Group 1: 华大智造 (BGI Genomics) - Revenue decline in Q1 2025 attributed to seasonal fluctuations and market uncertainties, with expectations for revenue recovery in Q2 from platform replacement orders [1] - Increased competition leading to a decline in average selling prices of core products, impacting gross margins; the company is implementing measures such as domestic material substitution and optimizing revenue structure to enhance gross margins [1] - Anticipated revenue growth in Q4 2024, but still facing losses due to promotional discounts, increased new business contributions, and expense provisions [1] - The company is focusing on cost reduction and efficiency improvement, with significant reductions in expense ratios expected [1] - The impact of US tariffs on gross margins is noted, with low overseas procurement ratios and some reliance on imported components; domestic substitution efforts are ongoing [1] - Plans to stock up in advance to mitigate short-term impacts and establish overseas factories for reagent supply [1] - The company has received 750 intentions for switching from 3,000 existing Illumina instruments, offering high-performance alternatives [1] - AI technology is being leveraged to optimize enzymes for sequencing speed and quality, alongside developing energy-efficient transportation methods [1] - The overseas commercialization strategy is tailored to local markets, focusing on mature markets in Europe and the US, while also paying attention to Asia-Pacific and emerging markets [1] - Domestic advancements in NIPT upgrades, infectious disease testing, tumor early screening, rare disease detection, and innovation in the research field are ongoing [1] Group 2: 微芯生物 (Microchip Biotech) - Introduction of sodium siglitazone for the treatment of fatty liver or MASH, already approved for type 2 diabetes and included in medical insurance, showing multiple benefits such as improved insulin resistance and liver fat reduction [2] - Ongoing Phase III clinical trial for the combination of sidarubicin with sintilimab and bevacizumab for advanced colorectal cancer, with 200 out of 430 planned cases enrolled as of April 3, 2025 [2] - Several projects including CS23546, CS231295, and others are in Phase I and II clinical stages, with CS23546 having completed four dose escalation groups [2] - Business development (BD) is a key focus, with efforts to enrich multi-ethnic drug data for future BD initiatives [2] - The company is leveraging its subsidiary's advantages in large molecule drug development to explore new drug forms like DC, with relevant drugs having completed PCC development [2] Group 3: 南芯科技 (Nanchip Technology) - Anticipated 179% growth in automotive business in 2024, contributing over 3% to revenue, with continued rapid growth expected in 2025 across four key areas: body control, intelligent driving, smart cockpit, and onboard charging [3] - R&D expense ratio is 17.01%, expected to remain similar in 2025; acquisition of Shengsheng Micro will enhance business and supply chain capabilities [3] - Industrial applications include energy storage, drones, and battery systems, with multiple new products set to launch in 2024 and future expansions into IPower, industrial automation, and robotics [3] - The wired charging business maintains a leading position, with a trend towards integration and systematization, expecting significant breakthroughs in 2024 and even greater market achievements in 2025 [3] - The company is managing production capacity effectively in response to tight supply at some wafer and packaging factories, with stable pricing for wafer procurement and packaging testing [3] - Introduction of automotive-grade high-speed CN/CNFD transceiver product SC25042Q, with plans for more power and drive products in the future [3] - The company is pursuing a dual strategy to expand sales channels by targeting both large customers and distributors [3] - Following the acquisition of Shengsheng Micro, a transaction payment of 700 million was made in Q1, resulting in goodwill [3]

Group 1: 华大智造 - 华大智造's Q1 2025 revenue decline is primarily due to seasonal fluctuations and market uncertainties, with expectations for revenue from platform replacement orders in Q2 [1] - Increased industry competition has led to a decline in average selling prices of core products, impacting gross margins; the company is implementing measures such as domestic material substitution and optimizing revenue structure to improve gross margins [1] - Revenue is expected to increase in Q4 2024, but losses are anticipated due to promotional discounts, increased new business contributions, and expense provisions, with cost logic still applicable due to scale effects [1] - The company is focused on cost reduction and efficiency improvement, optimizing budget management, organizational structure, and R&D projects, with significant reductions in expense ratios expected [1] - U.S. tariffs are affecting gross margins, with low overseas procurement ratios and reliance on imported components; domestic substitution is ongoing [1] - The company is preparing inventory to mitigate short-term impacts and is planning overseas factories for reagent supply, with limited effects from countermeasures [1] - There are 3,000 existing Illumina instruments, with 750 switch intentions received for high-performance alternatives provided by the company [1] - In reagent consumables, AI technology is being leveraged to optimize enzymes, enhancing sequencing speed and quality, and developing energy-efficient transportation methods [1] - The overseas commercialization strategy is tailored to local markets, focusing on mature markets in Europe and the U.S., while also paying attention to Asia-Pacific and emerging markets [1] - Domestically, the company is advancing NIPT upgrades, infectious disease testing, cancer early screening, rare disease detection, and innovations in the research field [1] Group 2: ST华通 - ST华通 is focusing on evergreen game categories such as SLG and match-3 games, emphasizing innovation and scalability [2] - The company believes that the future trend for SLG games is promising due to their ease of operation and strong user engagement, although successful teams are limited [2] - 盛趣游戏 plans to return to traditional advantages through cost reduction and efficiency improvements, exploring IP potential and seeking overseas markets [2] - Regarding the "Apple tax," the company sees the breaking of Apple payment restrictions as beneficial, though the short-term impact is expected to be minimal [2] - The company is providing competitive bonuses for team incentives, with the business team in a positive cycle [2] - ST华通 is optimistic about the long-term development of AI games, hosting innovation competitions while remaining cautious in the short term [2] - The company aims to leverage classic IP potential, relying on core users to launch new works [2]

Core Viewpoint - The company reported a slight increase in revenue for 2024 despite external pressures, while also showing potential for growth in new business segments and maintaining a stable performance in its core sequencing instrument business [1][2]. Financial Performance - In 2024, the company achieved a revenue of 3.013 billion yuan, representing a year-over-year increase of 3.48% [1]. - The net profit attributable to shareholders was -601 million yuan, and the net profit excluding non-recurring items was -653 million yuan [1]. - The net cash flow from operating activities was -774 million yuan, showing a year-over-year increase of 3.73% [1]. - For Q1 2025, the company reported a revenue of 455 million yuan, a year-over-year decrease of 14.26%, with a net profit of -133 million yuan, which is a 33.67% reduction in losses compared to the previous year [1]. Business Segments - The sequencing instrument business generated revenue of 2.348 billion yuan in 2024, reflecting a year-over-year growth of 2.47% [2]. - The laboratory automation business achieved revenue of 209 million yuan, with a growth of 36.69% when excluding pandemic-related income [2]. - New business revenue reached 400 million yuan, with a growth of 57.05% when excluding pandemic-related income, indicating a positive trend in diversifying revenue sources [2]. Profitability and Investment - The company's gross profit margin for 2024 was 55.51%, a decrease of 3.96 percentage points year-over-year, attributed to product mix adjustments [2]. - The company increased its sales and R&D expenditures, with sales expense ratio at 25.42% and R&D expense ratio at 24.77%, suggesting a focus on expanding its market presence and enhancing product offerings [2]. Market Performance - In 2024, the revenue from sequencing consumables was 1.373 billion yuan, a year-over-year increase of 1.43%, while the revenue from sequencing equipment was 960 million yuan, reflecting a growth of 6.92% [3]. - The company achieved a record high of nearly 1,270 new sequencing instrument installations in 2024, a year-over-year increase of 48.59% [3]. - Domestic revenue for sequencing instruments was 1.607 billion yuan, a year-over-year increase of 11.37%, with expectations of gaining market share due to the exclusion of a competitor from the market [3]. - Revenue from the Americas was 172 million yuan, a year-over-year increase of 8.28%, demonstrating resilience despite regulatory challenges [3]. Future Outlook - The company forecasts revenues of 3.689 billion yuan, 4.500 billion yuan, and 5.324 billion yuan for 2025 to 2027, with year-over-year growth rates of 22.4%, 22.0%, and 18.3% respectively [4]. - Expected net profits for the same period are projected to be -85 million yuan, 105 million yuan, and 263 million yuan, with significant growth rates of 85.8%, 223.1%, and 149.6% respectively [4].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 30.13 billion yuan in 2024, representing a year-over-year increase of 3.48%. However, it reported a net loss of 6.01 billion yuan [1][2] - The sequencing instrument business generated revenue of 23.48 billion yuan, showing stable growth, while new business revenue reached 4.00 billion yuan, indicating strong growth potential [2] - The company is expected to see revenue growth in the coming years, with projected revenues of 36.89 billion yuan, 45.00 billion yuan, and 53.24 billion yuan for 2025, 2026, and 2027, respectively [2][3] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 30.13 billion yuan, with a year-over-year growth of 3.48%. The net profit attributable to the parent company was -6.01 billion yuan, and the net cash flow from operating activities was -7.74 billion yuan [1][3] - The gross profit margin for 2024 was 55.51%, a decrease of 3.96 percentage points year-over-year, attributed to product mix adjustments [2] Business Segments - The sequencing instrument segment achieved revenue of 13.73 billion yuan from consumables, a year-over-year increase of 1.43%, and 9.60 billion yuan from equipment sales, a year-over-year increase of 6.92%. The company installed nearly 1,270 new sequencing instruments in 2024, marking a historical high [2] - Domestic revenue from sequencing instruments was 16.07 billion yuan, reflecting a year-over-year increase of 11.37%, while revenue from the Americas was 1.72 billion yuan, showing resilience despite regulatory challenges [2] Future Projections - The company forecasts revenues of 36.89 billion yuan in 2025, with a year-over-year growth rate of 22.4%. The net profit is expected to improve significantly, reaching -0.85 billion yuan in 2025, followed by positive net profits in subsequent years [2][3]

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company is expected to achieve stable revenue growth in 2024, with accelerated domestic substitution [6] - The core business of gene sequencing instruments showed steady performance, with a revenue of 2.348 billion yuan in 2024, a year-on-year increase of 2.47% [6] - The company is positioned to capture a significant market share from Illumina due to recent trade restrictions, enhancing its competitive edge in the domestic market [7] Financial Performance Summary - In 2024, the company achieved operating revenue of 3.013 billion yuan, a year-on-year increase of 3.48%, and a net profit attributable to shareholders of -601 million yuan, a year-on-year increase of 1.10% [4] - For Q4 2024, the company reported operating revenue of 1.143 billion yuan, a year-on-year increase of 61.64%, and a net profit of -137 million yuan, a year-on-year increase of 66.45% [4] - In Q1 2025, the company experienced a revenue decline of 14.26% year-on-year, with a net profit of -133 million yuan, an increase of 33.67% year-on-year [5] Revenue and Profit Forecast - The company is projected to achieve revenues of 3.583 billion yuan, 4.331 billion yuan, and 5.163 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 18.9%, 20.9%, and 19.2% [10] - The net profit attributable to shareholders is expected to be -46 million yuan, 70 million yuan, and 200 million yuan for 2025, 2026, and 2027 respectively, with significant year-on-year growth rates of 92.4%, 253.9%, and 183.7% [10] Market Position and Strategy - The company has become the only domestic sequencing equipment manufacturer covering all technical paths, enhancing its market position [7] - The company maintains a high level of R&D investment, continuously innovating its product matrix to meet the growing demand in domestic and overseas markets [7]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 华大智造(688114) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 测序试剂放量可期，国内+海外双轮驱 动增长 2024Q2 环比恢复增长，测序仪装机创 新高 基因测序业务稳步增长，全球化布局 持续深化 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 测序仪装机创新高，为试剂放量奠定基础 [Table_ReportDate] 2025 年 05 月 07 日 [Table_S 事件：公司发布 ummary]2024 年年报 ...

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company is expected to achieve stable revenue growth in 2024, with accelerated domestic substitution [6] - The core business of gene sequencing instruments showed steady performance, with a revenue of 2.348 billion yuan in 2024, a year-on-year increase of 2.47% [6] - The company is positioned to capture a significant market share from Illumina due to recent export restrictions [7] - The company maintains a high level of R&D investment, continuously innovating its product matrix [7] - Revenue forecasts for 2025-2027 are projected to be 3.583 billion yuan, 4.331 billion yuan, and 5.163 billion yuan, with year-on-year growth rates of 18.9%, 20.9%, and 19.2% respectively [10] Financial Performance Summary - In 2024, the company achieved an operating income of 3.013 billion yuan, a year-on-year increase of 3.48% [4] - The net profit attributable to the parent company was -601 million yuan, with a year-on-year growth of 1.10% [4] - The company reported a significant increase in sales volume, with nearly 1,270 new installations in 2024, a growth of 48.59% [6] - For Q4 2024, the operating income reached 1.143 billion yuan, a year-on-year increase of 61.64% [4] - The first quarter of 2025 saw a decline in revenue to 455 million yuan, a year-on-year decrease of 14.26% [5] Market Position and Outlook - The company is the only domestic sequencing equipment provider covering all technical paths, enhancing its competitive edge [7] - The overseas market is expanding, with a focus on high-throughput and high-precision sequencing equipment [7] - The company is expected to improve its overseas market share significantly, given the current geopolitical landscape [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from domestic substitution and AI sequencing, leading to increased demand [1] - The company's revenue for 2024 is projected to be 3.013 billion yuan, with a year-on-year growth of 3.48%, while the net profit attributable to the parent company is expected to be -600.83 million yuan, indicating a reduction in losses [1] - The company has a strong competitive position as the only domestic and one of the few global full-product sequencing instrument manufacturers [1] Financial Performance Summary - Total revenue for 2023 is 2.911 billion yuan, with a year-on-year decline of 31.19% [1] - For 2024, the revenue is expected to increase to 3.013 billion yuan, with a projected growth of 24.66% in 2025, reaching 3.756 billion yuan [1] - The net profit for 2024 is forecasted at -600.83 million yuan, improving to -170.21 million yuan in 2025, and turning positive in 2026 with a net profit of 100.09 million yuan [1] - The earnings per share (EPS) is expected to improve from -1.46 yuan in 2023 to -1.44 yuan in 2024, and then to -0.41 yuan in 2025 [1] Business Segment Performance - The gene sequencing instrument business is expected to maintain high growth, with revenue of 2.348 billion yuan in 2024, a year-on-year increase of 2.5% [1] - Domestic revenue for the gene sequencing instrument business is projected to be 1.607 billion yuan, reflecting an increase of 11.4%, while overseas revenue is expected to be 741 million yuan, a decrease of 12.7% [1] - The company has established nine global R&D centers and seven production bases, indicating a strong commitment to international expansion [1] Market Position and Strategy - The company has increased its market share in domestic sales of sequencing instruments to 63.8% in 2024, with a global market share of 28.2% [1] - The introduction of AI technology in products, such as the AIO intelligent control software, is expected to enhance sequencing efficiency and expand application scenarios [1] - The company is actively pursuing opportunities for domestic substitution, particularly as its main competitor, Illumina, faces limitations in the domestic market [1]

二、打破国际垄断：从技术追赶到全球竞逐 在生物科技领域，基因测序被誉为"解码生命的天梯"，而深圳华大智造科技股份有限公司（股票代码：688114）正是这条赛道的领跑者之一。自2022年登陆 科创板以来，这家成立仅7年的企业以"硬科技"底色吸引了资本市场的持续关注。作为华大集团旗下核心企业，华大智造不仅打破了国际巨头对基因测序设 备的垄断，更以自主创新构建了中国生物科技的"技术护城河"。本刊从资本市场表现与科技创新双维度，深入剖析这家科创板明星企业的成长逻辑。 一、科创板"硬科技"标杆：市值与研发的双向驱动 华大智造于2022年9月9日正式登陆科创板，发行价87.18元/股，首日收盘市值突破420亿元，成为当年生物科技领域最大规模IPO之一。据其招股书披露，募 资净额超36亿元，主要用于基因测序仪研发、生产基地建设及全球营销网络布局。尽管受全球生物科技板块估值回调影响，其股价经历阶段性波动，但截至 2024年一季度末，华大智造仍以超300亿元市值稳居基因测序设备国产企业首位。 财务数据显示，2022年公司实现营收42.3亿元，同比增长7.7%；2023年上半年营收21.6亿元，净利润受研发投入加大及国际市场拓展 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to benefit from domestic substitution and AI sequencing, leading to increased demand [1] - The company's revenue for 2024 is projected at 3.013 billion yuan, with a year-on-year growth of 3.48%, while the net profit attributable to the parent company is expected to be a loss of 600.83 million yuan, a reduction in loss of 7 million yuan [8] - The company has a strong competitive position as the only domestic and one of the few global full-product sequencing instrument manufacturers [1] Financial Performance Summary - Total revenue for 2023 is reported at 2.911 billion yuan, with a year-on-year decline of 31.19% [1] - The company achieved a revenue of 11.43 billion yuan in Q4 2024, reflecting a significant increase of 61.64% [8] - The revenue from the gene sequencing instrument business in 2024 is expected to be 2.348 billion yuan, with a growth of 2.5% [8] - The company anticipates a revenue of 3.756 billion yuan in 2025, representing a growth of 24.66% [1] Market Position and Strategy - The company has established nine global R&D centers, seven production bases, and thirteen customer experience centers, indicating a robust international presence [8] - The domestic market share for newly sold sequencing instruments reached 63.8% in 2024, while the global market share was 28.2% [8] - The company is actively pursuing opportunities for domestic substitution, particularly as its main competitor faces limitations in the domestic market [1]