Han’s Laser Technology (002008.sz): Strong 2026 results in line with pre-announcement, higher FY26 sales guidance as expected, 3D printing wallet share key to watch; Neutral

Research evidence excerpt

Equity Research

21 August 2026 | 7:45AM HKT

Han’s Laser Technology (002008.SZ)

Strong 2Q26 results in line with pre-announcement, higher FY26 sales guidance as

expected, 3D printing wallet share key to watch; Neutral

002008.SZ

12m Price Target: Rmb115.00

Price: Rmb91.56

Upside: 25.6%

Post market close on Aug 20, 2026, Han’s Laser announced 2Q26

results in line with the pre-announcement on Jul 20 and GSe, with

sales/GP/EBIT/NP at Rmb8,278mn/2,940mn/1,276mn/934mn

(+77%/+108%/+617%/+188% yoy). 2Q26 GPM/OPM/NPM were

36%/15%/11% (+5pp/+12pp/+4pp yoy, +2pp/+7pp/+4pp qoq).

Han’s Laser raised its 2026 sales guidance to at least Rmb27bn from

previously >Rmb26bn (vs. GSe of Rmb29.7bn), supported by

Rmb21.6bn (incl. VAT) in new orders during 1-7M26, driven by

strong growth in consumer electronics, PCB, new energy

(battery), and semiconductors equipment segments. Overall

margin improvements were driven by a favorable product mix and

operational scale. For 3D printing equipment, the company

commented that their sampling and testing with Apple has been

going well, and the wallet share allocation for the first batch of

volume orders will likely be announced by end-Sep to early Oct

2026. Our updated 12-m TP is Rmb115.0 (vs. Rmb113.0 previously),

still based on 30x 2027E P/E. Maintain Neutral.

Key takeaways from the earnings call on Aug 20:

Strong order intake in 1-7M26 supporting higher sales guidance:

Order intakes in 1-7M26 amounted to Rmb21.6bn (including VAT),

or c.Rmb19bn (excluding VAT), compared to total order backlog of

Rmb9bn by end- 2025. By segment, PCB/consumer electronics/new

energy (mainly battery)/high-power/low-power/semi equipment

recorded Rmb8.5bn/4.0bn/2.6bn/1.8bn/1.7bn/0.7bn new orders

(incl. VAT). Given this backdrop, company now targets at least

Rmb27bn total sales in 2026 (vs. previous guidance of >Rmb26bn),

compared to Rmb29.7bn per GSe.

NEUTRAL

Jacqueline Du

Goldman Sachs (Asia) L.L.C.

Key Data _____________________________________

Market cap: Rmb94.3bn / $14.0bn

Enterprise value: Rmb91.8bn / $13.6bn

3m ADTV: Rmb7.2bn / $1.1bn

China

China Industrial Tech & Machinery

M&A Rank: 3

Leases incl. in net debt & EV?: No

…