2025-26E Likely a "Super" Cycle Led by AI PCB and Apple; Raise TP to Rmb45.0 28 Aug 2025 00:11:15 ET │ 14 pages Han's Laser Technology (002008.SZ) A c t i o n | CITI'S TAKE While we cut 2025E earnings forecast for Han's Laser (HL) by 7% to reflect its loss-making new energy equipment, we increase our 2026E number by 23% as we raise revenue for both PCB and IT equipment (mainly for Apple) as mgmt. sees strong PCB drilling and testing equipment demand from PCB makers for AI server/datacenter, such as Victory ...