Han's Laser(SZ:002008)2026-02-03 01:45Summary of Conference Call Records Company Overview - Company: 大族激光 (Dazhu Laser) - Industry: Laser technology and equipment manufacturing Key Points and Arguments - Profit Potential: The company anticipates that profit peaks could reach historical highs, potentially 2-3 times higher than current levels, with valuations at approximately 80% of previous highs, indicating low risk below these levels. A market correction is viewed as an opportunity for investment [1][2] - Growth Drivers: The company is focusing on three main growth areas: AI PCB (Printed Circuit Board), AI end-side applications, and 3D printing. These sectors are expected to drive the company towards becoming a billion-dollar technology platform [1][2] - AI PCB Orders: There is an expectation of a surge in orders for AI PCB equipment, which is entering a critical catalytic phase. The AI end-side segment is benefiting from Apple's significant innovations over the past decade and the emergence of new AI players in North America [1][2] - 3D Printing Business: The 3D printing segment is expected to grow significantly, supported by clients such as Apple and NVIDIA, and is projected to become the company's third growth engine [1][2] - Market Timing: The initial phase of a cyclical turning point is often overlooked, presenting an excellent opportunity for strategic positioning [3] - Valuation Status: The current valuation for 2026 is below 20 times earnings, indicating that the company is severely undervalued [4] Additional Important Insights - Comparative Analysis: The company draws a comparison with 信维通信 (Xinwei Communication), suggesting that missing out on Dazhu Laser would be a significant oversight, similar to missing opportunities with Xinwei [2]