Vi e w p o i n t | 17 Dec 2025 08:44:52 ET │ 13 pages Han's CNC Technology (301200.SZ) Strong Demand Remains Intact with Upside Likely from Ultrafast Laser Drilling; Reiterate Buy/HR CITI'S TAKE We reiterate our Buy/HR rating on Han's CNC (HC) given the intact AI PCB drilling equipment upcycle. We estimate HC to deliver 64%YoY revenue growth in 4Q25E despite 4Q24 high base, which we believe is achievable as 1) its Taiwanese peer Ta Liang (3167.TW, Non-rated) registered 54% YoY revenue growth in Oct-25 and N ...