【券商聚焦】华泰证券:3D 打印拉动PLA需求 行业整体供需格局有望逐步改善

金吾财讯
Aug 18

金吾财讯 | 华泰证券认为,伴随中国3D打印机企业产品力提升以及消费的普及,26H1我国3D打印设备产量与出口量保持高速增长。设备保有量提升、多色打印技术迭代、AI Agent加速3D打印 “所见即所得”的达成。用户使用频次增加,耗材复购持续释放。凭借易加工、成型稳定及产业链成熟等优势,PLA已成为FDM耗材市场的主流选择。受下游3D打印需求拉动,近期我国PLA行业开工率明显提升,产品价格止跌回升;后续该机构认为在可降解塑料及3D打印需求双重带动下, PLA供需格局有望逐步改善,行业走出5年底部,盈利水平或将迎来边际修复,中国相关龙头公司有望受益。据隆众资讯,截至2026年8月14日,我国聚乳酸开工率达到71%,较年初提升10pct,受下游3D打印需求拉动开工率明显提升;据百川盈孚,截至8月14日,聚乳酸挤出级价格较月初上涨500元至18500元/吨,价格止跌反弹。供给方面,泰国等海外产能因能源供应等问题或持续面临供给压力;中国产能凭借成本优势以及贴近消费市场,新增产能放量整体顺利。目前国内主要企业包括海正生材(688203 CH)(现有13.5+在建7.5万吨/年),普立思(现有7.5万吨/年),丰原集团(现有10+在建6万吨/年)该机构认为,受可降解塑料及3D打印领域需求快速增长,PLA行业整体供需格局有望逐步改善。该机构预计26-30年全球PLA行业开工率将分别达到66%/71%/79%/83%/85%,产品价格价差亦有望迎来边际改善。

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