Guojin Securities has issued a research report, forecasting that CREALITY (HKEX: 03388) will achieve total operating revenues of RMB 4.25 billion, RMB 6.20 billion, and RMB 8.63 billion for the years 2026 to 2028, representing year-on-year growth of 35.9%, 45.9%, and 39.1% respectively.

Benefiting from product mix optimization and economies of scale, net profit attributable to shareholders is projected to be RMB 170 million, RMB 330 million, and RMB 480 million for the same period. Adjusted net profit is forecast at RMB 180 million, RMB 340 million, and RMB 490 million, marking increases of 147%, 87%, and 46% year-on-year.

Taking into account the company's position as a core enterprise in the consumer-grade 3D printing sector, a valuation of 4 times price-to-sales is applied, leading to a target price of HK$39.58 for 2026. Coverage is initiated with a 'Buy' rating. The key points from Guojin Securities' analysis are as follows:

Industry at an Inflection Point

The consumer-grade 3D printing industry is entering an upward inflection phase. According to CIC data, the global market size is expected to reach $6 billion (GMV basis) by 2025, with a compound annual growth rate of 35.2% from 2020 to 2025. The high growth trajectory of the sector is supported by the implementation of AI technology, breakthroughs in the Chinese consumer market, and the maturation of multi-color printing.

As a global leader in consumer-grade 3D printing, the company held an 11.2% market share in devices for 2025, ranking second in the industry, positioning it to capture significant benefits from the sector's growth. The company listed on the Hong Kong Stock Exchange on May 29, 2026, with an issue price of HK$18.80 per share, raising net proceeds of approximately HK$1.272 billion. The funds are allocated with 30% for R&D, 25% for the development of the CREALITY Cloud and Nexbie platform, and 25% for brand promotion and channel development.

Financial Performance and Strategy

Financially, the company reported revenue of RMB 3.127 billion for 2025, a year-on-year increase of 36.65%, with overseas markets contributing approximately 75%. Revenue from North America, Europe, and China grew by 64%, 42%, and 22% respectively.

Net loss attributable to shareholders for 2025 was RMB 183 million, primarily due to a one-off expense of RMB 240 million related to share issuance and a special dividend prior to listing. Adjusted net profit was RMB 92 million, indicating resilience in the profitability of its core operations.

The company is poised to evolve from a hardware manufacturer into a leading hardware gateway for a consumer-grade 3D creative ecosystem. Its strategy follows a three-stage progression: "Hardware Gateway – Ecosystem Expansion – Platform Monetization."

Core Business Pillars

Consumer-grade 3D printing equipment serves as the foundational business. Currently, the primary revenue source is 3D printer sales. The launch of the KliTek next-generation multi-nozzle printing technology in late May 2026 formally places the company in the top tier of consumer-grade technology.

Non-printer hardware is reshaping a full-scenario creative platform. The 3D printing industry inherently involves strong creative and exploratory attributes. As users become more experienced, the appeal of a single device tends to saturate. Broader hardware and richer software ecosystems become crucial for sustaining creative engagement.

As the sole platform covering three major categories—3D printing, 3D scanning, and laser engraving—the company's consumable RFID chips and CFS system work together to increase switching costs. The desktop recycling system M1+R1 redefines ecosystem engagement. Its 3D scanner held a 45.3% global market share in 2025, ranking first. In 2026, it partnered with Orbbec to launch an AI visual intelligence platform. Its laser engraving collaboration with JPT Opto-electronics to establish a joint laboratory completes the "additive + subtractive" manufacturing loop.

Software and AI-Driven Monetization

CREALITY Cloud and AI large language models are driving service monetization. The company is one of only two brands in the industry with comprehensive ecosystem development capabilities. Its community activity and operational investment significantly outpace peers. In the long term, it has the potential to expand into high-margin software services by commercializing user assets, thereby reshaping its profit structure.

Key Risk Factors

Potential risks include intensifying industry competition, macroeconomic volatility, fluctuations in raw material prices, and intellectual property-related challenges.