Huatai Securities research report stated that with the improvement of the product strength of Chinese 3D printer companies and the popularization of consumption, my country's 3D printing equipment output and export volume maintained rapid growth in 26H1. Increased equipment ownership, iteration of multi-color printing technology, and AI Agent accelerate the realization of "what you see is what you get" in 3D printing. The frequency of user usage increases, and repurchase of consumables continues to be released. With the advantages of easy processing, stable molding and mature industrial chain, PLA has become the mainstream choice in the FDM consumables market. Driven by the demand for downstream 3D printing, the operating rate of my country's PLA industry has increased significantly recently, and product prices have stopped falling and rebounded. Driven by the dual demand for degradable plastics and 3D printing, the PLA supply and demand pattern is expected to gradually improve. The industry has bottomed out in five years, and profitability may be marginally repaired. China's leading companies are expected to benefit.
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