AI computing power demand drives growth in PCB equipment; Han's Laser Q3 revenue exceeds 8 billion yuan, net profit surges 137% year-on-year

In the first three quarters of 2026, Han's Laser achieved rapid growth in both revenue and net profit. The financial report shows that in the first three quarters, the company achieved operating revenue of 21.474 billion yuan, a year-on-year increase of 68.92%; net profit attributable to shareholders of the listed company was 2.177 billion yuan, a year-on-year increase of 152.19%. In the third quarter alone, revenue was 8.061 billion yuan and net profit was 889 million yuan, up 58.07% and 137.03% year-on-year respectively, continuing the growth momentum from the first half of the year.

In terms of profitability indicators, net profit after deducting non-recurring gains and losses in the first three quarters was 2.301 billion yuan, a year-on-year increase of 304.87%, higher than the growth rate of net profit attributable to parent company shareholders. During the same period, the company's basic earnings per share were 2.11 yuan, compared with 0.84 yuan in the same period last year; the weighted average return on equity was 10.39%, up 5.37 percentage points year-on-year.

During the reporting period, Han's Laser's subsidiary Han's CNC was listed on the Main Board of the Hong Kong Stock Exchange, raising nearly 5 billion yuan. Affected by this, the company's minority interests increased from 1.643 billion yuan at the beginning of the year to 4.087 billion yuan, and total assets increased from 38.2 billion yuan to 50.850 billion yuan.

Revenue and profit: Revenue growth drove profit improvement

In the first three quarters, Han's Laser achieved operating revenue of 21.474 billion yuan, an increase of 8.761 billion yuan from 12.713 billion yuan in the same period last year, a year-on-year increase of 68.92%. During the same period, the company's operating profit was 2.977 billion yuan, a year-on-year increase of 189.57%; total profit was 2.983 billion yuan, a year-on-year increase of about 190%.

From the composition of profit, net profit after deducting non-recurring gains and losses in the first three quarters increased by 304.87% year-on-year, higher than the 152.19% increase in net profit attributable to parent company shareholders, indicating that after deducting non-recurring gains and losses, the company's profit growth remained relatively significant. During the reporting period, the company's total non-recurring gains and losses were approximately -124 million yuan, of which changes in the fair value of held financial assets brought about a loss of approximately 202 million yuan, which weighed on profit for the period to some extent. By contrast, the related fair value changes in the same period last year were a positive contribution, affecting the comparability of the net profit growth rates between the two periods.

In terms of costs, operating costs in the first three quarters were 13.847 billion yuan, a year-on-year increase of 61.53%, lower than the growth rate of operating revenue. Selling expenses, administrative expenses and R&D expenses were 1.284 billion yuan, 1.221 billion yuan and 1.836 billion yuan respectively, totaling approximately 4.341 billion yuan. The growth rate of related expenses was lower than the growth rate of revenue, which to some extent reflects a decline in the expense ratio after the expansion of revenue scale, but the sustainability of profit improvement still needs to be judged in combination with changes in gross margin, expense ratio and business structure.

Cash flow: Operating cash flow turned positive, investment expenditure increased

In the first three quarters, the company's net cash flow from operating activities was 227 million yuan, compared with a net outflow of 862 million yuan in the same period last year, an improvement of approximately 1.089 billion yuan year-on-year. During the same period, cash received from sales of goods and provision of services was 16.175 billion yuan, a year-on-year increase of approximately 57%, and operating cash flow improved compared with the same period last year.

However, net cash flow from operating activities was still significantly lower than net profit attributable to parent company shareholders in the same period, reflecting that a gap remains between profit and cash recovery. As revenue scale expanded, accounts receivable also grew, and subsequent collection remains worth watching.

In terms of investing activities, the company's net cash flow in the first three quarters was -1.398 billion yuan, compared with a net inflow of 758 million yuan in the same period last year. The change in cash flow was related to increased equity investment and fixed asset investment, involving companies such as Anteng Innovation, Yongtong Zhizao, Shenghong Technology and Jingwang Electronics, as well as the construction of the East China regional headquarters base.

Net cash flow from financing activities was 3.785 billion yuan, mainly affected by factors such as Han's CNC's fundraising through its listing in Hong Kong. The balance of monetary funds at the end of the period was 9.882 billion yuan, an increase of 1.869 billion yuan from the beginning of the year. It should be noted that the subsidiary's listing fundraising is a source of capital funds and is different in nature from cash flow generated by main business operations.

Balance sheet: Scale expansion, accounts receivable and inventory grew simultaneously

As of the end of the reporting period, Han's Laser's total assets increased to 50.850 billion yuan, up 32.95% from the beginning of the year. In addition to the expansion of operating scale, the capital injection brought by Han's CNC's listing and the increase in minority interests were also important factors in the expansion of asset scale.

Accounts receivable increased from 8.324 billion yuan at the beginning of the year to 13.201 billion yuan, an increase of 58.59%; inventory increased from 5.222 billion yuan to 7.748 billion yuan, an increase of 48.37%. Both assets grew significantly, but the judgment that their growth rate was lower than the revenue growth rate in the same period still needs to be comprehensively analyzed in combination with factors such as revenue recognition, payment terms and business structure. Accounts receivable at the end of the period accounted for approximately 26% of total assets, and their collection progress will affect subsequent cash flow performance.

Prepayments increased from 235 million yuan to 808 million yuan, an increase of approximately 243.56%; contract liabilities increased from 1.106 billion yuan to 2.241 billion yuan, an increase of 102.66%. The increase in contract liabilities reflects some growth in the company's advance receipts, but the pace at which they are subsequently converted into revenue still depends on order delivery and acceptance progress.

In the first three quarters, the company recorded credit impairment losses of approximately 150 million yuan, a year-on-year increase of 75.14%. Against the backdrop of expanding accounts receivable, changes in credit impairment losses are worth continued tracking.

In terms of liabilities, short-term borrowings increased from 911 million yuan at the beginning of the year to 1.879 billion yuan, while long-term borrowings decreased from 2.635 billion yuan to 1.287 billion yuan, indicating some change in the maturity structure of borrowings. The debt-to-asset ratio at the end of the period was approximately 48.2%, lower than 50.5% at the beginning of the year. However, judging changes in the financial structure still requires a comprehensive examination of the scale of interest-bearing liabilities, debt repayment maturities and operating cash flow conditions. Risk disclosure and disclaimer

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