大族数控：H 股首次覆盖给予 “买入”，A 股因估值下调至 “中性”

E s s e n t i a l s | 09 Feb 2026 03:30:27 ET │ 19 pages Han's CNC Technology (3200.HK / 301200.SZ) Initiate H-share at Buy, but Downgrade A-share to Neutral on Valuation CITI'S TAKE Han's CNC (HC) is China's leading PCB drilling equipment maker benefiting from stronger demand from Chinese AI PCB makers such as Victory Giant Technology. While we revise up our 2025E/26E earnings forecasts by 18%/21% and lift our A-share target price by ~14% to Rmb160 to reflect its stronger-than-expected 2025 preliminary res ...