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苹果比亚迪入局!3D打印引爆消费电子千亿赛道​

发布于 2025-09-25

<p data-pm-slice="0 0 []"><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">以</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">下为西部证券《3D打印行业专题研究报告》的核心内容总结,按逻辑框架详细梳理:</span></span></span></span></p><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="hzHZiDXXrW" data-dir-key="hzHZiDXXrW"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">一</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">、行业概况</span></span></strong></span></span></h3><ol class="list-paddingleft-1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">技</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">术本质</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">基</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">于三维模型数据,通过</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">逐</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">层叠加材料</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">(</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">与减材制造相反)直接制造实体模型。</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">优</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">势:可打印复杂结构、节省材料、缩短研发周期、去模具化。</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">与</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">减材制造</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">长</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">期共存</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">3D打印适合小批量/定制化/复杂结构,传统加工适合批量化/高精度场景。</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">技</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">术分类</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">七</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">类工艺</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">粘结剂喷射、定向能量沉积、材料挤出、材料喷射、粉末床选区熔化、薄材叠层、立体光固化。</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">主</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">流技术</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">金属打印以**激光粉末床熔融(SLM)**为主(占比89.4%),非金属以光固化(SLA)、熔融沉积(FDM)为主。</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="3"><li><span data-marker="3."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">发</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">展阶段</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">2</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">016年进入2.0时代</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">GE、惠普、西门子等巨头入局,从“原型制造”转向“直接制造”,产业化加速。</span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="u3QdoON-nR" data-dir-key="u3QdoON-nR"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">二</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">、市场空间与增长</span></span></strong></span></span></h3><ol class="list-paddingleft-1" start="1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">全</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">球规模</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">2</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">024年市场规模</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">2</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">19亿美元</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">(</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">同比+9.31%),2012-2024年CAGR达</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">2</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">0.71%</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">。</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">预</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">计2030年将达</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">8</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">40-1450亿美元</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">(</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">Wohlers预测)。</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">区</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">域结构</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">美</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">国主导</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">(</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">2020年占全球34.4%),但</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">亚</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">太增速最快</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">(</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">2024年同比+30.95%),主因中国设备出口及工业应用扩张。</span></span></span></span></li></ul><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100045498" data-s="300,640" data-type="png" type="block" style="height: auto !important;" data-ratio="0.5918958031837916" data-w="691" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwmm3ibAe2R1DZgqjlkMI6b9aQpGElCErG0b3MEklGXMazzibEMmnBscuLgVSCUaWKbKwMwD32EDLKEg/640?wx_fmt=png&amp;from=appmsg" /></section><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="n" data-slate-length="0"></span></span></span></p><ol class="list-paddingleft-1" start="3"><li><span data-marker="3."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">下</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">游应用</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">工</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">业级</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">(</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">占比约80%):&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">航</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">空航天(16.8%)、医疗(15.6%)、汽车(14.6%)、消费电子(11.8%)。&nbsp;</span></span></span></span></li></ul><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100045499" data-s="300,640" data-type="png" type="block" style="height: auto !important;" data-ratio="0.7898832684824902" data-w="514" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwmm3ibAe2R1DZgqjlkMI6b9aN7RAsHZ9icuKEE6qnQbribA9os56jCtnM8Voy8MJhVfNc5cMWmYKFf8Q/640?wx_fmt=png&amp;from=appmsg" /></section><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="n" data-slate-length="0"></span></span></span></p><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">典</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">型案例:GE发动机燃油喷嘴(减重25%)、空客碳纤维座椅(单机减重200公斤)。</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">消</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">费级</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">(</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">2024年规模42亿美元):&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">主</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">要应用于消费品(43%)、教育(34%)、文创(10%)。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">2</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">024年全球出货量</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">4</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">10万台</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">,</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">预计2029年达</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">1</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">340万台</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">(</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">CAGR 26.6%)。</span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="IkqjGQln0p" data-dir-key="IkqjGQln0p"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">三</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">、产业链分析</span></span></strong></span></span></h3><ol class="list-paddingleft-1" start="1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">产</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">业链结构</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">上</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">游</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">材料(金属粉末/高分子聚合物)、核心硬件(激光器、振镜)、软件。</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">中</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">游</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">设备制造(59亿美元)、打印服务(103亿美元)。&nbsp;</span></span></span></span></li></ul><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100045500" data-s="300,640" data-type="png" type="block" style="height: auto !important;" data-ratio="0.5855181023720349" data-w="801" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwmm3ibAe2R1DZgqjlkMI6b9ah36wasdOuZ9EzQwBMeJFJoUC2Jib54vOkPN1c8apkJ1iaRicbxSatc8vw/640?wx_fmt=png&amp;from=appmsg" /></section><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="n" data-slate-length="0"></span></span></span></p><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">下</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">游</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">航空航天、汽车、医疗、消费电子等。</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">核</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">心环节</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">设</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">备</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">工业级设备2024年销量下滑26.8%(受消费级替代影响),但长期CAGR预计9.8%。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">金</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">属设备壁垒高</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">EOS(41.1%)、铂力特(19.6%)、尼康(11.4%)占据全球72%份额。&nbsp;</span></span></span></span></li></ul><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100045501" data-s="300,640" data-type="png" type="block" style="height: auto !important;" data-ratio="0.4525959367945824" data-w="886" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwmm3ibAe2R1DZgqjlkMI6b9a4bOTmvFbO8wTXibMiaazeHib3phqKpxdR6uiaib831YziawbhkBGdibGx2kpg/640?wx_fmt=png&amp;from=appmsg" /></section><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="n" data-slate-length="0"></span></span></span></p><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">消</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">费级由中国主导</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">96%入门级设备来自中国,创想三维、公司B等四家占71.3%份额。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">材</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">料</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">2024年规模44亿美元(同比+20.1%),聚合物粉末占比40.4%,金属材料占21.8%。&nbsp;</span></span></span></span></li></ul><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100045502" data-s="300,640" data-type="png" type="block" style="height: auto !important;" data-ratio="0.7051482059282371" data-w="641" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwmm3ibAe2R1DZgqjlkMI6b9a2nRg1k8rawOW0ubQdCicF8708Z5uj9G8J4ibJUeHNHQaKlHdlGq0HzbQ/640?wx_fmt=png&amp;from=appmsg" /></section><figure></figure><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="n" data-slate-length="0"></span></span></span></p><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">服</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">务</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">2024年规模103亿美元,预计2034年达627亿美元(CAGR 19.9%)。</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="3"><li><span data-marker="3."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">国</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">产化瓶颈</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">激</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">光器/振镜严重依赖进口</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">华曙高科超80%激光器采购自美/德,振镜几乎100%进口。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">材</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">料国产替代空间大</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">金属粉末(钛/镍基)和高分子材料(PA12)需求增长快。</span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="-WfLmD22UI" data-dir-key="-WfLmD22UI"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">四</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">、细分应用进展</span></span></strong></span></span></h3><ol class="list-paddingleft-1" start="1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">航</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">空航天</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">成</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">熟应用燃油喷嘴、卫星支架等,材料以钛合金/镍基高温合金为主,实现减重、性能提升。</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">汽</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">车制造</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">比</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">亚迪等车企布局:用于样件试制、轻量化部件(如电池外壳),缩短开发周期30%以上。</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="3"><li><span data-marker="3."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">消</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">费电子</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">折</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">叠屏手机铰链</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">荣耀Magic V2、OPPO Find N5已采用钛合金3D打印部件。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">苹</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">果入局催化</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">招聘3D打印人才,有望推动行业渗透率加速提升。</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="4"><li><span data-marker="4."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">鞋</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">模制造</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ol><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100045503" data-s="300,640" data-type="png" type="block" style="height: auto !important;" data-ratio="0.3743523316062176" data-w="772" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwmm3ibAe2R1DZgqjlkMI6b9adPRXYPooUgzV3vHpFib02eXLzjOQ57jc6udjUibMS4eicU5WL6765k9tg/640?wx_fmt=png&amp;from=appmsg" /></section><ul style="list-style-type: disc;" class="list-paddingleft-1"><li><section><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">替</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">代传统CNC工艺:缩短流程(8道→4道)、实现咬花一体化成型,环保且效率提升50%。</span></span></span></span></section></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="6FDPjNpitI" data-dir-key="6FDPjNpitI"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">五</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">、投资建议</span></span></strong></span></span></h3><ol class="list-paddingleft-1" start="1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">关</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">注标的</span></span></strong></span></span></li></ol><table><tbody><tr style=""><th style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">公</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">司</span></span></strong></span></span></p></th><th style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">逻</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">辑</span></span></strong></span></span></p></th></tr><tr style=""><td style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">铂</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">力特</span></span></span></span></p></td><td style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">金</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">属打印龙头,OPPO/荣耀铰链供应商,受益3C渗透率提升。</span></span></span></span></p></td></tr><tr style=""><td style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">华</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">曙高科</span></span></span></span></p></td><td style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">金</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">属+高分子设备双布局,切入汽车/医疗赛道。</span></span></span></span></p></td></tr><tr style=""><td style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">汇</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">纳科技</span></span></span></span></p></td><td style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">资</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">产注入金石三维(设备+材料+服务全链)。</span></span></span></span></p></td></tr><tr style=""><td style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">杰</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">普特</span></span></span></span></p></td><td style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">激</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">光器技术领先,解决设备“卡脖子”环节。</span></span></span></span></p></td></tr><tr style=""><td style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">金</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">橙子</span></span></span></span></p></td><td style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">激</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">光控制系统供应商,适配3D打印高精度需求。</span></span></span></span></p></td></tr></tbody></table><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">风</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">险提示</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">渗</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">透率不及预期、核心器件进口依赖、材料价格波动、行业竞争加剧。</span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="x4mIiWa96C" data-dir-key="x4mIiWa96C"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">六</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">、核心结论</span></span></strong></span></span></h3><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">技</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">术奇点已现</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">苹果/比亚迪等巨头入局推动产业化,3D打印从“原型”迈向“直接制造”。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">中</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">国优势领域</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">消费级设备全球垄断(96%),工业级在3C/航空航天逐步突破。</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">增</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">长确定性高</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">2024-2034年材料/服务市场CAGR超20%,设备国产替代空间广阔。</span></span></span></span></li></ul><section><span leaf=""><br /></span></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>

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