On June 18, Hans CNC rose 3.74% in regular trading, trading at 191.6 HKD/share, with turnover of 47.96 million HKD. The rally was primarily driven by Citi's recent research report upgrade and continued momentum from the PCB industry expansion cycle.

On the catalyst front, Citi significantly raised its target price for Hans CNC's H-shares from 160 HKD to 252 HKD, noting that the company has begun supplying ultrafast laser drilling equipment to SLP enterprises including AKM Meadville and Compeq for 1.6T co-packaged optical applications. These clients previously relied on Mitsubishi Electric's CO2 laser drilling machines, but due to lead times extending up to 12 months, they have shifted toward Hans CNC's ultrafast laser solutions, opening substantial domestic substitution opportunities.

Meanwhile, the PCB industry expansion wave continues to intensify, with 13 PCB manufacturers announcing capacity expansion plans year-to-date, with total planned investment exceeding 600 billion yuan, reinforcing equipment procurement demand. The company reported Q1 revenue growth of 103.69% year-over-year and net profit growth of 176.53%, validating the high-prosperity cycle thesis.

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