Loading…
Shenzhen maker of circuit-board production equipment, led by drilling machines, plus inspection, exposure and shaping machines.
Shenzhen maker of circuit-board production equipment, led by drilling machines, plus inspection, exposure and shaping machines.
Sells machines that drill, inspect, expose and shape printed circuit boards to board makers, so orders follow their capacity spending, now driven by AI-server and communications boards. Drilling is a major line. Han's Laser is the controlling shareholder, and a February 2026 Hong Kong listing alongside its Shenzhen shares funds overseas expansion.
Moat: narrow (scale, process know-how). Largest PCB-specific equipment maker in China, with a strong position in AI-board drilling machines.
Headquarters: Shenzhen, China · Founded: 2002 · Employees: 3,570
Size Shenzhen Han's CNC Technology (3200.HK) is a Hong Kong Industrials company (Industrial Machinery) with a market value of $8.58B, the 184th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$48.96 on 6 Nov 2026.
Performance Over six months the shares fell 65.7%, against -14.6% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 108.7% over the last twelve months (peer median +9.1%); the operating margin is 21.3% (peer median 12.2%).
Valuation It trades at 9.9× forward earnings against a peer median of 22.2× (2nd cheapest of 21).
Capital Return on invested capital runs 12.0 points above its cost of capital (5.3% WACC).
Next results Next results expected around 14 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$11.1B | HK$6.24B | HK$3.62B | HK$1.80B | HK$3.23B |
| Revenue growth | — | +72% | +101% | -44% | — |
| Gross profit | HK$4.21B | HK$2.11B | HK$969M | HK$532M | HK$1.14B |
| EBITDA | n/a | HK$1.15B | HK$378M | HK$119M | HK$537M |
| Net income | HK$2.14B | HK$894M | HK$327M | HK$150M | HK$505M |
| Free cash flow | -HK$247M | HK$28.0M | -HK$74.9M | HK$193M | HK$595M |
| Capital expenditure | HK$261M | HK$171M | HK$243M | HK$268M | HK$167M |
| Total debt | HK$3.08B | HK$2.30B | HK$1.04B | HK$315M | HK$583M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Shenzhen Han's CNC Technology 3200.HK | $8.58B | -66% | +109% | 21% | 9.9× | n/a |
| KLA KLAC | $180B | -26% | +16% | 43% | 22.3× | 23.5% |
| MKS MKSI | $13.0B | -39% | +16% | 17% | 11.5× | 24.0% |
| Mitsubishi Electric 6503.T | $59.9B | -28% | +12% | 10% | 17.1× | 13.2% |
| Ushio 6925.T | $1.37B | -15% | +6% | 8% | 17.6× | 8.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3200.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -49.2% | -6.4% | 3rd lowest of 21 |
| 6-month return | -65.7% | -14.6% | lowest of 21 |
| Distance from 52-week high | -76.2% | -47.2% | lowest of 21 |
| Revenue growth (TTM) | +108.7% | +9.1% | 3rd highest of 21 |
| Operating margin | 21.3% | 12.2% | 4th highest of 21 |
| Forward P/E | 9.9× | 22.2× | 2nd cheapest of 21 |
| ROIC minus cost of capital | +12.0 pp | -0.5 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Han's CNC Technology 3200.HK | Hong Kong | $8.58B | -66% | +109% | 21% | 9.9× | n/a | n/a |
| IMI IMI.L | United Kingdom | $8.81B | +3% | +8% | 21% | 19.9× | 14.3% | +4.8% |
| Beijing E-Town Semiconductor Technology 688729.SS | China | $8.94B | -14% | +10% | 12% | 52.3× | n/a | n/a |
| GlobalWafers 6488.TWO | Taiwan | $8.15B | -23% | -6% | 11% | 21.4× | n/a | n/a |
| Han's Laser Technology Industry 002008.SZ | China | $7.97B | -48% | +59% | 12% | 19.1× | 19.6% | +9.5% |
| Guangdong Dtech Technology 301377.SZ | China | $9.23B | -18% | +119% | 36% | 50.9× | n/a | n/a |
| Rational Aktiengesellschaft RAA.DE | Germany | $7.95B | -4% | +6% | 27% | 26.1× | 14.8% | +14.2% |
| NIBE Industrier NIBE-B.ST | Sweden | $9.25B | +7% | +2% | 10% | 27.3× | 13.5% | +8.5% |
| Wuxi Lead Intelligent Equipment 0470.HK | Hong Kong | $7.95B | -61% | +35% | 10% | 13.3× | 8.2% | +19.0% |
| Ebara 6361.T | Japan | $9.28B | -40% | +9% | 11% | 14.5× | n/a | n/a |
| Leader Harmonious Drive Systems 688017.SS | China | $7.84B | +27% | +46% | 15% | 283.8× | n/a | n/a |
| Huagong Tech 000988.SZ | China | $9.54B | -47% | +16% | 7% | 30.9× | n/a | n/a |
| Zhejiang Jingsheng Mechanical & Electrical 300316.SZ | China | $7.69B | -13% | -25% | 0% | 74.3× | 39.6% | +24.6% |
| Zoomlion Heavy Industry Science & Technology 1157.HK | Hong Kong | $7.63B | -36% | +23% | 7% | 8.1× | 12.6% | -5.0% |
| Kokusai Electric 6525.T | Japan | $7.62B | -21% | +15% | 19% | 20.0× | 30.9% | -1.5% |
| Indutrade INDT.ST | Sweden | $9.94B | +39% | +6% | 12% | 28.6× | 18.4% | +10.9% |
| Sulzer SUN.SW | Switzerland | $7.39B | +23% | -3% | 13% | 17.9× | -1.4% | +3.7% |
| Robotechnik Intelligent Technology 300757.SZ | China | $7.37B | -42% | +203% | 9% | 219.2× | n/a | n/a |
| Spirax SPX.L | United Kingdom | $7.24B | +2% | +5% | 18% | 22.7× | 20.5% | +7.4% |
| Flowserve FLS | United States | $10.2B | +13% | 0% | 14% | 17.8× | 15.0% | +4.9% |
| Zurn Elkay Water Solutions ZWS | United States | $7.18B | -15% | +10% | 23% | 21.8× | 10.9% | -2.4% |