Shenzhen Han's CNC Technology Co., Ltd.

Han's CNC is a China-based manufacturer of PCB fabrication equipment headquartered in Shenzhen, Guangdong. Founded in 2002 as the PCB equipment arm of the Han's Laser group and separately listed on the Shenzhen Stock Exchange (301200), the company recorded CNY 5.773 billion (about USD 805 million) in 2025 revenue, up 72.7% year on year, with net profit of CNY 824 million and more than 3,000 employees.

Company Overview

Han's CNC is the fastest-rising force in the global PCB equipment industry. Its 2025 financial results were explosive: revenue jumped from CNY 3.343 billion in 2024 to CNY 5.773 billion in 2025, and net profit attributable to shareholders reached CNY 824 million. Operating cash flow of CNY 1.469 billion demonstrates exceptional cash generation and cost control. The company ranks first among Chinese electronic circuit industry equipment makers for 16 consecutive years according to CPCA data, an unmatched record in the domestic market.

Production capacity is anchored in Shenzhen and Xinfeng, Jiangxi, with more than 100,000 square meters of modern heavy manufacturing floorspace. In the first ten months of 2025, capacity utilization reached 95.6% in Shenzhen and 96.8% in Xinfeng, reflecting order-book saturation driven by AI server PCB expansion and HDI capacity build-outs across China.

Key Strengths

Han's CNC dominates mechanical drilling: its multi-spindle CNC drillers hold the world's largest shipment share, approaching 50% of global drilling machine volume. In higher-value CO2 and UV laser microvia drilling, the company competes head-to-head with Japanese leaders Mitsubishi and Hitachi, and together with a Shenzhen peer captured roughly 19% of newly added global laser drilling capacity in 2025. Its LDI direct-imaging systems have also achieved import substitution for advanced FR-4 and SLP/IC substrate processing.

The firm's product matrix spans the most critical PCB process steps — laser direct imaging, mechanical and laser drilling, and dedicated testing and forming equipment. Deep integration within the Han's Laser industrial cluster gives it a cost and responsiveness edge that foreign vendors struggle to match, especially in service and spare-part turnaround for Southeast Asian customers.

Challenges & Outlook

The mid- and low-end Chinese PCB equipment market has fallen into severe overcapacity and price wars, squeezing gross margins on traditional non-core production lines. The company also retains some dependence on overseas suppliers for ultra-high-end picosecond/femtosecond lasers and precision optical components, a vulnerability in its globalization ambitions.

Looking ahead, AI server demand for high-layer-count and HDI boards keeps Han's CNC order books full through 2026, and the migration of PCB capacity to Southeast Asia creates new export opportunities for its cost-competitive machines. If it can close the gap in ultrafast laser sources while defending its drilling franchise, Han's CNC is positioned to become the world's most complete PCB equipment house within five years.

Han's CNC's VerityRank Score of 89/100 reflects its global leadership in mechanical drilling shipments and explosive AI-driven growth, tempered by mid-market price competition and core-optical-component dependency.