3D Systems SLS SLA 2014 SLM 2016 Stratasys 2021 3D 3D/144.4898.278.19-32%-20%-35%-30%-25%-20%-15%-10%-5%0%0204060801001201401602020 2021 2022/0246810 3D 37 3D Formlabs 3D 3D 3D 3D 3D 95%180 12.5 2 NASA 2 10 3 40%80%-90%16 3 0 200 400 600 800 1000%Mpa Mpa%Ti-5AI-2.5Sn Ti-6AI-4V 3D TC4 3D TPU 92A 48 80%73%82%3D 3D 50%FDM 3D 50%Stratasys3D 3D NASA 2 10 3D 50%3D 10 1 3D 38 3D 3D 80 20mm4 35.2h6 24.4h8 18.9h1 BLT-S450 96 18.9 BLT-S450 1.8 2 327 96.5 338%3 BLT-A320M 10 38 160%BLT-S815 230%BLT-A320M/hBLT-A320M g/h 50 m 500w 25.8 251.880 m 500w 16.1 407.4100 m 500w 14.1 438120 m 1000w 11.8 536.2140 m 1000w 10.1 603.14 70%69%20 6 70%2.6kg 0.8kg 69%3D 39 21 3D 2011 ISO ISO/TC 261 2015 FAA SAE 2016 2019 2016 4(SAC/TC 562)2009 ASTM F422011(ISO)ISO/TC 261 2015(CEN/TC438)(ASTM F42);2016(SAC/TC 562)GB/T35351-2017 GB/T35352-2017 GB/T35021-2017 GB/T35022-2017 GB/T34508-2017 TC4 20151392-T-604 GB/T37463-2019 GB/T37461-2019 ISO 3D 3D 3D 40 PART1 PART2 PART3 PART4+PART5 0-1-100 PART6 PART7 PART8 41 2022 180 2021 19.49%GAGR=19.66%Wohlers 2030 853 2021-2030 CAGR 21.1%2026-2030 CAGR 23.4%331100204060801001202019 2024 Wohlers Ofweek 2019 33 2024 110 2019-2024 CAGR 27.2%,2022 330 2021 52.42%2025 630 21-25 30.61%2021 10.60%33.10%10.60%8.90%8.30%3.90%4.30%3.70%3.00%1.70%1.60%1.30%1.50%1.40%1.00%17.70%29.13%17.39%21.00%33.52%21.15%7.51%19.49%18.08%18.24%23.41%0%10%20%30%40%02004006008001,0002015 2016 2017 2018 2019 2020 2021 2022 2025E 2030E YOY(亿美元）96120.1157.5208216.53304105086300%10%20%30%40%50%60%01002003004005006007002017 2018 2019 2020 2021 2022 2023E 2024E 2025E市场规模yoy(亿元）42 3D,3D 3D 3D 3D 3D TLSTechnik 96%-g/cm3)1.5 1.1 g/cm3)1.65-s/50g 66.7-D10 15-18 13-16 D150 32-36 30-35 D90 45-53 45-53 AP&C LPV 3DSystens DSM Somos;Polyaaker ProtoPlant Stratays 3D ABS ABS ABS PLA PLA AddwiiTaulnan3DDianond 3D 43 3D 3D 3D 3D 40%3D 20%90%50%3D IPG 34.60%24.40%16.60%4.60%3.90%3.80%3.00%9.10%28.10%27.30%18.30%2.60%5.60%2.80%2.40%12.90%IPG 2021/2022 2021 2022 51%17%16%16%53.671.277.482.694.2108.6116.233%9%7%14%15%7%0%5%10%15%20%25%30%35%0204060801001201402016 2017 2018 2019 2020 2021 2022E 44+2020 32.29%1W W 10(2)3,600/()0.5um-10um 5um 500-2000W 1 500 200 120/50um 45 2D 3D 2D 3D 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1000 51 3D 3D 51 11 40 50(3D 3D 3D 30 20 1400 49 PART1 PART2 PART3 PART4+PART5 0-1-100 PART6 PART7 PART8 3D 50 3D 3D 50%2022 66.32%2011 30 EOS-M400-S500-S600 400mm X400mm X 400mm400mmX400mmX1500mm600mmX600mmX600mm 20-100um 20-100um 20-100um 1000W*1 500W*4 500W*4 M2 1.1 M2 1.1 M2 1.1 7m/s 7m/s 7m/s+5um+5um+5um 200C 200C 200C/Wind 0%20%40%60%80%02004006008001000(%)42.94%41.04%43.68%50.27%52.72%48.23%54.55%48.17%30%35%40%45%50%55%60%2016 2017 2018 2019 2020 2021 2022 2023H1(%)3D 51 3D 3D SLM SLS 2022 25.02%3 GAGR 43.33%140.65%2022 53.32%21.72%(HP)EOS 3D Systems(mm mm mm)1000 x500 x450 380 x284 x380700 x380 x580 550 x550 x750()4 2 1 CO2/CO2 CO2(m/s)20/12.7 12.7(w)500/120 100 2021()()EOS SLM SLS-/SLM Solutions SLM-2.15%/(HP)MJF-/3D Systems SLA SLS SLM-6.89%/SLM LSF WAAM140 1.06%23 67 SLM SLS 133 1.42%34 144 Wind 52 PART1 PART2 PART3 PART4+PART5 0-1-100 PART6 PART7 PART8 3D 3D 0-1 3D A 3D 3D 53PE EPS 2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E 2022 2023H1 600206.SH 29.16 28.13 52.59 36.51 21.57 15.00 0.53 0.77 1.30 1.88 27.7613 12.6442688291.SH 30.91 30.11 79.10 53.07 37.56 27.77 0.48 0.57 0.80 1.08 1.9611 1.0835 688433.SH 139.62 33.71 140.77 85.82 58.27 40.60 0.27 0.39 0.58 0.83 4.5240 2.3875688333.SH 178.80 111.58 224.90 69.36 39.63 26.19 0.70 1.61 2.82 4.26 9.1222 4.3435 300337.SZ 59.18 7.20 87.93 0.08 39.2989 21.3624 300606.SZ 40.58 28.96 157.02 0.18 3.9195 1.9632 Wind 2023-10-30 3D 54 PART1 PART2 PART3 PART4+PART5 0-1-100 PART6 PART7 PART8 1 3D 3D 2 3D 3D 3 3D 3D 4 55 56 612 A 300 500 6 20%6 10%20%6-10%10%6-20%-10%6-20%6 5%6-5%5%6-5%57 1436 MT 20 200120