中国PCB设备：进一步设备升级上调汉斯激光/汉斯CNC的评级

Raise TPs of Han’s Laser/Han’s CNC on Further Equipment Upsides CITI'S TAKE Jamie WangAC+852-2501-2772jamie.ck.wang@citi.com Following Citi tech team’s upward revision on AI-PCB TAM, we raise our2026/27/28E earnings forecasts for Han’s CNC (HC) by 2%/6%/6% to reflectthe equipment upsides from not only switches, Nvidia (NVDA.O), ASICs, butalso TRX (optical transceivers) which could derive stronger demand forultrafast laser drilling equipment given supply tightness of mSAP (modifiedSemi-Additive Process) SLP (Substrate-Like PCB) used on 1.6T TRX. This isin line with our view that HC’s N-T upside should come from SLP for 1.6Toptical transceiver. Accordingly, we also increase earnings forecasts forHan’s Laser (HL) by 1%/3%/3%. Our top pick remains HL given its multiplegrowth drivers – AI PCB equipment, Apple equipment, and potential upsidefrom newly-acquired liquid cooling business. Our pecking order is stillHL(002008.SZ) > HC-H (3200.HK) > HC-A (301200.SZ). Karen Huang+852-2501-2755karen.xw.huang@citi.com Eric Lau+852-2501-2726eric.h.lau@citi.com Ultrafast laser drilling equipment–Our tech analyst Karen Huang estimates thatoptical transceiver PCB could increase by 135%/178% YoY to US$14bn/38bn in2026/27E, being the fastest-growing PCB among all types of AI-PCBs. This echoesour industry check which shows that the strong demand has caused laser drillingequipment tightness at Japanese suppliers like Mitsubishi Electric (6503.T) so thatmSAP SLP makers have started placing orders to HC. Compared with mechanicaldrilling equipment, we believe HC could benefit more from the“spill-over effect”forlaser drilling equipment due to fewer competitors. We forecast HC’s ultrafast laserdrilling equipment revenue to increase by 200% YoY to Rmb1.5bn, representing~15% of HC’s AI-PCB equipment revenue in 2027E from 10% in 2026E. Potential non-fundamental catalyst–For HC-H, we see cornerstone investors’lock-up period expiry on 5 August 2026 as an upcoming positive catalyst as a lackof liquidity seems to be a key reason for HC-H’s >50% discount to HC-A. TP changes and valuation–We lift target prices of HC-A/HC-H to Rmb377/HK$325(from Rmb290/HK$252), based on ~68x (+1.5x SD)/~51x (25% discount to A-share).We apply a higher P/E multiple to reflect HC’s rising revenue exposure to high-end,high GPM products. Similarly, we raise HL’s TP to Rmb177 (from Rmb155) as we applya higher P/E multiple (55x vs. 49x) to reflect its even better super cycle of AI-PCB andApple equipment businesses. See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. Not for distribution in the People's Republic of China, excluding the Hong Kong Special Administrative Region and QualifiedForeign Institutional Investors. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.Source: Citi Research Estimates © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.Source: Citi Research Estimates © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.Source: Citi Research Estimates © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.Source: Citi Research Estimates © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.Source: Company Reports and Citi Research Estimates © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.Source: Company Reports and Citi Research Estimates Han's CNC Technology Company description Founded in 2002, Han’s CNC (HC) is a leading PCB equipment supplier inChina specializing in PCB drilling, exposure, testing, formation, as well asattachment equipment. According to China Insights Consultancy (CIC), Han’sCNC ranks as the world's largest specialized PCB production equipmentmanufacturer with 6.6% of global market share in terms of 2024 revenue. Itsmarket share even reached 10-11% in 2024, also being the biggest specializedPCB equipment in China. With accumulated experience and technology edgeon high-speed control, electronic engineering, software algorithm, advancedoptical system, laser technology, image algorithm, and electronic testing,Han’s CNC successfully penetrates into leading domestic and internationalPCB makers. Investment strategy We rate Han’s CNC-A (HC-A) at Neutral primarily due to its rich valuation,although we still expect HC to deliver strong earnings growth led by strongdemand for both mechanical and ultrafast laser drilling equipment. Valuation Our target price of Rmb377 is based on ~68x 2027E P/E, slightly above itsaverage over the past three years to reflect its brighter demand outlook. Webelieve that our target multiple is not aggressive given a ~81% earnings CAGRfor 2026-27E. Risks Han’s CNC stock is rated High Risk based on our quantitative model, but wethink that its share price risk is mitigated given its high earnings visibility dueto strong equipment demand from AI PCB makers. Potential downside risksinclude: