Han's Laser(SZ:002008) Xin Lang Cai Jing·2025-08-20 10:30Group 1: Core Business Overview - The company is a leading provider of integrated solutions for intelligent manufacturing equipment, with a vertical integration advantage from basic components to complete equipment and process solutions [1] - The company's revenue and net profit attributable to shareholders are expected to grow at a CAGR of 11.77% and 11.36% from 2010 to 2024 [1] Group 2: Information Industry - The demand for PCB and consumer electronics equipment is expected to experience rapid growth driven by AI and exports [1] - The PCB industry is benefiting from rising demand for AI servers and communication products, as well as technological upgrades in smartphones and automotive electronics [1] - The Southeast Asia region, particularly Thailand, is seeing a rapid advancement of new PCB projects [1] - The launch of AI terminal products like AIPC and AI smartphones is highlighting the need for upgrades in consumer electronics equipment, leading to a forecasted increase in orders [1] Group 3: New Energy Sector - The new energy sector is witnessing a bottoming out of demand, with exports and new technologies driving equipment growth [2] - The lithium battery market is seeing increased demand due to domestic battery companies expanding overseas and local companies purchasing equipment [2] - New technologies such as solid-state batteries are creating new opportunities for the equipment industry [2] - The company is deepening cooperation with major clients like CATL while actively expanding into overseas and solid-state battery markets [2] - In the photovoltaic sector, high installation volumes and continuous technological iterations are driving demand for main process equipment [2] Group 4: Semiconductor and New Display Equipment - The semiconductor industry is recovering, leading to increased equipment demand, with laser technology becoming a key processing method [2] - The application of laser technology is also enhancing the Micro LED display industry's supply chain, facilitating rapid industrialization [2] - The company is continuously advancing new product development to support domestic substitution [2] Group 5: General Industrial Laser Equipment - The general industrial laser processing equipment market is large and experiencing steady demand growth driven by increased penetration, power upgrades, overseas exports, and process iterations [3] - The domestic laser equipment market is estimated to be around 91 billion in 2023 [3] - The company’s product offerings include standard laser cutting, welding, and marking equipment, focusing on R&D innovation and product optimization to maintain steady revenue growth [3] Group 6: Financial Projections and Valuation - The company is expected to achieve net profits attributable to shareholders of 1.074 billion, 1.575 billion, and 2.043 billion from 2025 to 2027 [3] - The current stock price corresponds to P/E ratios of 32, 22, and 17 for 2025 to 2027 [3] - The average P/E ratios of comparable companies are significantly higher, indicating the company is undervalued relative to its peers [3] - Given the company's leadership in the domestic laser equipment sector and multiple business growth drivers, it is projected to maintain medium to high-speed growth in revenue and profit, leading to a "buy" rating [3]