大族激光 (002008.SZ): 3Q26 results in line, cut TP/EPS on softened 3D printing outlook; maintain Neutral

Han's Laser reported strong 3Q26 results in line with the pre-announcement, with sales, gross profit, EBIT and net profit up sharply yoy, mainly driven by PCB equipment and consumer electronics equipment. Management expects positive qoq total sales growth in 4Q26E and continued positive demand growth into 2027E for consumer electronics equipment (excluding 3D printing) on wider adoption of new form factors such as VC cooling components and new camera components. PCB equipment benefits from AI server demand and customer capacity expansion, while battery equipment faces delays in revenue recognition and slower domestic capacity expansion. On 3D printing, the company received orders around mid-Oct 2026 as part of Apple's Engineering Verification Test, but management notes total 3D printing equipment procurement demand from Apple could be lower than earlier expectations, as current iPhone models could cannibalize demand for 2027E new models;