Citi released a research report stating that it continues to favor China's PCB equipment sector, believing that AI PCB production capacity is crowding out non-AI segments. Coupled with Chinese PCB manufacturers' ongoing expansion into high-end products, this is expected to bring potential upside. Citi prefers HAN'S LASER (002008.SZ) +14.120 (+10.000%) , followed by HANS CNC (03200.HK) +8.800 (+5.075%) Short selling $9.89M; Ratio 3.394% H shares, and lastly HAN'S CNC (301200.SZ) +14.700 (+4.280%) A shares. The broker believes HAN'S LASER has diversified growth drivers, while HANS CNC (03200.HK) +8.800 (+5.075%) Short selling $9.89M; Ratio 3.394% H shares are trading at a discount of more than 50% compared with its A shares.

Citi said that if Taiwan-based competitor C SUN MFG (3167.TW), a major player in the mechanical drilling equipment market, allocates all of its production capacity to AI-related products, its monthly production capacity may decline from 300 units to 200 units. If HANS CNC (03200.HK) +8.800 (+5.075%) Short selling $9.89M; Ratio 3.394% also allocates all of its production capacity to AI-related products, its drilling equipment capacity would likewise shrink by one-third. Citi expects the capacity crowding-out effect to prompt HANS CNC (03200.HK) +8.800 (+5.075%) Short selling $9.89M; Ratio 3.394% to shift toward serving non-AI customers with higher profit margins. Citi currently gives HANS CNC (03200.HK) +8.800 (+5.075%) Short selling $9.89M; Ratio 3.394% a "Buy" rating with a TP of HKD325.(gc/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-29 16:25.) (A Shares quote is delayed for at least 15 mins.)