Sinolink: Rising penetration in the 3C market triggers the inflection point for the industrialization of 3D printing.

Sinolink released a research report stating that the 3D printing industry is transitioning from a "black technology" to a "default option in the supply chain," with rising penetration in the 3C and commercial aerospace sectors; the bank is bullish on the long-term development prospects of the 3D printing industry as additive manufacturing partially replaces subtractive manufacturing, and maintains a "Buy" investment rating. The bank favors 3D printing equipment and service providers, with related targets Farsoon Technologies (688433.SH), Xi'an Bright Laser Technologies (688333.SH), Han's Laser Technology Industry Group (002008.SZ), and suggests paying attention to machine vision company Opt Machine Vision Tech Co., Ltd. (688686.SH). Sinolink's main points are as follows: Multiple resonances in technology, materials, and industrial chain drive rapid development of the 3D printing industry After forty years of development, 3D printing entered the mass production phase starting in 2018represented by the concentrated emergence of multi-laser large-size metal equipment such as EOSM3004 laser, Xi'an Bright Laser Technologies BLT-S800, and SLM-NXGXII 12-laser systems, with PBF/DED processes moving from the laboratory to industrialization. In terms of raw materials, advances in hydrogenation-dehydrogenation + spheroidization processes have significantly increased the yield of target particle size powder, greatly reducing the production cost of high-end titanium powder. In 2018, imported spherical titanium powder was priced as high as 3,000 yuan per kilogram. Through this technological breakthrough, titanium powder prices have dropped to around 200 yuan per kilogram. Combined with closed-loop recycling, the comprehensive cost per gram is expected to continue declining. In the industrial chain, China has become a global growth pole. In 2025, the domestic 3D printing market size is approximately 70 billion yuan, with full-chain localization completed across equipment, lasers, galvanometers, and powders, driving accelerated industrialization of 3D printing. Downstream penetration: Consumer electronics and commercial aerospace lead volume ramp-up, medical and Siasun Robot&Automation open long-term space 1) Consumer electronics entering the penetration inflection point: Starting with Apple's mass production of the Apple Watch Ultra 3 titanium alloy case, Apple's foldable-screen iPhone Duo in 2026 introduces 3D printing technology. According to Apple's official press release, the iPhone Duo uses a hinge cover made from 3D-printed 100% recycled titanium, offering excellent durability and extremely high strength. The bank believes that its industrial significance lies not in the volume ramp-up of a single model, but in the Apple supply chain's formal recognition of additive manufacturing processes, which is expected to drive 3C metal structural components to gradually extend from hinges, watch cases, and connector parts to core components such as midframes. 2) Commercial aerospace ramping up simultaneously: Rocket engine thrust chambers, nozzles, and turbopump housings are being batch-introduced with dual PBF/DED processes, and the rigid cost-reduction demand for reusable rockets makes demand sustainable. 3) Humanoid Siasun Robot&Automation and medical implants opening long-term growth space: Humanoid Siasun Robot&Automation requires lightweight design, multi-part integration, and mold-free rapid iteration. In the medical field, additive manufacturing brings the marginal cost of personalization close to zero, and porous structures are more conducive to bone integration. The two major scenarios together open a long-term growth curve. From the industrial chain perspective, equipment and services are the dual engines of midstream value According to Wohlers Report 2026, in the 3D printing industrial chain, printing services account for 48.3% of the industrial chain value, and printing equipment accounts for 25.6%, together exceeding 70%. The "equipment + services" trend is evident, with manufacturers providing printing services while selling equipment. Service revenue has recurring and sustainable characteristics, forming a stable cash flow supplement beyond equipment sales, and competitive barriers expand from single hardware to the combined capability of "hardware + process." Under the "sell capacity, sell results" model, service providers directly deliver qualified parts on a per-piece basis. What customers purchase is no longer equipment but a determined manufacturing result. Revenue is deeply tied to downstream output and has the strongest sustainability. This model has the highest competitive barriers, requiring manufacturers to simultaneously master equipment, processes, materials, and quality certification systems, with economies of scale and process database accumulation constituting the core moat. Risk warnings Risk of downstream volume ramp-up falling short of expectations; risk of technology route iteration and process substitution; risk of intensifying industry competition; risk of raw material and core component supply; risk of overseas expansion and geopolitical policy.