Han's Laser 2Q26业绩强劲，关注3D打印订单进展

progress for orders from 3D printingReiterateRating:BUY|PO:185.00CNY|Price:91.56CNY2Q26 NPAT up 188% YoY; broad-based margin expansion On 20 August, Han's Laser announced 2Q26 results and hosted results briefing call. Revenue rose 77%YoYto RMB8.3bn in2Q26.GPM increased by5.2ppt YoY to 35.5% in2Q26 (or +1.5ppt QoQ). Operating profit (clean EBIT) surged by 436% YoY to RMB1.4bn. Net profit rose 188% YoY to RMB934mn in2Q26, in line with the preliminary results.Net margin increased by 4.3ppt YoY to 11.3% in 2Q26, thanks to an improvement in7M26neworderdoubled;strong3CgrowthtocontinueAccording to management, Han's Laser's total gross new-order value doubled YoY to Key Changes RMB21.6bn in 7M26 (or c.RMB19bn excluding business tax). This was mainly driven by resilient growth from 3C (up 160% YoY at RMB4bn), PCB (up c.140% YoY at RMB8.5bn)and semi (doubled YoY to RMB1.5bn). For 3C-related equipment, management expectstotal revenue of c.RMB4bn in full-year 2026 (+62% YoY).Meanwhile,managementestimates the strong momentum of3C will continue in2027E along with the widerapplication of new-camera design, upgrade of vC cooling design and Al glasses, withadditional orders from 3D printing equipment acting as a new growth driver. For semi-related laser equipment with highermargin, management estimates c.30%YoY revenuegrowth in2026E, and sees total revenueof c.RMB3bn in2026E.Resilient growth from PCB equipment; new PO RMB185 +852 3508 4351summer.wang@bofa.comMing Hsun Lee, CFA >>Research AnalystMerrill Lynch (Hong Kong) Yikai Liu, CFA >>Research AnalystMerilI Lynch (Hong Kong) Fiona Liang>>Research Analyst PCBequipment revenue rose113%YoYin2Q26 (or +109%YoY in1H26), with its GPMrising by 5.7ppt YoY to 36.5% (or +3.4ppt QoQ). We fine tune our estimates and derive a new POof RMB185 (was RMB187)on updated DCFvaluation (see insidefor detailsonthe drivers of our PO changes). We expect Han's Laser to continue benefiting from thedevelopment of Al and design upgrade of key 3C customer.We believe progress from itsnew businesses (i.e., opticalfiber,TGV equipment,etc.)may act as new growth drivers inthe long term.The current valuation of 24x2027EP/E looks undemanding vs.2026-28EEPS CAGR of 26%: we reiterate our Buy rating.Progress on new orders from 3D printingequipmentmay act as the nextpotential catalyst.Estimates (Dec) (CNY)2024A2025A2026E2027E2028E MerilI Lynch (Hong Kong) Price GPM: gross profit marginPCB: printed circuit board3C: computer, consumer,communicationAl: artificial intelligenceVC:vapor chamber3D: three dimensionalTGV: through glass via >> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analystunder the FINRA rules.Refer to 'Other Important Disclosures'for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securities does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. Refer to important disclosures on page 8 to 10.Analyst Certification on page 5. PriceObjective Basis/Risk on page 5.13010522 iQprofile " Han's Laser (A)Key Income Statement Data (Dec)2024A Industrial Machinery Han's Laser is the largest laser-based equipment maker in China, and its products are used for cutting, welding.marking and dilling a wide range of industrial materialssuch as glass and sapphire. It is also a leading specializedPCB production equipment in China and global market. We like Han's Lasers role as one of major beneficiaries from upgrade of cellphone design & manufacturing techniques.We also expect the robust development of Al will translateinto rising demand for high-end PCB, and thus, bettersupport its PCB equipment segment. We thus have a Buyrating. Stock Data Price to Book Value4.9x Key Metrics Net profit +188% YoY in 2Q26 Po Change basedvaluations. DCF calculation, with assumptions of 2% FCF perpetuity growth rate and 12.4% WACC.Our DCF-based value changed due to lower free cash flow forecast in the medium term. earnings estimates. We apply target P/E of 50x over 2027E EPS (unchanged), close to2SD above its 10-year historical average level to reflect the Apple supply chain upcycleand growth rate for the PCB segment. Han's Laser (XHQTF) Our new PO of RMB185 is based on the average of DCF-derived and P/E-based valuations. calculation, with assumptions of 2% FCF perpetuity growth rate and 12.4% WACC estimates.Weapply target P/E of 50x over2027EEPS, close to2SDabove its 10-yearPCB segment. segment, 5) lower margin level and 5) intensified competition from new entrants, 6)slower progress in ultra-fast laser drilling equipment. AnalystCertification I, Summer Wang, CFA, hereby certify that the views expressed in this research reporta