PCB equipment revenue doubles, powering Han's Laser's 440% H1 non-GAAP profit surge
Han's Laser (002008.SZ) released its first-half 2026 financial results on August 20. The company reported revenue of RMB 13.41 billion (approximately $2.0 billion) for the period, representing a 76.19% year-on-year increase. Net profit attributable to shareholders reached RMB 1.29 billion (approximately $191.9 million), up 163.84% year-on-year. More notably, non-GAAP net profit surged 439.62% to RMB 1.41 billion (approximately $209.9 million), with growth significantly outpacing revenue expansion—indicating a substantial improvement in core business profitability rather than reliance on non-recurring gains.
From a business segment perspective, AI computing infrastructure buildout has become the core driver of Han's Laser's performance growth. In the first half, information industry equipment revenue reached 7.4 billion yuan (approximately $1.1 billion), up 131.62% year-on-year, of which PCB intelligent manufacturing equipment revenue totaled 4.99 billion yuan (approximately $742.7 million), up 109.29%, accounting for 37.17% of total revenue. Gross margin for this segment improved from 30.28% in the prior-year period to 35.15%.
Multiple business lines expanded simultaneously, accelerating the company's growth narrative shift from traditional laser processing to high-end manufacturing equipment. Consumer electronics equipment revenue reached 2.42 billion yuan (approximately $360.4 million), up 196.93%, making it the fastest-growing segment. New energy equipment revenue came in at 1.5 billion yuan (approximately $223.3 million), up 55.95%, while semiconductor and pan-semiconductor equipment revenue totaled 857 million yuan (approximately $127.7 million), up 43.81%.
Note: Data sourced from the company's 2026 semi-annual report.
PCB Equipment: The Core Growth Pole Driven by AI Computing Power
PCB equipment is the core engine behind Han's Laser's current earnings breakout. The continued expansion of AI servers is driving PCBs toward higher layer counts, higher density, and higher precision, placing greater demands on drilling, back-drilling, exposure, and inspection equipment.
Han's Laser has been rolling out new solutions for high-end PCBs. In the drilling segment, the company has achieved mass production of through-holes with aspect ratios of 31.5:1 and above, as well as high-precision back-drilling. For 800G and 1.6T optical modules, the company launched laser drilling solutions capable of processing 50μm dense micro-holes. The company has also made early preparations for next-generation products such as 44-layer mid-boards and 78-layer orthogonal backplanes, developing high-precision back-drilling, copper paste sintered holes, and ultra-thick substrate forming solutions. As AI server PCBs continue to upgrade, the technical barriers and value content of high-end equipment are expected to rise in tandem.
In consumer electronics equipment, the company continues to participate in innovative product development for leading overseas customers. Product innovations in foldable screens, smart glasses, and other new-form-factor terminals are driving demand for precision processing equipment. Additionally, Han's Laser is expanding metal 3D printing into 3C electronics, aerospace, and liquid cooling applications. Its self-developed red-light and green-light metal 3D printing equipment can process high-reflectivity materials such as pure copper and copper alloys, opening new application spaces for complex structures and lightweight component manufacturing.
Lithium Battery Overseas Expansion and Semiconductor Import Substitution in Parallel
New energy equipment revenue in the first half reached 1.5 billion yuan (approximately $223.3 million), up 55.95% year-on-year, of which lithium battery equipment revenue was 1.37 billion yuan (approximately $204.1 million), up 48.43%. The company's lithium battery equipment business is transitioning from China-driven capacity expansion to a model jointly driven by both Chinese and international markets. While deepening cooperation with domestic customers, the company is expanding into overseas markets through localized teams and continuing to lay out equipment for semi-solid-state and all-solid-state batteries.
Semiconductor and pan-semiconductor equipment revenue reached 857 million yuan (approximately $127.7 million), up 43.81%, of which Han's Semiconductor revenue was 375 million yuan (approximately $55.9 million), up 82.44%. The company continues to secure orders in AMOLED production line equipment, packaging and testing, and other areas. Notably, silicon wafer laser stealth dicing equipment has completed process validation at leading Chinese silicon photonics module customers and entered mass production lines, positioning it as a key entry point for the company into the silicon photonics and high-end semiconductor equipment markets.
Traditional general industrial laser processing equipment revenue in the first half was 3.65 billion yuan (approximately $544.2 million), up 27.76%. Of this, high-power cutting revenue was 1.62 billion yuan (approximately $240.9 million), up 25.86%, while low-power equipment revenue was 1.95 billion yuan (approximately $290.4 million), up 37.63%. Laser welding has emerged as a new growth direction, with the company already covering laser welding solutions for liquid cooling plates, corrugated pipes, water distributors, and water guide pipes. As AI server power density increases and liquid cooling penetration rises, related equipment is expected to benefit.
Cash Flow Concerns Behind the High Growth
While performance is growing rapidly, the company's working capital requirements have increased significantly. As of the end of the first half, accounts receivable reached 12.08 billion yuan (approximately $1.8 billion), a notable increase from the beginning of the period. Inventory stood at 7.23 billion yuan (approximately $1.1 billion), up approximately 38.5% year-on-year. Net operating cash flow was -683 million yuan (approximately -$101.8 million), still below profit levels for the same period, indicating that the efficiency of converting profit into cash needs improvement.
Net financing cash flow reached 3.8 billion yuan (approximately $566.1 million), up 2,264.13% year-on-year, primarily from the H-share listing proceeds of subsidiary Han's CNC, providing capital support for PCB equipment business expansion.
On shareholder returns, the company continues its tradition of cash dividends. Since its listing in 2004, cumulative cash dividends and buybacks have totaled 4.91 billion yuan (approximately $731.3 million). However, the controlling shareholder Han's Holdings and certain directors and senior executives have disclosed share reduction plans. Subsequent collection progress and shareholder reduction trends will become key observation points for the market in assessing the sustainability of high growth.
For Han's Laser, AI computing power, PCB, consumer electronics, and semiconductors are reshaping its growth trajectory. Yet elevated accounts receivable, rising inventory, negative operating cash flow, and shareholder reduction pressure add variables to the high-growth narrative that warrant careful evaluation.
Source: finance.biggo
