Han's Laser(SZ:002008) Changjiang Securities·2025-04-23 09:49Investment Rating - The investment rating for the company is "Accumulate" and maintained [8] Core Views - The company reported a revenue of 14.771 billion yuan for 2024, a year-on-year increase of 4.83%, and a net profit attributable to shareholders of 1.694 billion yuan, a significant year-on-year increase of 106.52%. However, the net profit after deducting non-recurring items decreased by 4.39% to 445 million yuan [2][6] - In the first quarter of 2025, the company achieved a revenue of 2.944 billion yuan, a year-on-year increase of 10.84%, but the net profit attributable to shareholders dropped by 83.47% to 163 million yuan. The net profit after deducting non-recurring items turned around to a profit of 72 million yuan [2][6] - The recovery in the PCB sector is expected to drive demand for high-end PCB drilling equipment and precision processing for ultra-thin and foldable screens, which will support the company's fundamentals returning to a prosperous year [2][6] Summary by Sections Financial Performance - For 2024, the company’s revenue was 14.771 billion yuan, with a net profit of 1.694 billion yuan, and a net profit after deducting non-recurring items of 445 million yuan. The first quarter of 2025 saw revenues of 2.944 billion yuan and a net profit of 163 million yuan [2][6] - The company’s revenue from PCB equipment reached 3.343 billion yuan in 2024, a year-on-year increase of 104.56%, driven by the demand from AI servers for HDI and multi-layer board expansion [12] - The company expects 2025-2026 to be a breakout year for its core business, with AI capital expenditures and innovations in the fruit supply chain likely to resonate positively [12] Business Segments - The company’s revenue from consumer electronics remained flat at 2.143 billion yuan, while revenue from semiconductor equipment decreased by 16.55% to 1.775 billion yuan. The general laser equipment segment saw a revenue increase of 7.64% to 5.971 billion yuan [12] - The first quarter of 2025 showed a strong performance in the PCB business, with a revenue of 960 million yuan, a year-on-year increase of 27.89%, and a net profit of 117 million yuan, a year-on-year increase of 83.60% [12] Market Outlook - The company is well-positioned in the laser processing equipment industry, with a strong customer base and brand advantages. The outlook for 2025-2026 is optimistic, with expectations of a recovery in the downstream industry [12] - The company’s EPS is projected to be 1.23, 1.73, and 1.84 for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18.93, 13.49, and 12.69 [12]