Han's Laser Technology Industry: Recurring NP to parent sustained robust growth in Q326

UBS First Read on Han's Laser Technology Industry. Han's Laser pre-announced 9M26 net profit to parent that rose sharply YoY, with Q326 NP to parent sustaining robust growth; after excluding one-off factors, Q326 recurring NP grew even faster YoY, broadly in line with UBS expectations. In Q326, all business segments continued to see strong YoY momentum, with PCB equipment, consumer electronics equipment and other major businesses posting significant growth in both revenue and orders. New orders sustained strong growth, driven chiefly by electronics-related equipment demand: mid-to-high-end PCB equipment orders supported by compute infrastructure investment such as AI servers and high-speed network switches, consumer electronics equipment benefiting from Apple's new products and emerging applications, and pan-semiconductor equipment supported by AMOLED and advanced packaging. PCB equipment revenue slowed modestly QoQ but still grew strongly YoY, mainly reflecting the equipment pull-in p