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大族激光:2025 年中国国际工业博览会(CIIF)调研收获 —— 新型 3D 打印与 PCB 设备增长向好为核心亮点
2025-09-29 02:06
Summary of Han's Laser Technology Conference Call Company Overview - **Company**: Han's Laser Technology (002008.SZ) - **Industry**: Laser Equipment Manufacturing Key Highlights 1. **3D Printing Business Expansion**: Han's Laser is actively selling 3D printing equipment across various end-markets including consumer electronics, automotive, and semiconductors, while also providing 3D printing services to major customers [1][2] 2. **Positive Outlook on PCB Equipment**: The company is optimistic about PCB equipment sales growth extending into 2026, driven by increased capital expenditure in the PCB industry due to global AI server shipment ramp-up and technology upgrades [2][3] 3. **General Laser Equipment Growth**: High-power laser equipment experienced a shipment volume growth of 10%-20% year-over-year in the first half of 2025, despite a 7%-8% decline in average selling price due to competition. This growth is attributed to overseas expansion and domestic demand in sectors like metal processing and aviation [3] 4. **Operational Streamlining**: Han's Laser has been optimizing its operations by reducing low-growth business units, delegating more authority to business units to enhance productivity, and centralizing raw material procurement to lower supply chain costs. The company does not anticipate major changes in headcount in the near term [4] Financial Outlook 1. **Earnings Growth Expectation**: The company is expected to see earnings growth and a turnaround in margins in 2025 after three years of EBIT year-over-year decline from 2022 to 2024, primarily driven by AI-related demand in the PCB equipment sector and new opportunities in consumer electronics [8] 2. **Price Target and Valuation**: The 12-month price target is set at Rmb 44.80, based on a 30x 2026E P/E ratio, indicating an upside potential of 9.8% from the current price of Rmb 40.81 [10] Risks and Challenges 1. **Market Risks**: Potential risks include a slowdown in end-market capital expenditure growth, customer concentration risk, and increased market competition [9] Additional Insights - **Long-term Revenue Goals**: The company aims for 30% of its total revenue to come from overseas markets in the long term, compared to 14% in 2024 [3] - **AI Applications**: Han's Laser is exploring AI applications, including chatbots for customer service and generative AI tools for operational efficiency [2] This summary encapsulates the key points discussed during the conference call, highlighting the company's strategic initiatives, financial outlook, and potential risks.