東吳證券:把握景氣投資,重視消費級3D打印
東吳證券研報表示,消費級3D打印又通常稱作“桌面級”3D打印,其特點在於快速原型驗證和小批量定製,對於個人創作者、教育機構和小微型團隊而言具有“低成本”和“易用性”雙重優勢。2020年以來國內3D打印市場規模高增,2020-2024年CAGR近20%,2024市場總規模已達到超400億元。IP經濟助力消費級3D打印出圈,隨設備及材料技術迭代、成本降低,消費級3D打印有望進一步打開市場空間。受益於國內+出口需求雙重景氣,消費級3D打印整機廠業績快速釋放,同時具備較高盈利水平。振鏡、激光器與熱端模組等3D打印產業鏈中價值量較高的零部件分支,有望受益於3D打印整機放量,業績彈性更大。如後續整機放量,耗材端用量(主要是PLA材料)亦將有大幅增長,但單機用量並不大,且目前材料單價整體不高,業績增量貢獻有限。
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