Ac t i o n | CITI'S TAKE We revise up our 2025/26/27E earnings forecasts by 19%/30%/50% and raise TP for Han's Laser (HL) by ~65% to Rmb89 to reflect not only stronger 2025 results and outlook of AI PCB equipment but also upsides of its IT (Apple) business, which we believe could come from not just stronger demand for HL's laser welding and cutting equipment for new iPhone launches but also Apple's increasing use of 3D printing equipment in the iPhone manufacturing process in 2027 onwards. We expect HL's IT ...