Citi: Cuts Shenzhen Han's CNC Technology (03200) Target Price to HK$105, Maintains "Buy" Rating

Citi issued a research report maintaining a "Buy" rating on Shenzhen Han's CNC Technology (03200), while cutting its target price from HK$189 to HK$105. The bank raised its 2026 earnings forecast for Shenzhen Han's CNC Technology by 11% to reflect stronger-than-expected results for the first nine months of 2026, while the third quarter was relatively weak as major customers' capacity expansion will be concentrated in the fourth quarter; however, it slightly lowered its 2027 and 2028 earnings forecasts by 1% and 3% to account for expenses related to the employee stock ownership/equity incentive plan (ESOP).