Summary of Han's Laser Technology Conference Call Company Overview - **Company**: Han's Laser Technology (002008.SZ) - **Industry**: PCB (Printed Circuit Board) and IT Equipment Key Points IT Business Outlook - **Revenue Projections**: IT revenue, primarily from Apple, is expected to reach Rmb2.5 billion in 2025, reflecting a growth of approximately 17% year-over-year (YoY) [1] - **Future Growth**: Anticipated revenue growth of at least 30% YoY in 2026 due to the launch of iPhone 18, Apple's first foldable phone [1] - **Long-term Optimism**: Continued optimism into 2027 with potential new iPhone launches, including an all-glass model to celebrate the 20th anniversary of the iPhone [1] PCB Business Outlook - **Revenue Growth**: PCB revenue is projected to reach at least Rmb5.0 billion in 2025, with further growth to Rmb7.0 billion to Rmb10.0 billion in 2026 [1][3] - **Key Customers**: Victory Giant Technology (VGT) is expected to contribute Rmb1.0 billion to Rmb1.5 billion in revenue in 2025, up from Rmb300 million to Rmb400 million in 2024 [3] - **Emerging Customers**: Other Chinese PCB makers like Founder and Kinwong are expected to become customers for AI PCB equipment [3] Equipment Demand Insights - **Current Demand**: No notifications received from Apple supply chain companies regarding increased equipment demand for iPhone 17, but potential demand revision could occur in Q4 2025, estimated at Rmb100 million to Rmb200 million [2] - **Future Equipment Design**: Equipment design for iPhone 18 is expected to start in Q4 2025, with final demand expected to be confirmed by March 2026 [2] - **Drivers of Demand**: Increased demand for laser welding equipment driven by VC heat dissipation, camera upgrades, and the adoption of ultra-thin glass [2] Competitive Landscape - **Product Development**: Han's Laser is developing ultrafast laser drilling equipment to improve PCB drilling efficiency, targeting smaller vias compared to competitors [3] - **Market Position**: Despite competition from Mitsubishi Electric, Han's Laser aims to enhance its market position through improved product offerings [3] Financial Metrics - **Current Share Price**: Rmb42.590 as of September 24, 2025 [5] - **Target Price**: Rmb45.000, indicating an expected share price return of 5.7% and a total return of 6.1% [5][15] Risks - **Downside Risks**: Key risks include fewer-than-expected Apple orders, increased competition affecting margins, potential weakening of auto sales impacting high-power laser demand, and the emergence of substitute technologies [16] Conclusion - **Investment Outlook**: The conference call reinforced a bullish outlook for Han's Laser Technology, driven by strong anticipated growth in both IT and PCB segments, alongside strategic product developments and customer expansions [1][3][15]

Core Viewpoint - Delong Laser (688170.SH) is focusing on providing laser processing equipment for the solid-state battery sector, specifically targeting products such as electrode patterning insulation equipment, dry electrode laser preheating, and ultrafast laser electrode manufacturing [1] Group 1 - The company is currently not involved in the production of battery shells, aluminum-plastic films, or liquid cooling plates [1]

Core Viewpoint - Delong Laser (688170.SH) is focusing on providing laser processing equipment for the solid-state battery sector, specifically targeting products such as electrode patterning insulation equipment, dry electrode laser preheating, and ultrafast laser electrode manufacturing [1] Group 1 - The company is currently not involved in the production of battery shells, aluminum-plastic films, or liquid cooling plates [1]

水导激光是利用激光在水与空气的界面上发生全反射的现象，将激光约束在直径几十微米的微细水射流中，利用水的高密度和传导性能，使激光通过水射 流进行传播和聚焦，从而实现材料加工。 水导激光相较于传统激光加工，具有加工厚材料无需调焦且切面垂直，不产生斜坡；热损伤小，切割边缘均匀一致；无热应力、无微裂纹等显著优势，可 用于碳化硅晶体及陶瓷、金刚石及金刚石复合材料、合金材料等的加工，尤其适用热敏感材料、硬脆材料的加工。 科诗特水导激光设备已在碳化硅晶体、金刚石及金刚石复合材料、精密陶瓷、硬质金属、复合材料等精密加工领域成功应用，积累6大类材料近200套工艺 方案，其产品及解决方案广泛服务于第三代半导体用设备、汽车电子及核心部件、航空航天精密部件和高端医疗器械等领域，为华为、比亚迪等20余家行 业头部客户提供稳定可靠的服务。 （来源：合肥市投资基金协会） 近日，合肥科诗特技术有限公司（下称"科诗特"）完成数千万元A轮融资。本轮投资由我会监事单位合肥滨湖金投、我会会员单位兴泰创投、我会会员单 位科大硅谷服务平台公司、合肥市科创集团、逻之稻芯共同投资。 作为国家级高新技术企业，科诗特多年深耕水导激光技术，核心技术全自主可控，喷 ...

Summary of Han's Laser Technology Conference Call Company Overview - **Company**: Han's Laser Technology (002008.SZ) - **Market Cap**: Rmb38.3 billion / $5.4 billion - **Industry**: China Industrial Tech & Machinery Key Points and Arguments Upgrade and Price Target - Han's Laser upgraded to Buy from Neutral with a 12-month target price of Rmb44.80, implying a 23.2% upside from the current price of Rmb36.37 [1][15][30] Earnings Growth and Margin Turnaround - Expected earnings growth and margin improvement in 2025 after three years of year-over-year EBIT decline from 2022 to 2024 [1][15] - Growth driven by increasing AI-related demand in the PCB equipment business and new opportunities in consumer electronics [1][15] PCB Equipment Segment - Anticipated 30% sales CAGR in the PCB equipment segment from 2024 to 2027, a significant recovery from a -6% CAGR from 2021 to 2024 [2][15] - AI-driven sales mix expected to rise to ~40% by 2027 and ~50% by 2030, compared to ~20% in 2025 [2][15] - In 1H25, PCB equipment sales grew by 52% year-over-year, contributing 31% of total sales, primarily due to increased orders from Victory Giant, a major PCB supplier to the US GPU supply chain [2] Consumer Electronics Equipment Segment - Projected 19% sales CAGR in the consumer electronics segment from 2024 to 2027, recovering from a -10% CAGR from 2022 to 2024 [3][15] - Growth driven by form factor changes, such as the foldable iPhone 18, with global foldable phone shipment CAGR estimated at 40% from 2024 to 2027 [3][15] Financial Forecasts - Revenue forecasts for 2025E-2027E revised up by an average of 7% compared to Bloomberg Consensus, reflecting strong PCB and consumer electronics outlook [15] - Updated financial metrics include: - Revenue: Rmb17,515.4 million in 2025E, Rmb20,494.1 million in 2026E, Rmb23,588.7 million in 2027E [5][13] - EPS: Rmb1.09 in 2025E, Rmb1.49 in 2026E, Rmb1.94 in 2027E [5][13] - EBITDA: Rmb1,247.4 million in 2025E, Rmb1,810.1 million in 2026E, Rmb2,373.9 million in 2027E [5][13] Risks - Downside risks include potential slowdown in end-market capex growth, customer concentration risk, and market competition [15][30] Valuation Metrics - Current P/E ratio of 27x against a projected 20% earnings CAGR from 2026 to 2030, below the historical average of 30x [31] - Target multiple revised to 30x for 2026E based on higher long-term growth and return profile [15][27] Additional Insights - The company is expected to benefit from a higher gross profit margin due to the increased technology requirements and customization in the PCB segment compared to traditional demand [2][22] - The overall market for Han's Laser is projected to grow, with a total revenue growth forecast of 4.8% in 2024, increasing to 18.6% in 2025E [11][16] This summary encapsulates the key insights from the conference call regarding Han's Laser Technology, highlighting its growth potential, financial forecasts, and associated risks.

Core Viewpoint - The company Inno Laser has developed the XBC laser graphic equipment featuring self-developed lasers and a dual-track mirror structure, which enhances production capacity and flexibility [1] Group 1: Product Features - The XBC laser graphic equipment utilizes a dual-track configuration, each equipped with two independent laser processing systems [1] - The equipment is primarily used for etching masks, preparing PN junction cross-finger structures, PN junction isolation, and passivation film grooving [1] - The device has already undergone mass production verification at customer sites [1]

Summary of HG Tech Conference Call Company Overview - **Company**: HG Tech (000988.SZ) - **Industry**: Communications and Electronics Devices Key Points Optical Transceiver Segment - **Strong Momentum**: Optical transceiver shipments are expected to ramp up to 800k-900k units per month in 3Q25, primarily consisting of 400G products [2] - **Revenue Contribution**: Datacom transceivers generated Rmb2.2 billion in revenue in 1H25, with expectations of Rmb1.7 billion to Rmb2 billion in sales for 3Q and 4Q25E respectively [2] - **Profitability Improvement**: The optical networking segment's net margin improved to 7.4% in 2Q25 from 5.3% in 1Q25, driven by a better product mix and scale benefits [3] Laser Equipment Segment - **Revenue Decline**: Laser equipment sales decreased by 3% YoY in 1H25, attributed to the lumpiness of revenue recognition, particularly in project-based sales [4] - **Shipbuilding Orders**: New orders from the shipbuilding industry reached Rmb1 billion year-to-date, indicating potential for future revenue growth despite current declines [4] Financial Performance - **Net Profit Estimates**: The networking segment's net profit is projected to reach approximately Rmb600 million and Rmb976 million in 2025 and 2026 respectively, compared to Rmb30 million in 2024 [3] - **Revenue Growth**: Revenue estimates for 2025E-2027E have been raised by 7%-12% due to stronger-than-expected performance in the networking segment [9] Investment Thesis - **Expansion into High-End Products**: HG Tech's focus on high-end optical transceivers (800G and 400G modules) is expected to drive margin improvement and accelerate net profit growth in 2025E-2026E [15] - **Valuation**: Current valuations are at the lower end of historical trading ranges, making it an attractive investment opportunity [15] - **Target Price**: The 12-month target price is set at Rmb62, based on a 24x 2026E P/E [16] Risks - **Key Risks Identified**: Potential risks include slower ramp-up in 400G/800G shipments, lower-than-expected margins, and geopolitical tensions affecting supply chains [16] Additional Insights - **Profit Mix by Segment**: In 1H25, the profit mix was 26% from laser tools, 29% from networking, and 45% from sensor/imaging [8] - **Future Outlook**: As customers transition to 800G technology in 2026, further profitability improvements are anticipated [3] This summary encapsulates the essential insights from the conference call, highlighting HG Tech's current performance, future outlook, and investment considerations.

Group 1 - The company received a notice from its controlling shareholder, Dazhu Holdings Group Co., Ltd., regarding the release of part of its pledged shares [1] - The released pledged shares do not bear any obligations related to major asset restructuring or performance compensation [1] - As of the announcement date, there are no risks of forced liquidation or transfer of shares for the controlling shareholder and its concerted parties [2] Group 2 - The controlling shareholder and its concerted parties have not experienced any freezing, auctioning, or trust setting of their pledged shares [2] - The current pledge actions will not lead to a change in the actual control of the company [2] - The company will continue to monitor the relevant pledge situation and risks, adhering to disclosure obligations [2]

Core Viewpoint - The automotive airbag panel laser weakening machine is a specialized device that uses high-energy laser beams for precise processing of specific areas on airbag panels, ensuring optimal deployment behavior during collisions and minimizing secondary injuries from debris [1][3]. Current Industry Status - **Technological Maturity**: Laser weakening technology has matured, allowing precise control of weakening areas with a residual thickness accuracy of ±0.05mm, ensuring airbags deploy along predetermined trajectories [3]. - **Acceleration of Domestic Production**: Domestic companies have developed laser weakening equipment that matches imported products in performance but offers competitive pricing and faster service, gradually increasing market share [3]. - **Growing Market Demand**: As the largest automobile producer, China's airbag market is expanding, driven by consumer safety demands and regulatory pressures, leading to a significant increase in laser weakening machine demand [3]. - **Trends Towards Intelligence and Flexibility**: Modern machines integrate visual error-proofing systems and data traceability, enabling intelligent monitoring and management of production processes, catering to diverse production needs [3]. Development Trends - **Continuous Technological Upgrades**: Future advancements will focus on enhancing processing precision and integrating more intelligent features, such as real-time closed-loop control systems [4]. - **Product Innovation**: The shift towards composite materials in automotive dashboards necessitates ongoing optimization of laser weakening processes to handle new material requirements [4]. Competitive Landscape - **Rise of Domestic Equipment**: Companies like Huagong Laser and Dazhu Yeming are breaking foreign monopolies by offering competitive laser weakening equipment, which is expected to increase market share and alter the competitive landscape [5]. - **Regulatory Push for Standardization**: Stricter regulations on automotive safety performance are driving the industry towards higher standards and necessitating improved technology and quality control [5]. - **Diversification of Product Types**: The market is seeing a rise in ultra-fast laser equipment, which is becoming mainstream due to its ability to reduce thermal impact and improve edge quality [5]. Global Market Analysis - **Market Size Projections**: The global market for automotive airbag panel laser weakening machines is projected to reach $9.612 million in 2024 and $13.536 million by 2031, with a CAGR of 5.38% [8]. - **Regional Market Insights**: By 2024, the Chinese market is expected to account for approximately 30.96% of the global market, with a projected size of $2.976 million [8]. - **Product Type Distribution**: In 2024, the market for femtosecond laser pulse devices is expected to reach $4.285 million, representing 44.58% of the global market, while CO2 lasers will account for $5.275 million, or 54.88% [8]. Application Market Insights - **Composite Material Dominance**: The market for composite material airbag panels is projected to reach $4.700 million in 2024, making up 48.90% of the global market [9]. - **Competitive Landscape**: Major players in the market include Jenoptik, AXIOME, and domestic companies like Huagong Laser and Dazhu Yeming, with the top three companies holding a market share of 98.24% [9].

Core Viewpoint - The recent research conducted by the well-known private equity firm Deruo focuses on Delong Laser, which is advancing in solid-state battery manufacturing and laser processing technologies [1] Group 1: Company Overview - Delong Laser provides various laser solutions for solid-state battery manufacturing and has launched a laser marking insulation solution, receiving small batch orders [1] - The company offers fully automated laser solutions for traditional lithium batteries, including laser blue film removal, laser baking, and roller cleaning, achieving mass production delivery [1] - Delong Laser's core competencies lie in laser technology, laser processing technology, and high-precision motion systems [1] Group 2: Future Developments - The company is constructing a high-end equipment manufacturing project for new energy in the Jiangyin High-tech Industrial Development Zone, with plans to commence production in 2026 [1] - Beyond lithium battery applications, Delong Laser is focusing on precision laser micro-processing in sectors such as semiconductors, electronics, and new energy, emphasizing the development of precision laser processing equipment and solutions [1]