The Zhitong Finance App learned that Guojin Securities released a research report saying that the inflection point in performance has been reached. 26H1 Creative 3D (03388) is expected to experience a double recovery in revenue and profit margins from 2026H2 with the intensive release of new products starting in September. At the same time, along with qualitative changes in the company's management model and business model after the company's listing, it is expected to shift strategically from a hardware manufacturer to a technology ecosystem operator. The bank expects the company's 2026-2028 EPS to be 0.05/0.53/0.84 yuan respectively, maintaining a “buy” rating.
Guojin Securities's main views are as follows:
Incidents
As of October 7, 2026, the company's new SPARKX i8 had crowdfunded more than 3.7 million US dollars on the IndieGogo platform. The product was launched on September 22, with a crowdfunding amount of nearly $1.8 million on the first day. The early bird price of the new product is US$289 (approximately RMB 1,936). It is expected to be shipped in October and delivered in November. At the technical level, SPARKX i8 is equipped with self-developed Quarteks? The four-channel single-nozzle color change architecture compresses the common end of the four-channel consumables to less than 1 mm, and the color change time is less than 1 second. The multi-color printing efficiency is up to 500% higher than the external feeding scheme. Referring to the historical performance of the Ender series, the SPARKX i8 has the qualities to become the next generation benchmark model, which is expected to accelerate the increase in the penetration rate of consumer-grade 3D printing.
The new product matrix has been implemented intensively, and the inflection point of volume and price resonance can be expected
Entering the second half of the year, the new product cycle is fully launched, and the profitability of new products is superior to that of old products at the same price, and the gross margin center is expected to rise. In addition to the SPARKX i8, the new high-end flagship K3 is equipped with a self-developed Klitek multi-nozzle system. It has taken an independent route in multi-color and multi-nozzle printing solutions, which is expected to reshape the competitive landscape and pricing power distribution in the high-end market. In addition, the Pika portable AI 3D scanner went on sale on July 22. As the first “pocket-level dual light source+AI post-processing” product on the racetrack, it strengthens the company's ecological entry point in the “scanning-modeling-printing” chain.
Management was implemented iteratively, and the governance structure evolved into a paradigm of scientific and technological growth
Since July '26, the company has continued to recruit high-end talents, recruit chief scientists from around the world, and open key positions such as heads of pioneering research institutes and AI scientists. The level and direction of talent introduction clearly points to underlying technology and AI capacity building. The company's operational thinking is shifting from manufacturing logic to technological growth logic, providing talent and governance guarantees for the company's platform-based transformation.
AI end-side applications continue to deepen, and the ecological flywheel accelerates self-strengthening
On the user asset side, the 26H1 Creative Cloud platform added more than 1 million new registered users (+77.1%), monthly active users +68.3%, active creators +94.3%, and supply (creators, model content) and demand (registered users, monthly activity) increased simultaneously. On the modeling capability side, the company has reached a strategic cooperation with Tencent Cloud. Its AI modeling platform, MakeNow, is officially connected to Tencent's mixed-element large model, and can be open source adapted to the general model generated by Meshly AIAgent.
Risk Alerts
Industry competition increases risk; risk of macro-environmental fluctuations; risk of fluctuations in raw material prices; risk of intellectual property rights.