From CCD Back Drilling to 1.6T Optical Modules: Han’s CNC Profit Up 362%, Why Han’s Laser Still Ranks First
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Citi’s latest preview moves this equipment upcycle from an order-driven narrative to profit delivery: Han’s Laser’s 2Q attributable net profit is expected to grow by up to 207% YoY, while Han’s CNC’s is expected to grow by up to 362%. The new evidence supports a resonance between AI PCB and Apple equipment demand. But whether high valuations can hold still depends on gross margin, cash collection, and order continuity in the second half.
Citi’s July 10 China PCB equipment report fills the biggest evidence gap from the previous valuation upgrade. In late June, Citi had already raised its target price for Han’s Laser to RMB177, and for Han’s CNC A-shares and H-shares to RMB377 and HKD325, respectively. At the time, the market was mainly trading equipment orders driven by AI PCB, 1.6T optical modules, and Apple’s new products. Now both companies have disclosed first-half earnings previews, and profit growth is clearly running ahead of the earlier order narrative. Equipment demand has moved beyond the “customers preparing to expand capacity” phase and is entering the revenue and P&L; stage.
Han’s Laser expects 2Q attributable net profit of RMB896mn to RMB996mn, up 176% to 207% YoY. The midpoint is around RMB946mn, about 16% above the Visible Alpha consensus estimate of RMB818mn.
Recurring net profit is expected to be RMB942mn to RMB1.042bn, up 398% to 451% YoY. Recurring profit being higher than attributable profit indicates net losses from non-recurring items this period. Profit growth is mainly from operating businesses, making the quality of earnings stronger than if it were driven purely by asset disposals or government subsidies.
By segment, Han’s Laser is showing simultaneous growth across multiple equipment lines. In 1H, IT equipment revenue was RMB2.282bn, up 180% YoY; PCB equipment revenue was RMB4.764bn, up 100%; battery equipment revenue was RMB1.338bn, up 45%; pan-semiconductor equipment revenue was RMB834mn, up 40%; and general laser revenue was RMB3.718bn, up 30%. PCB remains the largest incremental contributor, while welding and cutting equipment for the Apple supply chain delivered the fastest growth. Demand from new energy, AMOLED, and semiconductor packaging provides a second layer of support. Group profit is no longer dependent on a single customer or a single equipment category, giving Citi stronger financial-statement support for ranking Han’s Laser first.
Han’s Laser Deep-Dive Update: Citi Raises Target Price to RMB177 as the Market Starts Paying for AI PCB Equipment Upside
The concern in the previous update was that the RMB177 target price had already priced in 55x 2027E P/E, and whether the financials could support that expectation. The 2Q preview provides the first qualified answer. Han’s Laser’s midpoint attributable profit continued to rise sharply from RMB354mn in 1Q, while midpoint recurring profit is close to RMB992mn. This shows order delivery, product mix, and operating leverage are being released in the same direction. The platform-equipment valuation previously assigned by the market has now been validated by quarterly profit, but the first-half preview has not yet disclosed full gross margin, receivables, inventory, or operating cash flow. Earnings quality still needs to be completed by the interim report.
Han’s CNC’s growth is purer and steeper. The company’s first-half revenue was around RMB4.8bn, at least doubling YoY.
Attributable net profit is expected to be RMB900mn to RMB1.0bn, up 242% to 280% YoY.
Implied 2Q attributable net profit was RMB577mn to RMB677mn, up 294% to 362% YoY, with a midpoint of around RMB627mn. The recurring profit range is broadly consistent with attributable profit, up 308% to 378% YoY. The report does not provide a comparable consensus estimate, so Han’s CNC is more appropriately described as delivering “strong growth” rather than mechanically being called a “major beat.”
Revenue doubling and profit growing by about 3x to nearly 4x indicate both a higher mix of value-added equipment and rising operating leverage. The incremental drivers highlighted by Citi include CCD back drilling, laser drilling equipment for mSAP/SLP and high-end HDI, and ultrafast laser drilling equipment for 800G and 1.6T optical modules. These tools address finer aperture, higher layer count, lower signal loss, and more stable yield. Their ASPs and margins are typically higher than ordinary mechanical drilling equipment. Han’s CNC’s profit slope is therefore more informative than the total amount of PCB capacity expansion: the type of equipment customers are buying is shifting from ordinary capacity expansion to high-end process capacity expansion.
AI PCB Phase Six: Capacity Expansion Announcements Do Not Equal Effective Capacity - Full Breakdown of 2026 Equipment Orders for Han’s CNC, Victory Giant Technology, and Shennan Circuits
This also validates the leading-indicator value of the equipment chain. PCB makers’ capex announcements only show plans to expand capacity. Han’s CNC’s rapid revenue and profit growth shows drilling, back drilling, routing, and inspection equipment have already entered procurement, delivery, or acceptance. Equipment orders are still separated from final PCB makers’ revenue by installation and commissioning, yield ramp-up, and customer qualification, but the industry chain has already moved from paper expansion to factory construction. For the AI PCB cycle, this is more reliable than simply raising market-size assumptions again.
