3D printing demonstrates significant application advantages in the field of rocket manufacturing and is currently predominantly used in rocket engine production. In recent years, China's commercial space sector has accelerated its development. As a core manufacturing process for rockets, 3D printing is poised to fully benefit from the increased capacity demand driven by the commercial space beta. Furthermore, the rising application proportion of 3D printing technology in rocket manufacturing is a foreseeable trend. Considering only the rocket engine manufacturing segment, the market size for 3D printing technology already exceeds 400 billion yuan. The main viewpoints of GF Securities are as follows: 3D printing has evolved from an "optional technology" to an "essential process" in rocket manufacturing. As an ideal technical pathway for manufacturing complex-shaped, multi-scale, and integrated structural components, 3D printing, with its underlying "additive manufacturing" logic, significantly overcomes the bottlenecks of traditional manufacturing and casting processes in processing load-bearing structures. Currently, 3D printing has been adopted in numerous rocket models, establishing itself as an essential process in rocket manufacturing. 3D printing technology possesses triple advantages in efficiency, cost, and performance. The application of 3D printing in rocket manufacturing, particularly in engines, can achieve substantial improvements across three dimensions: efficiency, cost, and performance, granting it significant technical superiority. Based on optimal individual metrics from multiple cases, 3D printing technology can drastically reduce rocket engine weight, shorten the manufacturing cycle by over 70%, lower engine costs by up to 90%, and significantly enhance other comprehensive performance metrics. The increase in the penetration rate of 3D printing technology application is a definite trend. The advantages of 3D printing in rocket manufacturing are evident, with its current use concentrated in engine production. Looking ahead, with advancements in technology, materials, and scale, 3D printing technology is expected to shift from "single-point breakthroughs in core components" to "multi-link coverage across the entire rocket," further increasing its technological penetration in rocket manufacturing applications. Benefiting from dual growth in penetration rate and transport capacity, 3D printing is set to welcome an incremental market space of hundreds of billions. The accelerated development of China's commercial space sector in recent years, coupled with a new application for a 203,000-satellite network by the end of December 2025, is expected to drive rapid growth in rocket launch capacity demand. As a core rocket manufacturing process, 3D printing will fully benefit from this capacity demand surge driven by the commercial space beta. Simultaneously, the increasing application proportion of 3D printing technology in rocket manufacturing is a foreseeable trend. Considering the rocket engine manufacturing segment alone, the market size for 3D printing technology surpasses 400 billion yuan. Key 3D printing targets include Farsoon Technologies: The company focuses on industrial-grade 3D printing technology, possessing dual pathways of metal SLM and polymer SLS, and provides metal/polymer printing solutions for engines and structural components to the commercial space sector. According to its official website, the company previously used a metal 3D printing solution to deliver over 30 parts for a liquid oxygen/kerosene engine in approximately four months. The company is well-positioned to benefit from the increasing penetration of 3D printing in rocket manufacturing. Jiangshun Technology: Originating from aluminum profile extrusion molds and supporting equipment, the company has, according to Wind, jointly established Jiangyu Technology to enter the additive manufacturing sector, with potential for expansion into new businesses such as 3D printing and liquid cooling. Regarding specific investment targets, Jiangshun Technology (001400.SZ) is recommended. It is also advised to monitor 3D printing-related companies such as Farsoon Technologies (688433.SH) and Yinbang Co., Ltd. (300337.SZ). Risk warnings include intensifying competition, risks associated with technology development and migration falling short of expectations, and risks of commercial space development underperforming forecasts.
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