Han's Laser(SZ:002008) Huachuang Securities·2025-10-29 11:08Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [22]. Core Insights - The company has shown signs of an earnings inflection point, with AI PCB expansion and innovations in edge-side technology expected to drive a new growth cycle [7]. - For the first three quarters of 2025, the company reported revenues of 12.713 billion (YoY +25.51%) and a net profit attributable to shareholders of 863 million (YoY -39.46%) [1]. - The third quarter saw revenues of 5.1 billion (YoY +35.14%, QoQ +9.22%) and a net profit of 375 million (YoY +86.51%, QoQ +15.56%) [1]. Financial Performance Summary - The company’s total revenue projections for 2024A, 2025E, 2026E, and 2027E are 14,771 million, 18,039 million, 24,130 million, and 29,179 million respectively, with growth rates of 4.8%, 22.1%, 33.8%, and 20.9% [3]. - The net profit attributable to shareholders is projected to be 1,694 million in 2024A, decreasing to 1,285 million in 2025E, before rebounding to 2,453 million in 2026E and 3,649 million in 2027E [3]. - The earnings per share (EPS) is expected to be 1.65 in 2024A, dropping to 1.25 in 2025E, and then increasing to 2.38 in 2026E and 3.54 in 2027E [3]. Business Segment Insights - The PCB business generated revenues of 1.5 billion in Q3 (YoY +95%, QoQ +7%) with a gross margin of 34%, reflecting a significant increase due to higher-value AI PCB equipment shipments [7]. - Non-PCB business achieved revenues of 3.6 billion in Q3 (YoY +19%, QoQ +10%) with a gross margin of 35%, indicating recovery in consumer electronics, new energy, and semiconductor sectors [7]. - The company is positioned to benefit from the AI-driven expansion in PCB manufacturing, with major industry players increasing production capacity [7]. Investment Recommendation - The report suggests that the company is a leading provider of intelligent manufacturing equipment solutions, with AI edge-side and AI PCB expected to drive a new growth phase [7]. - The target price is set at 71.4 yuan, with the current price at 42.78 yuan, reflecting a significant upside potential [3].