Company Coverage
Han’s Laser (002008 CH): 2Q26: Robust Growth With Beats Across The Board
Buy (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Rmb91.56
Rmb153.20
+67.3%
n.a.
Analyst
Analyst
Highlights
Han’s 2Q26 print is almost exactly in line with preliminary numbers.
Management guided for 2026 revenue to be at least Rmb27b, up 44% yoy, and expects margins to keep improving. Growth momentum is also guided to remain strong from 2027 onwards on Apple and AI-related demand.
Han’s is now among our top BUY recommendations. Maintain BUY; target price: Rmb153.20.
Analysis
2Q26 print is in line with preliminary results, with 2Q26 revenue growing 77.3% yoy and 61.2% qoq to Rmb8.3b, gross margins expanding 5.2ppt yoy and 1.5ppt qoq, operating income surging 435.6% yoy and 181.5% qoq to Rmb1,399m, and reported net profit growing 187.6% yoy and 163.8% qoq to Rmb934m. The set of results are almost exactly in line with the preliminary numbers.
All segments registered a robust, accelerated growth in 1H26. Notably, Han’s Laser (Han’s) consumer electronics revenue surged 196.8% yoy and 46.0% hoh to Rmb2.4b, while PCB equipment also registered a robust 109.3% yoy and 47.0% qoq growth. Compared with our revenue assumptions, consumer electronics/low power laser/high power laser/pan semi/PCB/Li-ion battery segments’ sales were 6.0%/17.6%/2.0%/2.7%/ 4.6%/2.4% above our estimates.
Guidance: 2026 revenue no less than Rmb27.0b, gross margin recovering. Management guided that the company recorded Rmb19.0b in new orders in 7M27, and the Rmb9.0b carried-forward backlog brings the total backlog to Rmb28.0b.
Highlights
Han’s 2Q26 print is almost exactly in line with preliminary numbers.
Management guided for 2026 revenue to be at least Rmb27b, up 44% yoy, and expects margins to keep improving. Growth momentum is also guided to remain strong from 2027 onwards on Apple and AI-related demand.
Han’s is now among our top BUY recommendations. Maintain BUY; target price: Rmb153.20.
Analysis
2Q26 print is in line with preliminary results, with 2Q26 revenue growing 77.3% yoy and 61.2% qoq to Rmb8.3b, gross margins expanding 5.2ppt yoy and 1.5ppt qoq, operating income surging 435.6% yoy and 181.5% qoq to Rmb1,399m, and reported net profit growing 187.6% yoy and 163.8% qoq to Rmb934m. The set of results are almost exactly in line with the preliminary numbers.
All segments registered a robust, accelerated growth in 1H26. Notably, Han’s Laser (Han’s) consumer electronics revenue surged 196.8% yoy and 46.0% hoh to Rmb2.4b, while PCB equipment also registered a robust 109.3% yoy and 47.0% qoq growth. Compared with our revenue assumptions, consumer electronics/low power laser/high power laser/pan semi/PCB/Li-ion battery segments’ sales were 6.0%/17.6%/2.0%/2.7%/ 4.6%/2.4% above our estimates.
Guidance: 2026 revenue no less than Rmb27.0b, gross margin recovering. Management guided that the company recorded Rmb19.0b in new orders in 7M27, and the Rmb9.0b carried-forward backlog brings the total backlog to Rmb28.0b.
Buy (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Rmb91.56
Rmb153.20
+67.3%
n.a.
Analyst
Analyst
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
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