Flash | 19 Nov 2025 12:36:46 ET │ 12 pages Han's Laser Technology (002008.SZ) What's New from Citi 2025 Industrial Tour | IT Upcycle May Start from 2026 CITI'S TAKE We met with Han's Laser (HL) Board Secretary, Mr. Du Yonggang, on 19 November. In addition to the PCB business upturn driven by stronger demand from AI PCB makers, Mr. Du believes that the next upcycle of the IT business – mainly for Apple (AAPL.O) – could start from 2026 onwards driven by not only iPhone 18 in 2026 but also iPhone's 20th annive ...

目前，xTool在欧洲市场已铺设了超过300家演示室（Demo Room）和40家服务站（Service Station）， 以保障产品展示和设备的及时维修服务，构筑起较为完整的用户服务网络。 自2021年推出首款二极管激光雕刻机以来，xTool一直在将成熟的工业级激光技术应用到消费级产品领 域。其产品销售网络已覆盖全球超过160个国家和地区，积累了数十万全球用户。 在欧洲办公室设立之际，xTool同期首次展示其最新产品——F2 Ultra UV桌面激光雕刻机。这款设备采 用先进的UV光源冷加工技术，专为应对热敏材质的雕刻挑战而设计，特别适用于对玻璃、水晶和陶瓷 等材料进行精细加工。F2 Ultra UV的显著技术特点是其具备在玻璃内部进行3D内雕的能力，同时它也 支持对木材、陶瓷等常规材料进行高质量的表面雕刻与切割。在智能化方面，设备搭载了AI Craft Agent功能，允许用户通过简单的文字描述或图像输入即可生成复杂的3D模型。该设备的具体技术规格 包括用于精准定位的双48MP摄像头，以及最高可达15000mm/s的雕刻速度。 文｜张子怡 编辑｜袁斯来 36氪获悉，消费级激光雕刻机供应商xTool宣布， ...

Core Viewpoint - Inno Laser is actively tracking relevant applications and has developed ultra-precision drilling equipment that utilizes ultrafast lasers, achieving stable processing of micro-hole diameters ranging from 30 to 70 micrometers, with a drilling efficiency of up to 10,000 holes per second [1] Group 1 - The company has received positive feedback from customers regarding the initial sample results of its drilling equipment [1] - Inno Laser is inquiring about potential collaborations with leading PCB manufacturers such as Shenghong Technology and Shenzhen South Circuit [3] - There is a particular interest in whether the company's laser equipment can process the next-generation M9 materials [3]

Core Viewpoint - Inno Laser is recognized for its advanced technology in deep ultraviolet, ultrafast lasers, and EUV light sources, indicating a leading position in domestic technology [1] Company Collaboration - Inno Laser is actively tracking potential collaborations with leading PCB manufacturers such as Shenghong Technology and Shenzhen South Circuit [1] - The company is exploring partnerships that may involve technology certification and other cooperative efforts [1] Product Development - Inno Laser's ultrafast laser drilling equipment can achieve stable processing of micro-hole diameters ranging from 30 to 70 µm [1] - The drilling efficiency of the equipment is reported to be ≥10,000 holes per second, with initial sample results receiving positive feedback from customers [1]

格隆汇11月13日丨德龙激光(688170.SH)在投资者互动平台表示，公司的存储芯片隐形切割设备已取得 头部客户订单，其他厂家也在同步推进，头部客户的成功应用经验预计有利于后续推广，目前该设备业 务占比较小。 ...

Group 1 - The core viewpoint of the article is that Inno Laser (301021.SZ) has made significant progress in its efficiency enhancement equipment business for BC batteries, having completed mass production verification [1] Group 2 - The company has communicated its advancements through an investor interaction platform, indicating a positive outlook for its business development in the battery sector [1]

南财智讯11月10日电，英诺激光在投资者关系活动中表示，公司牵头的高功率超快薄片激光器项目已通 过第一阶段验收，该激光器具备大能量、窄脉宽、高重复频率等优势，可应用于半导体、新型显示、新 能源、航空航天、生物医疗等多个高端制造领域，未来有望替代进口准分子激光器。 ...

Core Viewpoint - The company has achieved comprehensive coverage of TGV packaging laser technology for both wafer-level and panel-level glass substrates, indicating significant advancements in its laser micro-hole equipment [1] Group 1: Company Developments - The company has completed the shipment of panel-level glass substrate through-hole equipment, marking a milestone in its TGV laser micro-hole technology [1] - The company's PCB business is focusing on the development of ultrafast laser drilling technology, with ongoing engagements with 2 to 3 clients [1] - Prototypes of the ultrafast laser drilling equipment are currently in the trial production phase [1]

Core Insights - The company has completed the shipment of panel-level glass substrate through-hole equipment, achieving comprehensive coverage of wafer-level and panel-level TGV packaging laser technology [1] - The company's PCB business is primarily focused on the development of ultrafast laser drilling technology, with ongoing engagement with 2 to 3 clients [1] - A prototype of the ultrafast laser drilling equipment is currently under trial production [1]

Summary of Conference Call Notes Industry Overview - The conference call discusses the performance of the China Industrial Tech sector, focusing on various companies within the industry, particularly in the areas of AI, energy storage systems (ESS), and consumer electronics. Key Highlights 1. **3Q25 Results**: - The sector average revenue and operating profit increased by 18% and 17% year-over-year respectively, with results mostly in-line with expectations [1][2] - Notable performance drivers included: - Capacity buildout by major domestic PCB customers for AI applications, particularly Hans Laser [1] - Capital expenditures in batteries and consumer electronics [1] - Strong demand in AIDC power and ESS, along with export demand [1] - Liquid cooling technology advancements [1] - Market share gains in the industrial automation segment [1] - Effective cost control leading to margin improvements [1] - Expansion into new technology markets such as infrared [1] 2. **Challenges Faced**: - Smaller players struggled with scaling and profitability [1] - Prolonged capital expenditure weakness in process automation sectors like steel and chemicals [1] - Delays in defense orders impacting AVIC Jonhon [1] - Margin deterioration due to high exposure to precious metals [1] 3. **Margin Trends**: - Smaller companies like HCFA are more vulnerable in a deflationary environment with ASP pressure [2] - AVIC Jonhon faced margin deterioration due to precious metal price hikes [2] - Larger players like Sanhua achieved margin beats through stringent cost control [2] - Kstar's ESS segment gross profit margin improved by over 3 percentage points due to a favorable product mix [2] Actionable Investment Ideas 1. **Buy Recommendations**: - Hans Laser: Strong demand in PCB and consumer electronics [3] - Kstar: Beneficiary of AIDC power and overseas ESS growth [3] - Inovance: Resilient performance in industrial automation [3] - Nari Tech and Centre Testing: Defensive plays with stable margins [3] 2. **Sell Recommendations**: - Raycus: Limited military end-market sales [3] - Baosight: Continued weakness in domestic steel industry capex [3] - Sanhua-A: Potential profit-taking pressure due to optimistic market expectations [3] Sector Focus Areas 1. **AI Demand**: - Hans Laser is experiencing strong growth in PCB equipment sales driven by capex expansion from key customers like Victory Giant [6] - Kstar anticipates higher sales growth in data center products due to increasing orders from domestic and overseas customers [6] 2. **Energy Storage**: - Sungrow expects 40%-50% global ESS installation growth in 2026, driven by renewable energy needs and market-driven policies in China [7] - Kstar aims to double its ESS sales growth in 2025, supported by positive demand outlook [7] 3. **Consumer Electronics**: - OPT anticipates stronger demand due to shifts in product form factors, particularly with Apple's upcoming products [8] - Han's Laser is benefiting from solid demand for iPhone 17 and next-generation smartphone equipment [8] 4. **Overseas Expansion**: - Hongfa has a dominant market share in HVDC relays and is expanding capacity in Germany and Indonesia to meet EV demand [10] - Inovance is also expanding overseas to support sales growth in EV powertrain products [10] Additional Insights - The conference call highlighted the importance of product mix and cost control in maintaining margins amid challenging market conditions [2][3] - The outlook for the sector remains positive, particularly in AI and energy storage, despite some challenges faced by smaller players and specific sectors [6][7][8]