[TrueZ IPO Trends] Introduction to Shenzhen Dazu Laser Technology Co., Ltd. (03200.HK)
$HANS CNC(03200.HK) is a PCB-specific production equipment solution provider, mainly engaged in the R&D, production, and sales of PCB-specific production equipment. Han's Laser PCB Equipment's extensive production equipment portfolio spans multiple segments of the PCB industry and covers various production processes, such as drilling, exposure, lamination, forming, and inspection. Han's Laser PCB Equipment operates in the PCB-specific equipment industry for servers and data storage, automotive electronics, mobile phones, computers, and consumer electronics.
Han's Laser PCB Equipment's A-shares (Shenzhen: 301200) closed at 165.85 yuan (RMB, same below) (approximately 186.03 HKD) on Wednesday, with a market capitalization of 70.57 billion yuan. The latest issue price of Han's Laser PCB Equipment's H-shares represents a 48.5% discount to its A-shares.
Han's Laser PCB Equipment's current business focus is on the PCB industry, where it is a core infrastructure supplier for downstream semiconductor electronic equipment (such as AI servers, mobile phones, and automotive electronics). Although it does not directly produce semiconductor wafers, it has close ties to the semiconductor field: IC substrates are key materials for semiconductor packaging. Han's Laser PCB Equipment has developed specialized IC substrate processing equipment and is actively expanding into advanced packaging areas (such as FC-CSP, FC-BGA, and glass-based packaging). The company is a core supplier in the upstream AI server value chain, providing high-precision equipment required for high-layer count and high-end HDI production. Therefore, it can be considered an important supporting link in semiconductor packaging and electronic infrastructure.
In terms of market position and product moat, Han's Laser PCB Equipment has ranked first in the CPCA's (China Printed Circuit Association) specialized equipment list for 16 consecutive years. The industry is highly competitive and relatively fragmented (the top five manufacturers account for only 23.9% of the market share), and Han's Laser PCB Equipment, as the leader, has significant scale advantages. Additionally, the company's customers cover 80% of the world's top 100 PCB companies in 2024. Han's Laser PCB Equipment has established deep collaborations with leading companies and entered the global PCB supply chain, while new competitors face extremely high verification and capital investment barriers.
In terms of profitability, Han's Laser PCB Equipment's revenue in the first 10 months of 2025 has already exceeded the full-year level of 2024, with net profit growing 147% year-on-year. The growth is mainly driven by the global AI computing center construction boom, which has spurred strong demand for products such as AI servers and high-speed switches (requiring high-layer count and high-end HDI boards). Additionally, the recovery of the consumer electronics industry and technological upgrades in automotive electronics (such as electrification and intelligence) have increased demand for precision processing equipment.
Source: KGI Securities
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