Han's Laser(SZ:002008)2025-09-28 14:57Summary of Han's Laser Technology Conference Call Company Overview - Company: Han's Laser Technology (002008.SZ) - Industry: PCB (Printed Circuit Board) and IT Equipment Key Points IT Business Outlook - Revenue Projections: IT revenue, primarily from Apple, is expected to reach Rmb2.5 billion in 2025, reflecting a growth of approximately 17% year-over-year (YoY) [1] - Future Growth: Anticipated revenue growth of at least 30% YoY in 2026 due to the launch of iPhone 18, Apple's first foldable phone [1] - Long-term Optimism: Continued optimism into 2027 with potential new iPhone launches, including an all-glass model to celebrate the 20th anniversary of the iPhone [1] PCB Business Outlook - Revenue Growth: PCB revenue is projected to reach at least Rmb5.0 billion in 2025, with further growth to Rmb7.0 billion to Rmb10.0 billion in 2026 [1][3] - Key Customers: Victory Giant Technology (VGT) is expected to contribute Rmb1.0 billion to Rmb1.5 billion in revenue in 2025, up from Rmb300 million to Rmb400 million in 2024 [3] - Emerging Customers: Other Chinese PCB makers like Founder and Kinwong are expected to become customers for AI PCB equipment [3] Equipment Demand Insights - Current Demand: No notifications received from Apple supply chain companies regarding increased equipment demand for iPhone 17, but potential demand revision could occur in Q4 2025, estimated at Rmb100 million to Rmb200 million [2] - Future Equipment Design: Equipment design for iPhone 18 is expected to start in Q4 2025, with final demand expected to be confirmed by March 2026 [2] - Drivers of Demand: Increased demand for laser welding equipment driven by VC heat dissipation, camera upgrades, and the adoption of ultra-thin glass [2] Competitive Landscape - Product Development: Han's Laser is developing ultrafast laser drilling equipment to improve PCB drilling efficiency, targeting smaller vias compared to competitors [3] - Market Position: Despite competition from Mitsubishi Electric, Han's Laser aims to enhance its market position through improved product offerings [3] Financial Metrics - Current Share Price: Rmb42.590 as of September 24, 2025 [5] - Target Price: Rmb45.000, indicating an expected share price return of 5.7% and a total return of 6.1% [5][15] Risks - Downside Risks: Key risks include fewer-than-expected Apple orders, increased competition affecting margins, potential weakening of auto sales impacting high-power laser demand, and the emergence of substitute technologies [16] Conclusion - Investment Outlook: The conference call reinforced a bullish outlook for Han's Laser Technology, driven by strong anticipated growth in both IT and PCB segments, alongside strategic product developments and customer expansions [1][3][15]