Han‘s Laser Technology (002008.SZ): Striving to Seize Opportunities of AI and Apple Super Cycle; Raise TP to Rmb155

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Han‘s Laser Technology (002008.SZ): Striving to Seize Opportunities of AI and Apple Super Cycle; Raise TP to Rmb155

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15 Jun 2026 22:58:34 ET │ 16 pages

Han's Laser Technology (002008.SZ)

Striving to Seize Opportunities of AI and Apple Super Cycle; Raise TP to

Rmb155

CITI'S TAKE

After revising up our earnings and TP for Han’s CNC (3200.HK / 301200.SZ), Buy

we raise 2026/27/28E earnings for Han’s Laser (HL) by 1%/4%/5% to reflect

the upside from not only AI PCB equipment and Apple equipment but also Price (15 Jun 26 15:00) Rmb124.200

AI liquid cooling business as it recently acquired Attom (unlisted, 安腾创新) – Target price Rmb155.000↑

a datacenter/ESS air/liquid cooling solution provider with core mgmt. team

from Rmb103.000from Vertiv (VRT.N) and having AMD (AMD.O), Microsoft (MSFT.O) China,

and Oracle (ORCL.K) as its customers. We believe that HL could combine its Expected share price 24.8%laser welding technology and experience on cold plates with Attom’s return

air/liquid cooling business and customers to create synergies. We lift our TP Expected dividend yield 0.3%by ~50% to Rmb155 as we roll over our EPS base to 2027E to reflect strong

visibility of AI PCB and Apple equipment business and AI air/liquid business Expected total return 25.1%

potential. HL remains our top pick in the AI PCB equipment space. Market Cap Rmb127,877M

US$18,820M

AI PCB equipment – Han’s CNC - HL’s PCB equipment business – could continuously

benefit from AI spillover effects since, as Japanese equipment suppliers see tight

capacity, HC has won ultrafast laser drilling equipment orders from SLP companies

like AKM Meadville and Compeq (2313.TW) which supply mSAP (modified semi-

Price Performanceadditive process) SLP to Chinese 1.6T optical transceiver companies.