证券代码：688114 证券简称：华大智造 公告编号：2024-076 董事会 深圳华大智造科技股份有限公司 2024 年 11 月 30 日 关于参加 2024 年度深圳辖区上市公司集体接待日活动的公告 1 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为进一步加强与投资者的互动交流，深圳华大智造科技股份有限公司（以下 简称"公司"）将参加由深圳证监局和深圳证券交易所指导、深圳上市公司协会 与深圳市全景网络有限公司联合举办的"2024 年度深圳辖区上市公司集体接待 日"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2024 年 12 月 12 日（周四）14:30-17:00。届时公 司高管将在线就公司业绩、公司治理、发展战略、经营状况、股权激励和可持续 发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 深圳华大智造 ...

证券代码：688114 证券简称：华大智造 公告编号：2024-075 深圳华大智造科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●会议召开时间：2024 年 12 月 9 日(星期一)下午 14:00-15:00 ● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心网络互动 ●投资者可于 2024 年 12 月 2 日(星期一)至 12 月 6 日(星期五)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 MGI_IR@mgi- tech.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 深圳华大智造科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公司《2024 年第三季度报告》，为便于广大投资者更全面深入地了解公司 2024 年第 ...

Core Viewpoint - 解码DNA has launched a single-cell solution for mouse pancreatic cancer tissue neutrophils, utilizing the DNBelab C-TaiM 4 platform, which enhances the efficiency of tissue dissociation and the quality of single-cell sequencing data [1] Group 1 - 解码DNA's new solution enables high-efficiency dissociation of pancreatic tissue samples [1] - The single-cell sequencing data produced is of high quality, facilitating advanced research in immunology [1] - The solution achieves a high capture rate of neutrophils within immune cells, benefiting researchers in the field [1]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for future performance [4][8]. Core Views - The company experienced a revenue decline of 15.19% year-on-year in the first three quarters of 2024, with total revenue reaching 1.869 billion yuan. The net profit attributable to the parent company was -463 million yuan [1][2]. - Despite short-term performance pressures due to macroeconomic conditions, geopolitical factors, and market competition, the company is expected to benefit from a recovery in domestic demand and expansion into overseas markets [2][4]. - The company continues to invest heavily in research and development, which is essential for its growth phase and product innovation [2][4]. Financial Summary - For Q3 2024, the company reported revenue of 660 million yuan, a decrease of 13.22% year-on-year and a 2.75% decline from the previous quarter. The net profit for this quarter was -165 million yuan [1][2]. - Cumulative sales of gene sequencers reached over 670 units, marking a 4% increase year-on-year, with significant growth in specific models such as DNBSEQ-G99 and DNBSEQ-E25 [3][4]. - The projected net profits for 2024, 2025, and 2026 are -565 million yuan, -232 million yuan, and 117 million yuan, respectively, indicating a gradual recovery [4][10]. Market Position and Strategy - The company is positioned as a leader in the domestic gene sequencing market, with expectations of increased market share due to the trend of domestic substitution and supportive government policies for equipment upgrades [4][10]. - The report highlights the potential for the gene sequencing industry to recover as the Federal Reserve begins to lower interest rates, which may stimulate demand [4]. Valuation - The target market capitalization for the company is estimated at approximately 27 billion yuan, with a target price of 65 yuan per share based on PS and DCF valuation methods [4][10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [11]. Core Views - The company has shown a slight increase in sales installation volume despite a challenging macro environment, with a backlog of orders sufficient to drive future performance [4][5]. - The company reported a revenue of 1.869 billion yuan for the first three quarters of 2024, a year-on-year decrease of 15.19%, and a net profit attributable to shareholders of -463 million yuan, down 134.28% year-on-year [3][7]. Summary by Sections Sales and Market Performance - The company achieved a cumulative sales installation volume of over 670 units for gene sequencers in the first three quarters of 2024, representing a 4% year-on-year increase [4]. - The DNBSEQ-G99 and DNBSEQ-E25 models saw significant growth, with DNBSEQ-G99 installations reaching 210 units (up 33% year-on-year) and DNBSEQ-E25 installations at 93 units (up 564% year-on-year) [4]. Order Backlog - As of September 30, 2024, the company had an order backlog of 820 million yuan, a year-on-year increase of 34.43%, with 63% from domestic orders and 37% from overseas [5]. Financial Performance - The company's gross margin improved by 1.72 percentage points to 61.47% year-on-year, despite a significant decline in net profit margin, which fell by 16.03 percentage points to -24.97% [6][7]. - The report forecasts revenues of 2.561 billion yuan, 3.009 billion yuan, and 3.541 billion yuan for 2024, 2025, and 2026, respectively, with expected growth rates of -12%, 17%, and 18% [7][8]. Cost Structure - The report indicates that the increase in sales and management expenses is primarily due to ongoing investments in overseas markets and fixed costs associated with completed infrastructure projects [6].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 1.87 billion yuan for the first three quarters of 2024, reflecting a year-on-year decline of 15.2%, with a net profit attributable to shareholders of -460 million yuan. In Q3 alone, revenue was 660 million yuan, down 13.2% year-on-year, with a net profit of -170 million yuan. The core product segment (gene sequencing) generated 1.54 billion yuan in revenue, with cumulative sales of over 670 units of gene sequencers, marking a 4% year-on-year increase. Despite pressures on growth due to normalized demand and macroeconomic conditions, revenue growth in the core segment is expected in 2025 due to increased installations and ongoing overseas expansion [2][5]. Summary by Sections Revenue Performance - In Q3 2024, the gene sequencer business achieved revenue of 530 million yuan, a year-on-year decline of approximately 11%. The revenue breakdown shows 1.05 billion yuan from the China region, 150 million yuan from the Asia-Pacific region (excluding the UAE project, which saw a 16% year-on-year increase), 220 million yuan from Europe and Africa, and 120 million yuan from the Americas. Q3 revenue from the China region was 370 million yuan, down 6% quarter-on-quarter, while the Asia-Pacific region saw a 6% decline to 40 million yuan. The Europe and Africa region experienced a 10% quarter-on-quarter growth to 90 million yuan, indicating a recovery trend, and the Americas region reported a 29% year-on-year increase to 30 million yuan, despite a 16% quarter-on-quarter decline [2]. Product Segmentation - For the first three quarters of 2024, the gene sequencer business generated 580 million yuan from instrument sales and 960 million yuan from reagent consumables. In Q3, instrument revenue was 170 million yuan, showing a 19% decline both year-on-year and quarter-on-quarter, while reagent consumables achieved 360 million yuan in revenue, down 11% year-on-year but up 5% quarter-on-quarter. The growth rate of consumables outpaced that of instruments, indicating an increase in usage frequency and market acceptance, suggesting a transition into a high-volume consumables phase [3]. R&D Investment - The company maintained a high R&D expense ratio of 29.6% for the first three quarters of 2024, up 0.5 percentage points year-on-year. This sustained investment in R&D is crucial for product innovation and iteration, enhancing the company's competitive edge. As a leading domestic player in the gene sequencing sector, the company is in a phase of rapid product launches and expanding its product matrix. The introduction of innovative products, such as the DNBSEQ-T20×2, which boasts a single-run throughput of 42Tb (PE100) or 72Tb (PE150) and reduces the cost of individual genome detection to 100 USD, is expected to significantly boost market share both domestically and internationally [4]. Financial Forecast - Considering the ongoing domestic and international environmental changes and the slow recovery in demand, the company is expected to incur significant losses in 2024. The revenue forecasts for 2024-2026 are 2.528 billion yuan, 3.024 billion yuan, and 3.609 billion yuan, reflecting year-on-year changes of -13.16%, 19.64%, and 19.34%, respectively. The net profit attributable to shareholders is projected to be -578 million yuan, -332 million yuan, and 10,000 yuan for the same periods, with a price-to-sales ratio of 7 times in 2025 [5].

Investment Rating - The report upgrades the investment rating to "Buy" from "Hold" [3] Core Views - The Q3 revenue decline is attributed to multiple factors including macroeconomic conditions and intensified competition, while profit performance is affected by fluctuations in gross margin and increased expense ratios [1][2] - Steady growth in sequencing instrument installations is noted, with over 670 units installed in the first three quarters of 2024, representing a 4% year-on-year increase [1] - The company is accelerating its overseas market expansion, with expectations for a recovery in 2025 as local operations continue to develop [1][2] Financial Performance Summary - For Q1-Q3 2024, the company achieved revenue of 1.869 billion yuan, a year-on-year decline of 15.19%, and a net profit attributable to shareholders of -463 million yuan, down 134.28% [1] - Q3 2024 revenue was 660 million yuan, a decrease of 13.22% year-on-year, with a net profit of -165 million yuan, down 65.54% [1] - The gross margin for Q3 2024 was 58.38%, a decrease of 4.66 percentage points year-on-year, while the sales expense ratio increased by 6.92 percentage points to 33.99% [1] Revenue and Profit Forecast - Revenue projections for 2024-2026 are 2.611 billion, 2.995 billion, and 3.510 billion yuan, with year-on-year growth rates of -10.3%, 14.7%, and 15.4% respectively [2] - Net profit forecasts for the same period are -488 million, -259 million, and 61 million yuan, with year-on-year growth rates of 19.7%, 46.8%, and 123.6% respectively [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a Q3 2024 revenue of 660 million yuan, a year-on-year decrease of 13.22%, and a net profit attributable to shareholders of -165 million yuan, down 65.54% year-on-year [5] - For the first three quarters of 2024, the company achieved a revenue of 1.869 billion yuan, a decline of 15.19% year-on-year, with a net loss of 463 million yuan, representing a 134.28% decrease year-on-year [5] - The company continues to push forward its strategic planning despite macroeconomic challenges, with cumulative sales installation of gene sequencers exceeding 670 units, a 4% year-on-year increase [6] Summary by Sections Financial Performance - Q3 2024 gross margin was 58.38%, down 4.66 percentage points year-on-year, while the net profit margin was -25.08%, down 11.79 percentage points year-on-year [5] - For the first three quarters of 2024, the company’s IVD product revenue was 360 million yuan, accounting for 23% of total revenue, while non-IVD product revenue was 1.18 billion yuan, making up 77% [6] Sales and Market Position - The company’s gene sequencer business generated 1.54 billion yuan in revenue during the first three quarters of 2024 [6] - The sales installation of the DNBSEQ-G99 reached 210 units in Q3 2024, marking a 33% year-on-year increase, particularly after receiving certification in September 2023 [6] Earnings Forecast - The company is projected to have EPS of -1.16, -0.66, and -0.62 yuan for 2024, 2025, and 2026 respectively, with net profit growth rates of 20.7%, 43.1%, and 5.3% [7] - The estimated reasonable value range for the stock is between 41.94 and 53.92 yuan per share, based on a PS ratio of 7-9 times for 2024 [7]

Financial Performance - In the first three quarters of 2024, the company's revenue from gene sequencing instruments reached 1.54 billion yuan, accounting for 84% of total revenue [3] - Revenue from consumables was 960 million yuan, representing 62% of the total revenue from gene sequencing instruments [3] - The company reported a net loss due to a 15% year-over-year decline in revenue, influenced by macroeconomic conditions and market competition [4][5] Product Performance - The DNBSEQ-E25 low-throughput sequencer saw a 564% year-over-year increase in installation volume in the first three quarters [3] - The DNBSEQ-T7 sequencer's reagent consumption continued to grow, generating 450 million yuan in revenue, a 19% increase year-over-year [3] - The DNBSEQ-G99 and DNBSEQ-E25 models had installation numbers of 210 and 93 units respectively in the first three quarters of 2024 [7] Market Segmentation - Revenue from IVD products was 360 million yuan, accounting for 23% of total revenue, while non-IVD products generated 1.18 billion yuan, making up 77% [3] - In terms of application areas, research applications contributed 37.80%, clinical applications 50.17%, and emerging fields 12.03% [3] Regional Performance - The Chinese market generated 1.05 billion yuan in revenue, representing 68% of total revenue, while the Asia-Pacific region saw a 48% decline in revenue to 150 million yuan [3][4] - The Americas region achieved 120 million yuan in revenue, an 8% share, with a 29% year-over-year increase [4] Order Backlog - As of September 30, 2024, the company had an order backlog of 820 million yuan, with domestic orders at 520 million yuan (63%) and overseas orders at 300 million yuan (37%) [4] Cash Flow and Cost Management - The company has faced negative cash flow due to reduced cash collection rates and increased fixed costs from marketing and infrastructure investments [5] - To improve cash flow, the company plans to enhance customer credit management and optimize sales pricing strategies [5] Future Outlook - The company anticipates growth in overseas markets in 2025, particularly in regions along the Belt and Road Initiative and BRICS countries [7] - New applications in reproductive health, rare disease diagnosis, and tumor early screening are expected to drive industry growth [6]