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]

Group 1 - The core viewpoint of the article highlights BGI Genomics as a leading player in the biotechnology sector, particularly in gene sequencing, emphasizing its role in breaking international monopolies and establishing a technological moat in China [1][3] - BGI Genomics went public on the STAR Market in September 2022, with an initial share price of 87.18 yuan, achieving a market capitalization exceeding 42 billion yuan on its first trading day, making it one of the largest IPOs in the biotechnology sector that year [3] - As of the end of Q1 2024, BGI Genomics maintained a market capitalization of over 30 billion yuan, leading domestic competitors in gene sequencing equipment [3] Group 2 - BGI Genomics has achieved significant technological breakthroughs, notably with its DNBSEQ sequencing platform, which has reached international leading levels in sequencing accuracy and cost control [4] - The company has installed over 3,000 gene sequencing instruments globally, covering 85 countries, and has captured over 35% market share in China, positioning itself as a strong competitor to Illumina [4] - BGI Genomics holds over 2,400 patents, including more than 600 international PCT patents, establishing a comprehensive intellectual property system across the entire value chain [4] Group 3 - Following its IPO, BGI Genomics accelerated its global strategy, achieving CE certification for multiple devices in 2023 and becoming the first domestic sequencing instrument to receive FDA certification [6] - The company has enhanced its manufacturing capacity, with its Wuhan facility increasing annual production capacity to 2,000 units and achieving over 90% localization of core components [6] - BGI Genomics has formed a "Precision Medicine Alliance" with over 1,000 global research institutions and pharmaceutical companies, with overseas revenue accounting for 43% of total revenue in 2023 [6] Group 4 - BGI Genomics faces challenges including risks of technological iteration, supply chain security, and geopolitical pressures, necessitating a focus on local operational capabilities [8] - The company plans to allocate 30% of its fundraising towards the development of AI-assisted diagnostic systems and aims to establish regional centers in Southeast Asia and the Middle East to diversify market risks [8] Group 5 - The growth trajectory of BGI Genomics reflects a typical path for Chinese hard-tech companies, characterized by technological breakthroughs, capital support, and global competition [9] - The company is transitioning from domestic substitution to setting global standards in gene sequencing technology, which is seen as crucial for understanding human life codes [9]

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]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company's gene sequencing instrument business is experiencing steady growth, with significant progress in instrument installations. Despite short-term revenue pressure in Q1 2025 due to seasonal fluctuations, profit performance is driven by cost reduction and efficiency improvements. The acceleration of domestic substitution in 2025 is expected to lead to rapid growth in performance [2][4] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 3.013 billion yuan, a year-on-year increase of 3.48%. The net profit attributable to the parent company was -601 million yuan, a year-on-year increase of 1.10%. The adjusted net profit was -653 million yuan, a year-on-year increase of 4.41%. In Q4 2024, revenue reached 1.143 billion yuan, a year-on-year increase of 61.64% [1] - For Q1 2025, the company reported revenue of 455 million yuan, a year-on-year decline of 14.26%. The net profit attributable to the parent company was -133 million yuan, a year-on-year increase of 33.67% [1][2] Business Segments - The gene sequencing instrument business generated revenue of 2.348 billion yuan in 2024, a year-on-year increase of 2.47%. Instrument revenue was 960 million yuan (up 6.92%), and reagent revenue was 1.373 billion yuan (up 1.43%). The laboratory automation business generated 209 million yuan (down 4.09%) [2] - In Q1 2025, the company launched several new products, including the DNBSEQ-AIO library preparation sequencer and the DNBSEQ-E25 Flash sequencer, which are expected to strengthen future growth [4] International Expansion - The company has established a global presence across over 110 countries, with nine R&D centers, seven production bases, and nine international spare parts warehouses. In 2024, overseas revenue from the gene sequencing instrument business was 741 million yuan, a year-on-year decrease of 12.66% [3] - The company has made significant strides in localizing its operations, with the U.S. factory now operational and producing the DNBSEQ-G99 sequencer [3] Future Projections - Revenue projections for 2025-2027 are 3.736 billion yuan, 4.306 billion yuan, and 4.959 billion yuan, representing year-on-year growth rates of 24.0%, 15.3%, and 15.2%, respectively. The net profit attributable to the parent company is expected to improve significantly, reaching -57 million yuan in 2025 and 144 million yuan in 2026 [4][5]

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 05 年 月 日 华大智造（688114.SH） 25Q1 业绩短期承压，国产替代加速 2025 业绩可期 华大智造发布 2024 年度报告。2024 年公司实现营业收入 30.13 亿元，同比增长 3.48%；归母净利润-6.01 亿元，同比增长 1.10%；扣非后归母净利润-6.53 亿元， 同比增长 4.41%。分季度看，2024Q4 实现营业收入 11.43 亿元，同比增长 61.64%； 归母净利润-1.37 亿元，同比增长 66.45%；扣非后归母净利润-1.55 亿元，同比增 长 64.68%。 华大智造发布 2025 年度一季报。2025Q1 公司实现营业收入 4.55 亿元，同比下 滑 14.26%；归母净利润-1.33 亿元，同比增长 33.67%；扣非后归母净利润-1.45 亿元，同比增长 31.99%。 观点：2024 年基因测序仪业务稳健增长，测序仪装机进展顺利。2025Q1 收入 端因季节波动等因素影响短期承压，利润端表现优于收入端主要系降本增效驱动 期间费用率改善。海外本地化业务进展顺利，全球生产与服务能力 ...

Core Viewpoint - BGI Genomics achieved a main business revenue of 2.957 billion yuan in 2024, with the sequencing instrument business contributing 2.348 billion yuan, reflecting a strategic focus on product innovation and market leadership in the domestic sequencing instrument sector [4][10]. Revenue Breakdown - The revenue from the gene sequencing instrument business reached 2.348 billion yuan, a year-on-year increase of 2.47%. The revenue from instrument equipment was 960 million yuan, up 6.92%, while reagent consumables generated 1.373 billion yuan, growing by 1.43% [4]. - The laboratory automation business generated 209 million yuan, showing a significant growth of 36.69% compared to 2023, excluding impacts from public health events [4]. - New business segments contributed 400 million yuan, with a year-on-year growth of 57.05%, also excluding public health event impacts [4]. Product Innovation - BGI Genomics launched a series of new sequencing instruments and reagents, establishing a comprehensive SEQ ALL matrix. The company is the first globally to have large-scale commercial production of both short-read and long-read sequencing products [5][6]. - New products include the StandardMPS 2.0 sequencing reagent, which enhances high-throughput sequencing quality to Q40 accuracy, and the DNBSEQ-E25 Flash sequencing instrument, which significantly accelerates sequencing speed while reducing error rates [6]. AI Integration - The company implemented an intelligent transformation in its laboratory automation business by integrating AI technology, creating a standardized library of functional modules for life science tools, enhancing operational efficiency and decision-making processes [7]. Multi-Omics Tools Development - BGI Genomics is advancing multi-omics tools to support high-throughput, low-cost omics data production, addressing key scientific questions in life sciences. Significant progress has been made in cell genomics, spatial genomics, and imaging [8]. - In cell genomics, the company released new preservation solutions and upgraded single-cell library preparation kits, becoming one of the few companies globally to offer a comprehensive range of single-cell applications [8]. Market Performance - In the domestic market, the revenue from gene sequencing instruments reached 1.607 billion yuan, a year-on-year increase of 11.37%, capturing a 39% market share in the upstream revenue of the domestic gene sequencing industry [10]. - The company installed over 1,000 new sequencing instruments in the domestic market, representing a 63.8% share of new installations in the domestic gene sequencing industry [10]. - In overseas markets, the revenue from gene sequencing instruments was 741 million yuan, a decline of 12.66%. The company faced challenges in the Asia-Pacific and Europe-Africa regions due to project delays and increased competition, while the Americas region saw an 8.28% revenue increase [11].