Han's Laser(002008) 长江证券·2024-11-04 07:26Investment Rating - The investment rating for the company is "Accumulate" and is maintained [3]. Core Views - The company reported a revenue of 10.129 billion yuan for Q3 2024, representing a year-on-year growth of 7.90%. The net profit attributable to shareholders was 1.426 billion yuan, a significant increase of 124.21% year-on-year. The non-recurring net profit was 375 million yuan, up by 4.86% year-on-year [4][5]. - In Q3 alone, the company achieved a revenue of 3.774 billion yuan, which is a 14.34% increase year-on-year, but the net profit attributable to shareholders decreased by 2.32% to 201 million yuan, and the non-recurring net profit fell by 7.03% to 155 million yuan. The gross profit margin was 35.23%, down by 2.83 percentage points year-on-year, but up by 1.16 percentage points quarter-on-quarter [4][5]. - The PCB business of the subsidiary showed a revenue of 779 million yuan, marking a year-on-year growth of 111.09%. The demand for PCB is expected to be driven by the rapid growth of AI servers, AI phones, and AI PCs [5][6]. - The company is expected to benefit from a recovery in the consumer electronics sector, with significant procurement peaks anticipated in 2025 and 2026 due to innovations in 3C devices [5][6]. Financial Summary - The company’s projected EPS for 2024, 2025, and 2026 are 1.68, 1.08, and 1.38 respectively, with corresponding PE ratios of 15.39, 23.85, and 18.70 [6][10]. - The current stock price is 25.80 yuan, with a total share capital of 1.05219 billion shares and a net asset per share of 15.10 yuan [7][10].