Sinolink Securities Co., Ltd. has issued a research report indicating that the 3D printing industry is transitioning from a "black technology" into a "default option within the supply chain," driven by increasing penetration rates in the 3C and commercial aerospace sectors. The firm maintains a bullish outlook on the long-term development prospects of 3D printing as an additive manufacturing method that partially replaces subtractive manufacturing, reiterating a "Buy" investment rating.
The firm favors 3D printing equipment and service providers, with highlighted targets including Farsoon Technologies (688433.SH), Bright Laser Technologies (688333.SH), and Han's Laser Technology Industry Group (002008.SZ), while also suggesting attention to machine vision company Opt Machine Vision Tech (688686.SH).
Core viewpoints from Sinolink Securities:
Technology, materials, and supply chain synergies accelerating 3D printing growth
After four decades of development, 3D printing entered a mass production phase starting in 2018, marked by the concentrated emergence of multi-laser, large-format metal equipment such as the EOS M300-4, Bright Laser Technologies' BLT-S800, and the SLM NXG XII 12-laser system. PBF and DED processes have moved from laboratory settings to industrial-scale application. On the raw materials front, advancements in hydrogenation-dehydrogenation and spheroidization processes have significantly improved the yield rate of target particle sizes, substantially reducing the production cost of high-end titanium powder. In 2018, imported spherical titanium powder cost as much as 3,000 yuan per kilogram; through these technological breakthroughs, titanium powder prices have now dropped to approximately 200 yuan per kilogram. Combined with closed-loop recycling, the comprehensive cost per gram is expected to continue declining.
In the supply chain, China has emerged as a global growth driver. The domestic 3D printing market is projected to reach approximately 70 billion yuan in 2025, with complete localization of equipment, lasers, galvanometers, and powder materials, accelerating the pace of 3D printing industrialization.
Downstream adoption: Consumer electronics and commercial aerospace lead the charge, while medical and robotics open long-term potential
1) Consumer electronics has reached an inflection point for adoption: Starting with Apple's mass production of the titanium alloy case for the Apple Watch Ultra 3, Apple's foldable iPhone Duo in 2026 incorporates 3D printing technology. According to Apple's official press release, the iPhone Duo features a hinge cover produced via 3D printing using 100% recycled titanium, offering outstanding durability and high strength. The firm believes the industrial significance lies not in the volume of a single model, but in the formal recognition of additive manufacturing processes within Apple's supply chain. This is expected to drive 3C metal structural components to expand from hinges, watch cases, and connector parts toward core components such as mid-frames.
2) Commercial aerospace is scaling up simultaneously: Rocket engine thrust chambers, nozzles, and turbo pump housings are being batch-integrated into both PBF and DED processes. The cost-reduction imperative for reusable rockets ensures sustained demand.
3) Humanoid robots and medical implants open long-term growth avenues: Humanoid robots require lightweight design, part consolidation, and tool-free rapid iteration, while additive manufacturing in the medical field drives the marginal cost of customization toward zero, and porous structures facilitate better bone integration. These two scenarios together unlock a long-term growth trajectory.
In the value chain, equipment and services serve as the twin engines of midstream value
According to the Wohlers Report 2026, within the 3D printing value chain, printing services account for 48.3% of industry value, while printing equipment accounts for 25.6%, together exceeding 70%. The "equipment plus services" trend is evident, as manufacturers offer printing services alongside equipment sales. Service revenue is recurring and sustainable in nature, providing stable cash flow supplementation beyond equipment sales. Competitive barriers are expanding from hardware-only capabilities to a combined "hardware plus process" competency. Under the "selling capacity, selling outcomes" model, service providers deliver qualified components on a per-piece basis, where customers purchase not the equipment itself but a defined manufacturing result. Revenue is deeply tied to downstream production volumes, offering the strongest sustainability. This model presents the highest competitive barriers, requiring manufacturers to simultaneously master equipment, processes, materials, and quality certification systems, with economies of scale and accumulated process databases forming the core moat.
Risk warnings
Risks include downstream volume growth falling short of expectations, technology route iteration and process substitution risks, intensifying industry competition, raw material and core component supply risks, and overseas expansion alongside geopolitical policy risks.