Han‘s Laser Technology Industry: Strength across all business lines, reiterate Buy

研报英文原文证据摘录

Han‘s Laser Technology Industry: Strength across all business lines, reiterate Buy

Global Research

13 July 2026abc

Han's Laser Technology Industry Equities

ChinaStrength across all business lines, reiterate Buy

Industrial, Diversified

12-month rating Buy

H126 preliminary results were a strong beat

In its preliminary results, the company reported that H126 net profit rose by 156.1% to 12m price target Rmb193.30

176.6% YoY, representing a strong beat versus both our and Reuters consensus Prior : Rmb92.00

forecasts of 109% YoY. The strong growth was mainly owing to: 1) strong revenue

Price (10 Jul 2026) Rmb130.30

growth (likely up 68% YoY), led by its core PCB and CE equipment business; and 2)

improved recurring profitability (pre-exceptional NPM was up 9ppts YoY, based on the RIC: 002008.SZ BBG: 002008 CS

mid-point of the guidance). We continue to see the PCB and CE equipment segments as

Trading data and key metrics

sustainable drivers, as we highlighted in our upgrade report (link), with growth

52-wk range Rmb152.80-24.22

momentum rising on the back of ultrafast laser drilling equipment for high-end HDI

(High-Density Interconnector) and mSAP (Modified Semi-Additive Process) PCB, and Market cap. Rmb134b/US$19.8b

Apple's solid procurement demand, in our view. PCB and CE equipment aside, solid Shares o/s 1,030m (ORDA)

demand was seen across other businesses, such as battery, pan-semi and other laser Free float 93%

equipment. After factoring in the strong preliminary results for H126 and updating our Avg. daily volume ('000) 59,903

assumptions for its major businesses, our earnings forecasts for 2026-28E rise by 22- Avg. daily value (m) Rmb7,622.5

74%, and we raise our price target to Rmb193.30 from Rmb92.00. We maintain our Common s/h equity (12/26E) Rmb20.1b