Han's Laser Technology Industry Group Co Ltd Class A

002008: XSHE (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥52.12	Cgsl	Pwrblhqw

Han’s Laser: Shares Cheap Even Without Fully Factoring in Semiconductor Growth

Phelix Lee

Apr 12, 2023

We retain our fair value estimate on Han’s Laser at CNY 36, corresponding to 22 times 2023 P/E, after introducing our 2027 earnings forecast and making minor changes to our model. Despite an uncertain outlook for semiconductor equipment, we view Han’s Laser as undervalued for its prospects in electric vehicle batteries and solar energy storage. We foresee more news of major EV battery investments and potential approval of an IPO of semiconductor and flat panel display, or SaFPD, operations to be the stock’s upside catalysts.

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