Investment Rating - The report rates Han's CNC Technology (HC) as "Buy/High Risk" due to its strong positioning to benefit from the AI PCB super cycle [20]. Core Insights - Han's CNC reported a significant earnings surprise in 3Q25, with net profit reaching Rmb228 million, representing a 282% year-over-year increase and a 56% quarter-over-quarter increase, driven by higher contributions from AI-related products [1][2]. - The target price for Han's CNC has been raised to Rmb140, reflecting a 13% increase, based on a 50x P/E ratio for 2026E, which is considered not aggressive given the company's projected earnings CAGR of 98% for 2025-26E [4][21]. - The company is expected to continue benefiting from strong demand for AI PCB equipment, with forecasts indicating net profit growth of 134% and 67% for 2025 and 2026, respectively [20]. Summary by Sections Earnings Performance - In 3Q25, Han's CNC achieved record revenue of Rmb1.52 billion, a 95% increase year-over-year and a 7% increase quarter-over-quarter, with a gross profit margin (GPM) of 34.0%, up 8.6 percentage points year-over-year [2][11]. - The revenue contribution from AI-related PCB equipment increased from approximately 15% in 1H25 to over 30% in 3Q25, significantly impacting profitability [1][2]. Forecasts - For 4Q25, net profit is estimated to reach Rmb213 million, reflecting a 117% year-over-year increase, driven by a 64% year-over-year sales growth and GPM expansion of 5.8 percentage points [3]. - Earnings forecasts for 2025 and 2026 have been revised upward by 16% and 13%, respectively, indicating strong growth potential [1][12]. Valuation - The target price of Rmb140 is based on a 50x P/E for 2026E, which aligns with the average P/E over the past three years, suggesting a favorable valuation given the expected earnings growth [4][21]. - The report highlights a positive implication for Han's Laser (HL), which owns 83.6% of Han's CNC, due to the strong performance of HC [4].
大族数控- 因人工智能产品贡献提升，2025 年三季度业绩超花旗预期 36%；目标价上调至 140 元人民币