2026消费级3D打印行业专题研究报告-广发.pdf会员免费

| | | 2026/08/02 消费级 3D 打印行业专题研究报告[Table_IndustryEn] Light Industry & Papermaking[Table_Author] SAC S0260520110002SFC CE.no: BWW545021-38003621caoqianwen@gf.com.cn3D3DCICGMV20256020302722026-2030CAGR33.2%202441020291,3401,5804,040 AIAI3D CONTEXT20253D90%2025Q195%202471%20243D59.8% FDM/FFFCIC3DGMV20214202513203073DTC Bambu LabMakerWorld202537%3D202531.27 3D 轻工制造行业:加热卷烟国标启动起草，产业规范化进程提速轻工制造行业 2026 年中期策略:需求压力下，掘金供给逻辑与个股亮点轻工制造行业 2025 年报及 2026 年 1 季报总结:内外压力与预期波动中，寻找边际变化2026-07-292026-07-022026-05-05

| EPS( ) PE(x) EV/EBITDA(x) ROE(%) / 2026E 2027E 2026E 2027E 2026E 2027E 2026E 2027E 301193.SZ CNY 15.89 2026/05/26 25.16 0.52 1.01 30.56 15.73 6.39 4.89 7.1011.90Wind

| 3D ........................................................................................................................6（一）市场空间：消费级细分增速高于广义 3D 打印，保有量扩张打开后续价值空间..................................................................................6（二）需求端：原生需求奠定基础，供给优化与传播扩圈共同推动渗透 ......................................................................................................8（三）区域供需：中国主�入门级供给，北美和欧洲为主要需求市场........................................................................................................13 .......................................................................................................17 （一）产业链全景与价值变迁：由硬件销售向存量用户运营延伸 ...............................................................................................................17 （二）整机：品牌商掌握用户入口，竞争维度由单机参数向�统体验延伸.................................................................................................17 （三）耗材与配件：保有量提升打开复购空间，多品类 SKU 满足差异化需求 ...........................................................................................20 （四）软件与模型平台：内容供给支撑持续使用，平台生态放大硬件价值.................................................................................................23（五）渠道：线上渠道承担主要销售转化，自营体�强化用户沉淀与复购.................................................................................................25三、消费级 3D 打印产业链相关公司.................................................................................................................................................................27（一）拓竹科技：产品与生态协同放量，向轻生产和打印农场延伸............................................................................................................27（二）创想三维：全品类矩阵与全球渠道构筑规模基础 .............................................................................................................................29（三）家联科技：材料改性能力切入 3D 打印耗材，海外产能构成潜在增量 ..............................................................................................30 ...................................................................................................................................................................................................32

| 图 1：全球 3D 打印机市场规模预测 ...