Han's Laser (002008.SZ): 4Q25 Results – Robust Revenue Growth as Expected
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Morgan Stanley maintains an Overweight rating on Han's Laser with a target price of RMB 85. In the fourth quarter of 2025, revenue surged 30% year-over-year to RMB 6 billion, beating both Morgan Stanley's estimates and market consensus by 9% and 10%, respectively. This robust performance was dual-engine driven, with PCB business revenue soaring 87% to RMB 1.9 billion and non-PCB revenue growing 15% to RMB 4.2 billion.
Within the non-PCB segment, 3C equipment, new energy equipment, and semiconductor equipment experienced solid growth. Overall gross margin expanded by 4.0 percentage points to 34.8%, heavily supported by an 11.3 percentage point improvement in PCB gross margin to 42.2%. Net income grew 22% to RMB 326 million, though trailing operating profit growth due to higher financial expenses and taxes. Recurring net income skyrocketed 242%, with the PCB segment contributing 85% of total net income.
The earnings outlook for 2026 and 2027 remains optimistic, underpinned by favorable industry tailwinds in PCB and 3C, alongside continued margin expansion. The valuation utilizes a sum-of-the-parts methodology, applying 30 times 2026E price-to-earnings for non-PCB operations. Management is scheduled to host a results briefing on April 20.