[Tianfeng Electronics] Inno Laser: Supply gap in Japanese equipment opens ultrafast replacement space, self-produced laser heads boost production capacity

English summary

# Industry core logic: Long-term shortage of overseas main equipment - significantly accelerating domestic substitution of ultrafast lasers. CO2 laser equipment in the PCB industry is mainly supplied by overseas manufacturers such as Mitsubishi. Currently, equipment delivery times are long, supply is tight, and overseas supply continues to shrink. With the upgrade of high-end PCB processes, traditional equipment cannot meet processing requirements, opening a window for ultrafast laser substitution. The company is in the first tier of domestic ultrafast laser equipment productization, with significant competitive advantages, and fully benefits from the replacement demand caused by the shortage of overseas equipment. # Company core scarcity value: Upstream laser head self-production - free from overseas component constraints. The industry shortage covers both complete machines and upstream components, with delays in delivery of laser heads and optical prisms. Most domestic manufacturers rely on purchased laser heads, resulting in unstable supply chains and inability to expand capacity. The company is one of the few that produces laser heads itself, with the ability to localize the entire machine process, unaffected by overseas component supply, forming a scarce barrier. # Industry pattern deduction: The technical route in core HDI scenarios is irreversible. Ultrafast laser replacement of traditional CO2 lasers is a long-term, determined trend...