Downgrade the highfliers: Han’s Laser to Neutral and Jianghai to Sell; Prefer solid growth at reasonable price; 2Q sector preview

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Downgrade the highfliers: Han’s Laser to Neutral and Jianghai to Sell; Prefer solid growth at reasonable price; 2Q sector preview

Equity Research

22 July 2026 | 8:12PM HKT

CHINA INDUSTRIAL TECH

Downgrade the highfliers: Han’s Laser to Neutral and Jianghai to Sell; Prefer solid growth at

reasonable price; 2Q sector preview

We preview the sector 2Q results, overall expecting slightly n Han’s Laser - Downgrade to Neutral: We downgrade Jacqueline Du

+852-2978-1783 |

better performance than 1Q, with average sector revenue Han’s Laser to Neutral after a strong rally of +145% jacqueline.du@gs.com

Goldman Sachs (Asia) L.L.C.

and EPS yoy growth projected to accelerate to +18%/+12% YTD, as the market has increasingly priced in the

respectively (vs. +16%/+5% yoy in 1Q). Beats are likely to company’s solid PCB equipment order visibility and

come from AI Infrastructure and factory automation space consumer electronics/3D printing equipment upside

while misses are likely due to China ICE/EV/solar revenue from form-factor changes. While we remain

exposure and lingering cost inflation/FX impact. With that constructive on its medium-term growth profile,

said, we view significant share price divergence ytd for the further upside now depends on stronger evidence of

sector (-39% to +145%) has largely factored in such execution in new AI-related product areas (liquid

expectations with certain stocks likely running ahead of cooling and optical fiber), where Han’s Laser remains a

fundamentals in our view. It’s now important to exercise new entrant facing both overseas incumbents and

valuation discipline. We downgrade the highfliers, Han’s domestic competitors.

Laser from Buy to Neutral (as the PCB/3D printing