Han's Laser Technology Industry Group Co Ltd Class A

002008: XSHE (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥89.67	Qmyqf	Hnwmxmqj

Han’s Laser’s Nascent Products Increase Exposure in EVs, Green Energy and Automation; Shares Cheap

Phelix Lee

Mar 10, 2023

We maintain our CNY 36 fair value estimate on no-moat Han’s Laser before the company reports full-year 2022 results in early April. Han’s Laser is undervalued, in our view, as it benefits from increase in investments in electric vehicle, or EV, equipment, renewable energy and printed circuit boards. We expect Han’s Laser to outperform some of our smartphone-heavy names in the first half, because it has only about 15% exposure to the smartphone industry.

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