美银：中国工业_激光行业受益于设备升级和流动性放松

Investment Rating - BOCHU is rated as "Buy" with a new price objective (PO) of RMB 235, up from RMB 201, indicating an upside potential of 18% [6] - Han's Laser is rated as "Neutral" with a new PO of RMB 24, up from RMB 21, indicating a 7% upside potential [6] Core Insights - The laser sector in Greater China is expected to benefit from equipment upgrades and liquidity easing, with a projected growth in the factory automation (FA) market of +4.0% in 2025, recovering from a 5.5% decline in 2024 [1] - BOCHU is anticipated to gain market share due to its strong R&D capabilities and the rising demand for laser equipment and welding robots, leading to revenue and earnings growth [2][7] - Han's Laser's revenue growth is expected to be supported by equipment upgrades, but the demand from the new energy sector remains weak, leading to a modest profit growth estimate of +6% YoY in 2024 [3][11] Summary by Sections BOCHU - Revenue estimates for 2024, 2025, and 2026 have been raised by 1%, 11%, and 11% respectively, reflecting increased demand for laser equipment [2][7] - Earnings estimates for the same years have been adjusted upwards by 1%, 8%, and 9% [2] - The new price objective of RMB 235 is based on an average of DCF and P/E valuation methodologies [2][7] Han's Laser - Revenue growth is projected to be supported by equipment upgrades, but the company faces challenges due to weak demand in the new energy sector [3][11] - The stock is currently trading at 23x 2025E P/E, close to its historical average, indicating that recent positives are already priced in [3][11] - A better visibility on order growth from the consumer electronics business is needed for a potential re-rating [3][11] Financial Projections - For BOCHU, consolidated sales are projected to grow from RMB 1,903 million in 2024E to RMB 2,688 million in 2025E, reflecting a growth rate of 10.8% [8] - Han's Laser's net income is expected to grow from RMB 944 million in 2024E to RMB 1,286 million in 2025E, indicating an 8.1% growth [8][13]