China PCB Equipment: Raise TPs of Han’s Laser/Han’s CNC on Further Equipment Upsides

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China PCB Equipment: Raise TPs of Han’s Laser/Han’s CNC on Further Equipment Upsides

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24 Jun 2026 11:21:29 ET │ 22 pages

China PCB Equipment

Raise TPs of Han’s Laser/Han’s CNC on Further Equipment Upsides

CITI'S TAKE

Jamie Wang AC

Following Citi tech team’s upward revision on AI-PCB TAM, we raise our +852-2501-2772

2026/27/28E earnings forecasts for Han’s CNC (HC) by 2%/6%/6% to reflect jamie.ck.wang@citi.com

the equipment upsides from not only switches, Nvidia (NVDA.O), ASICs, but

also TRX (optical transceivers) which could derive stronger demand for Karen Huang

ultrafast laser drilling equipment given supply tightness of mSAP (modified +852-2501-2755

Semi-Additive Process) SLP (Substrate-Like PCB) used on 1.6T TRX. This is karen.xw.huang@citi.com

in line with our view that HC’s N-T upside should come from SLP for 1.6T

optical transceiver. Accordingly, we also increase earnings forecasts for Eric Lau

Han’s Laser (HL) by 1%/3%/3%. Our top pick remains HL given its multiple +852-2501-2726

growth drivers – AI PCB equipment, Apple equipment, and potential upside eric.h.lau@citi.com

from newly-acquired liquid cooling business. Our pecking order is still HL

(002008.SZ) > HC-H (3200.HK) > HC-A (301200.SZ).

Ultrafast laser drilling equipment – Our tech analyst Karen Huang estimates that

optical transceiver PCB could increase by 135%/178% YoY to US$14bn/38bn in

2026/27E, being the fastest-growing PCB among all types of AI-PCBs. This echoes

our industry check which shows that the strong demand has caused laser drilling

equipment tightness at Japanese suppliers like Mitsubishi Electric (6503.T) so that

mSAP SLP makers have started placing orders to HC. Compared with mechanical

drilling equipment, we believe HC could benefit more from the “spill-over effect” for