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China Automobile Weekly / Han’s Laser / Ping An Healthcare and Technology Company
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Sector Update | Automobile
3Q26 results for Fuyao Glass, CATL and Ganfeng Lithium missed on margins, due to product price drops, tax hikes, cost hikes, and one-off expenses. The decline in lithium carbonate prices more than offsets the export VAT rebate removal and 4% consumption tax on LIB, easing cost pressure for OEMs. We have 3Q26 earnings previews for BYD, Geely, GWM, Hesai and Robosense, which will post their 3Q26 results next week. Maintain MARKET WEIGHT. Top BUYs: BYD and Geely. Top SELLs: Li Auto and XPeng.
Company Results | Han’s Laser (002008 CH/BUY/Rmb60.54/Target: Rmb106.90)
Han’s Laser delivered a solid 3Q26 print with revenue growing 58% yoy and adjusted net profit surging 190% yoy, both above consensus estimates. The surprise came from a big beat in its IT business which had already surpassed its previous full-year guidance. Strong growth was driven by the IT business and PCB equipment, which is expected to remain a key growth driver, while newer AI applications, 3DP, and optical fibre could begin contributing from 2027. Maintain BUY, and trim target price to Rmb106.90.
Company Results | Ping An Healthcare and Technology Company (1833 HK/HOLD/HK$5.56/Target: HK$6.00)
3Q26 revenue and adjusted net profit fell 16.2% and 38.6% yoy respectively on the continued low-margin business run-off. 9M26 revenue decreased 5.8% yoy while adjusted net profit rose 19.5% yoy. PAGD guided for low-teens 2026 revenue decline and around-breakeven profit in 2H26. We keep 2026 revenue and adjusted net profit growth forecasts at -12.1% and -40.1% yoy unchanged. Maintain HOLD with a lower target price of HK$6.00, reflecting a deeper 2H26 revenue drag and limited visibility on 2027’s recovery pace.
Top Stories
Sector Update | Automobile
3Q26 results for Fuyao Glass, CATL and Ganfeng Lithium missed on margins, due to product price drops, tax hikes, cost hikes, and one-off expenses. The decline in lithium carbonate prices more than offsets the export VAT rebate removal and 4% consumption tax on LIB, easing cost pressure for OEMs. We have 3Q26 earnings previews for BYD, Geely, GWM, Hesai and Robosense, which will post their 3Q26 results next week. Maintain MARKET WEIGHT. Top BUYs: BYD and Geely. Top SELLs: Li Auto and XPeng.
Company Results | Han’s Laser (002008 CH/BUY/Rmb60.54/Target: Rmb106.90)
Han’s Laser delivered a solid 3Q26 print with revenue growing 58% yoy and adjusted net profit surging 190% yoy, both above consensus estimates. The surprise came from a big beat in its IT business which had already surpassed its previous full-year guidance. Strong growth was driven by the IT business and PCB equipment, which is expected to remain a key growth driver, while newer AI applications, 3DP, and optical fibre could begin contributing from 2027. Maintain BUY, and trim target price to Rmb106.90.
Company Results | Ping An Healthcare and Technology Company (1833 HK/HOLD/HK$5.56/Target: HK$6.00)
3Q26 revenue and adjusted net profit fell 16.2% and 38.6% yoy respectively on the continued low-margin business run-off. 9M26 revenue decreased 5.8% yoy while adjusted net profit rose 19.5% yoy. PAGD guided for low-teens 2026 revenue decline and around-breakeven profit in 2H26. We keep 2026 revenue and adjusted net profit growth forecasts at -12.1% and -40.1% yoy unchanged. Maintain HOLD with a lower target price of HK$6.00, reflecting a deeper 2H26 revenue drag and limited visibility on 2027’s recovery pace.
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