Han's Laser(SZ:002008) Xin Lang Cai Jing·2026-01-14 11:49Core Viewpoint - Dazhong CNC, a subsidiary of Dazhong Laser, forecasts a significant increase in net profit for 2025, projecting a range of 785 million to 885 million yuan, representing a year-on-year growth of 160.64% to 193.84% compared to 2024 [1][6]. Financial Performance - The expected net profit attributable to shareholders for 2025 is between 785 million and 885 million yuan, compared to 301.18 million yuan in the previous year [2][7]. - The net profit after deducting non-recurring losses is projected to be between 780 million and 880 million yuan, up from 210.10 million yuan year-on-year [2][7]. - The fourth quarter of 2025 is anticipated to yield a net profit of 293 million to 393 million yuan, reflecting a quarter-on-quarter increase of 28.9% to 72.8% [2][7]. Industry Trends - The growth in Dazhong CNC's performance is attributed to increased global investment in AI computing center infrastructure, driving demand for high-layer boards and HDI boards used in AI servers and high-speed switches [2][8]. - The PCB industry is expected to see revenue and production growth of 15.4% and 9.1%, respectively, in 2025, with high-layer boards and HDI boards experiencing the strongest growth [3][8]. - The compound annual growth rate for capacity in high-layer boards and HDI boards from 2024 to 2029 is projected to be 22.1% and 17.7%, respectively [3][8]. Product Development and Demand - Dazhong CNC is enhancing its product technology and expanding production capacity, leading to significant revenue growth and an increase in the sales proportion of high-value products [3][8]. - The demand for high-precision processing of micro-holes and slots is rising due to the adoption of advanced materials and designs in AI servers and high-speed switches [4][10]. - The introduction of the Rubin platform by NVIDIA is expected to drive demand for PCB manufacturers to enhance their multilayer manufacturing capabilities [5][10]. Market Position and Future Outlook - Dazhong CNC is preparing for a Hong Kong stock market listing, having submitted its application to the Hong Kong Stock Exchange in May 2025, with recent updates indicating progress in the listing process [6][11]. - The company anticipates that the first quarter of 2026 will outperform the fourth quarter of 2025, with a concentration of orders expected in the third and fourth quarters of 2026 [3][8].