Han's Laser(SZ:002008) Guotou Securities·2025-10-28 06:39Investment Rating - The report maintains a "Buy-A" investment rating with a six-month target price of 50.42 CNY [4][7]. Core Insights - The company reported a revenue of 12.713 billion CNY for Q3 2025, a year-on-year increase of 25.51%, while the net profit attributable to shareholders was 863 million CNY, a decrease of 39.46% [1]. - The AI PCB business is experiencing rapid growth due to increased demand for data servers driven by AI technology advancements, with PCB equipment revenue reaching 2.382 billion CNY, up 52.26% year-on-year [2]. - The consumer electronics sector is gradually recovering, supported by innovations in AI smartphones and wearable devices, with the company actively participating in the R&D of leading clients [3]. Financial Projections - Revenue projections for the company are 17.607 billion CNY, 23.242 billion CNY, and 27.936 billion CNY for 2025, 2026, and 2027 respectively, with net profits expected to be 1.297 billion CNY, 2.159 billion CNY, and 2.909 billion CNY for the same years [4][10]. - The report anticipates a 40x PE ratio for 2025, aligning with the target price of 50.42 CNY [4]. Market Position - The company is positioned as a leading equipment manufacturer in the domestic market, benefiting from a diverse client base and expanding its overseas production and R&D teams to capture supply chain diversification opportunities [3].