中国PCB设备2026年二季度初步：大族激光和Han’s CNC均强劲或超预期

2Q26 Preliminary: Strong or Strong Beat for Both Han’s Laser and Han’sCNC Jamie WangAC+852-2501-2772jamie.ck.wang@citi.com CITI'S TAKE Both Han’s Laser (HL) and Han’s CNC (HC) released strong 1H26 preliminaryresults.HL: 1H26 preliminary results imply 2Q26 net profit of Rmb896mn-996mn, up 176%-207% YoY and beating Visible Alpha consensus ofRmb818mn by 10%-22%.HC: 1H26 preliminary results suggest that 2Q26earnings could reach Rmb577mn-677mn, up 294%-362% YoY and showingan accelerating earnings growth trend despite now consensus forecastavailable. The strong results of HC were primarily due to higher revenueexposureto AI products,including CCD back drill and laser drillingequipment for mSAP SLP/high-end HDI. On top of that, HL also benefitsfrom strong demand for:1)IT (Apple) equipment due to new productlaunches,2)battery equipment driven by leading battery makers’expansions,3)pan-semi equipment because of repeated AMOLED ordersandrecovery packaging, and4)general laser equipment. Our pecking orderremainsHL (002008.SZ) > HC-H (3200.HK) > HC-A (301200.SZ). Eric Lau+852-2501-2726eric.h.lau@citi.com HC –1H26 revenue grew at least by 100% YoY to Rmb4.8bn, similar to the trend ofTa Liang (3167.TW). As we pointed out in our previous note, HL benefits from thespill-over effect on not only mechanical drilling equipment for AI PCB (HLC or HDIfor switch tray and computer tray) but also ultrafast laser drilling equipment for800G/1.6T optical transceivers. HL –IT revenue grew strongly by 180% YoY to Rmb2.3bn in 1H26, which we believewas due to HL’s more laser welding and cutting equipment order wins from Apple(AAPL.O) supply chain; battery revenue increased by 45% YoY to Rmb1.3bn in 1H26driven by leading battery makers’ expansions in China and overseas; pan-semirevenue also grew by 40% YoY due to repeated AMOLED orders and strongpackaging equipment demand; and general laser equipment revenue could reachRmb3.7bn driven by strong demand for low power welding, auto, and UV/ultrafastlaser sources. Looking ahead, we believe that IT equipment business could remainas the strongest positive catalyst driven by new iPhone launches (e.g., foldableiPhone) and 3D printing/additive manufacturing adoption. 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. 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: 1) weaker-than-expected AI PCB equipment demand; 2) worse-than-expected GPM due to rising component costs; and 3) intensifying pricecompetition due to the industry’s equipment supply increase. Potentialupside risks include: 1) stronger-than-expected AI PCB equipment demand;2) better-than-expected GPM due to favorable product mix change; and 3)strong AI equipment demand leads to supply shortage for general PCBequipment. Any of these risk factors could cause the shares to deviate fromour target price. 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 equi