Citi Research has issued a note following discussions with HANS CNC's board secretary, Zhou Xiaodong. While the contribution from ultra-fast laser drilling equipment in the first half of 2026 is expected to be lower than previously anticipated, management expressed strong confidence that demand will pick up in the second half of 2027. The firm estimates that total industry demand could reach 1,000 units by next year.

Citi has maintained its "Buy" rating on HANS CNC's H-shares with a target price of HK$189, though it holds a more favorable view on its parent company, Han's Laser Technology Industry Group Co., Ltd. According to Zhou Xiaodong, CO2 laser drilling equipment may see increased adoption within the AI PCB supply chain, driven by tight supply from major industry supplier Mitsubishi Electric. He also revealed that AI PCB equipment's contribution to full-year revenue is expected to rise from over 50% in the first half to 60%. Citi believes HANS CNC is well-positioned to benefit from robust growth in AI data center demand and the ongoing technology migration within the PCB sector.