The Zhitong Finance app learned that Debon Securities released a research report saying Bloomberg said that Apple is testing the use of 3D printing technology to produce the steel chassis of its smartwatch. It is reported that at least three years ago, Apple and its developers were already developing 3D printing technology. The iPhone 15 Pro series uses lighter and stronger grade 5 titanium alloy, replacing the previous stainless steel middle frame. This is the first time that Apple has used titanium alloy in mobile phone products. If the Apple Watch Ultra and iPhone Pro series all introduce the 3D printing titanium alloy process in the future, it will bring broad market space to the 3D printing industry.

▍ The main views of Debon Securities are as follows:

The advantages of 3D printing are obvious.

Additive manufacturing (also known as 3D printing) is a manufacturing method for manufacturing parts or physical objects through the accumulation of materials (including liquid, powder, wire, or sheet, etc.) based on 3D model data. Compared with traditional material reduction manufacturing methods, additive manufacturing technology has technical advantages such as advanced processes, advanced materials, advanced design, advanced logistics, rapid response, and strong economy. The output value of the additive manufacturing industry is expected to reach US$29.8 billion by 2025, reach US$85.3 billion by 2030, and a CAGR of 18.8% for 2021-2030.

Taking into account both hardness and weight, 3D printed titanium alloy materials have emerged in the 3C market.

The Magic V2 folding screen phone released by Honor uses titanium alloy technology on a large scale, bringing folding screen thickness into the “millimeter era” for the first time. Titanium can better balance hardness and weight, reduce the weight of mobile phones, make phones lighter and thinner, and enhance the overall experience of mobile phone products.

Currently, the cost of 3D printing titanium alloy is high, so 3D printing technology will be mainly applied to high-end models. In the future, with the maturity of 3D printing technology and the further scaling of titanium alloy parts in the 3C industry, product production efficiency, yield, cost, etc. are expected to be further optimized, helping the industrial chain reduce costs.

Apple is expected to enter 3D printing to further open up market space.

According to Bloomberg, Apple is testing the use of 3D printing technology to produce the steel chassis of its smartwatches. It is reported that at least three years ago, Apple and its developers were already developing 3D printing technology. The iPhone 15 Pro series uses a lighter and stronger grade 5 titanium alloy material, replacing the previous stainless steel middle frame. This is the first time that Apple has used titanium alloy in a mobile phone product. If the Apple Watch Ultra and iPhone Pro series all introduce the 3D printing titanium alloy process in the future, it will bring broad market space to the 3D printing industry.

Sorting out the relevant listed companies.

3D printing equipment and services: Platinum (688333.SH), etc.; Materials: polished powder (688456.SH), etc.; Polishing: Golden Sun (300606.SZ).

Risk warning:

There are risks such as industry technological progress falling short of expectations, consumer electronics industry demand falling short of expectations, and increased industry competition.