Han's Laser Technology Industry Group Co Ltd Class A

002008: XSHE (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥52.81	Jfds	Yflkcqlq

Han’s Laser Earnings: EV Worse Than Expected; Shares No Longer Cheap as Negatives Mount

Phelix Lee

Oct 25, 2023

We slash our fair value estimate for Han’s Laser to CNY 20 from CNY 33.50 amid disappointing fourth-quarter guidance, coupled with our more bearish view on the long-term outlook. We now expect most laser equipment related to consumer electronics, electric vehicles, and heavy industries to achieve 1% to 4% revenue CAGR up to 2027 instead of 5% to 10% previously. We view the stock as fairly valued.

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