证券研究报告 医药生物 | 医疗器械 非金融|首次覆盖报告 hyzqdatemark 2025 年 03 月 17 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 林海霖 SAC：S1350524050002 linhailin@huayuanstock.com 市场表现： | 基本数据 | 2025 | | 年 | 日 | | 03 | | 月 | 14 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | 89.61 | | 一 年 内 高 / 最 | | 最 | | | 低 | | | | | | （元） | | | | | | | 106.66/34.68 | | | | 总市值（百万元） | | | | | | | | | 37,324.01 | | 流通市值（百万元） | | | | | | | | | 19,080.88 | | 总股本（百万股） | | | | | | | | | 416.52 | | ...

测序试剂放量可期，国内+海外双轮驱动增长 [Table_CoverStock] —华大智造(688114)公司深度报告 [Table_ReportDate] 2025 年 03 月 13 日 [Table_CoverAuthor] 唐爱金 医药行业首席分析师 曹佳琳 医药行业分析师 S1500523080002 S1500523080011 tangaijin@cindasc.com caojialin@cindasc.com [Table_CoverReportList] 相关研究 1.2024Q2 环比恢复增长，测序仪装机创新高 2.基因测序业务稳步增长，全球化布局持续深化 证券研究报告 公司研究 [Table_ReportType] 公司深度报告 [Table_StockAndRank] 华大智造(688114) 投资评级 买入 上次评级 本期内容提要: [Table_Summary] 核心观点：华大智造是全球为数不多具有自主研发测序仪能力的企业之一， 是当前全球少数几家能够自主研发并量产从 Gb 级至 Tb 级低中高不同通量 的临床级基因测序仪企业之一，公司目前已经搭建了全矩阵的测序仪产品， 并通过实 ...

Investment Rating - The industry investment rating is "Recommended" [1] Core Viewpoints - The report highlights a revolution in sequencing technology empowered by AI, with domestic companies accelerating their AI business layout [5][6] - The domestic sequencing market is rapidly growing, with China becoming the second-largest gene testing market globally, surpassing 33.5 billion RMB in 2024 [31] - AI technology is significantly reducing costs and enhancing the efficiency and accuracy of sequencing processes, leading to advancements in personalized treatment and drug development [32] Summary by Sections Industry Overview - The pharmaceutical and biotechnology industry includes 645 listed companies with a total share capital of 5,825.23 million shares and sales revenue of 37,462.19 billion RMB [1] - The total profit for the industry is 3,382.22 billion RMB, with an average PE ratio of 42.37 [1] Market Performance - The pharmaceutical index increased by 1.06% during the week of March 3-7, 2025, underperforming the CSI 300 index, which rose by 1.39% [7][9] - The pharmaceutical industry index PE (TTM, excluding negative values) is 26.65 times, with a valuation premium of 121.81% compared to the CSI 300 index, indicating a historical low [9] AI Empowerment in Sequencing Technology - AI is optimizing sequencing processes and data analysis algorithms, enhancing speed and accuracy [31] - Domestic companies like BGI and Tempus are leveraging AI to create closed-loop ecosystems for data analysis and clinical applications [20][21] - The report emphasizes the importance of AI in reducing detection costs and improving personalized treatment options [32] Key Companies and Developments - Tempus AI focuses on integrating AI with clinical diagnostics, utilizing a vast database for drug development and clinical trial optimization [20][21] - BGI is enhancing sequencing efficiency through AI tools and has established a significant presence in over 100 countries [32] - Other notable companies include Shengxiang Biology, Novogene, and Berry Genomics, all of which are advancing their AI capabilities in sequencing and diagnostics [34][35]

Investment Rating - The report does not explicitly state an investment rating for the medical device industry or the specific company involved in the research Core Insights - The company is actively addressing supply chain concerns following its inclusion in the unreliable entity list by the Ministry of Commerce, focusing on accelerating the replacement of sequencing platforms in the domestic market [12] - The company has made significant advancements in AI applications, including the development of self-play AI agents for protein mutation exploration and the introduction of AI-driven laboratory automation tools [12][13] - The company has launched new sequencing instruments, including the DNBSEQ-E25Flash and DNBSEQ-T1+, which are designed to enhance speed and efficiency in genetic sequencing [16] Summary by Sections Research Background - The research was conducted on March 1, 2025, focusing on the medical device industry and specifically on the company BGI Genomics [4] Company Developments - The company has established a comprehensive multi-omics tool platform, covering various research areas such as genomics, cellomics, and spatial omics, with over 15 DCSLabs established globally [14] - Recent product launches include advanced sequencing instruments that leverage AI technology to improve operational efficiency and reduce sequencing time [16] Market Position and Strategy - The company maintains a competitive edge through a robust intellectual property system and a reliable supply chain, enabling it to offer comprehensive solutions from sample processing to data analysis [17] - The company is optimistic about the industry's growth despite increased competition, viewing new entrants as a sign of a thriving market [17]

Summary of BGI Genomics Conference Call Company and Industry Overview - **Company**: BGI Genomics - **Industry**: Gene Sequencing Key Points and Arguments - BGI Genomics holds a significant competitive advantage in the gene sequencing industry, being one of the few commercial producers of NGS upstream instruments and reagents globally. The company has captured 39% of the Chinese gene sequencing instrument market from 2020 to 2022, indicating strong market competitiveness [3][4] - The gene sequencing industry has a promising outlook, with projections indicating that the global upstream market will reach $24.2 billion by 2032, and the domestic market in China will reach 30.1 billion yuan. The industry is expected to remain a crucial sector over the next decade, driven by the reduction in NGS technology costs [4][11] - BGI Genomics has launched innovative products such as the MGISEQ-2000/200 high-throughput sequencing systems and the DNBSEQ-T7, enhancing its global competitiveness and driving growth in laboratory automation [4][6] - The company reached a settlement with Illumina, receiving $325 million, which marks a significant advancement in its international legal disputes. Its laboratory automation equipment is now applied in over 30 countries and 13 cities in China, laying the groundwork for further international market expansion [7][4] - Investors should be aware of risks including valuation volatility, potential underperformance of the gene sequencing industry, and trade frictions that could adversely affect long-term growth and investment returns [8] - BGI Genomics plans to deepen its focus on the gene sequencing field by reducing costs and promoting downstream application innovations to expand market share. The company aims for rapid growth through the synergy of its laboratory automation and gene sequencing sectors [9][4] - The introduction of the DNBCKT20 personal whole genome sequencing at a cost of $100 per person represents a significant reduction in upstream costs, opening up market opportunities for downstream applications [10][4] - The domestic gene sequencing market is experiencing exponential growth, with a growth rate exceeding 40%. Key application areas include reproductive genetics, tumor detection, and microbial pathogen detection, with tumor testing being a significant segment [11] - Government policies have increasingly supported the gene sequencing industry, accelerating the domestic replacement process. Since 2014, 26 policies have been introduced to promote the development of gene sequencing technology and its applications [12] - BGI Genomics has established significant technological advantages, with a high market share in the upstream NGS industry and a strong customer base, which enhances its ecological and platform advantages [13] - The laboratory automation business has rapidly expanded during the pandemic, and BGI Genomics has developed comprehensive solutions to address supply chain challenges. The company anticipates profits between -677 million to 554 million yuan for 2024 due to macroeconomic and geopolitical influences [14][15] Additional Important Content - The company has confirmed asset impairment losses totaling 97.75 million yuan and has assessed inventory values based on various factors, including historical consumption data and future sales expectations [15][16]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][15]. Core Views - The company is expected to benefit from accelerated domestic market share growth due to the recent restrictions on Illumina, a global leader in gene sequencing, which has been banned from exporting sequencing instruments to China [6][10]. - The company has shown a significant revenue increase of 10.28% year-on-year, driven by enhanced sales of gene sequencers and related laboratory equipment, particularly in the fourth quarter where revenue grew by 89.6% year-on-year [4][5]. - The overall loss has narrowed, with a notable reduction in losses in the fourth quarter, reflecting improved market demand and strategic adjustments [5][10]. Financial Summary - For the fiscal year 2024, the company is projected to achieve revenues of 32.1 billion yuan, with a year-on-year growth of 10.28%, and a net loss of 5.99 billion yuan, which is a reduction of 1.38% compared to the previous year [4][11]. - The company’s total assets are expected to be 103.3 billion yuan by the end of 2024, a decrease of 2.10% year-on-year, while the equity attributable to the parent company is projected to be 79.8 billion yuan, down 7.54% year-on-year [4][11]. - The earnings per share (EPS) for 2024 is estimated at -1.44 yuan, with a projected recovery to 0.01 yuan by 2025 and 0.50 yuan by 2026 [11][14]. Industry Outlook - The gene sequencing industry is undergoing a significant transformation, with domestic manufacturers like the company poised to rapidly replace imports due to favorable policies and increasing demand driven by AI advancements [7][10]. - The company has introduced innovative sequencing platforms that integrate AI capabilities, which are expected to enhance customer satisfaction and drive further demand for its products [6][10].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][15]. Core Insights - The company is expected to benefit from accelerated domestic market share growth due to the recent restrictions on Illumina, a global leader in gene sequencing, which has been placed on an unreliable entity list by the Chinese Ministry of Commerce [6][10]. - The company reported a revenue increase of 10.28% year-on-year for 2024, driven by enhanced sales of gene sequencers and related laboratory equipment, with a significant 89.6% growth in Q4 revenue [4][5]. - The company is positioned as a leader in the domestic sequencing industry, with projections for revenue growth from 32.1 billion yuan in 2024 to 47.55 billion yuan in 2026, alongside a potential return to profitability by 2026 [7][11]. Company Overview - The latest closing price of the company's stock is 81.06 yuan, with a total market capitalization of 338 billion yuan and a circulating market value of 173 billion yuan [3]. - The company has a total share capital of 4.17 billion shares, with 2.13 billion shares in circulation [3]. - The company’s largest shareholder is Shenzhen Huada Technology Holdings Group [3]. Financial Performance - For 2024, the company expects to achieve a total revenue of 32.1 billion yuan, with a net loss of 5.99 billion yuan, which is a reduction in losses compared to the previous year [4][11]. - The company’s total assets as of the end of 2024 are projected to be 103.3 billion yuan, reflecting a 2.10% decrease year-on-year [4]. - The company’s operating expenses increased by approximately 13% due to adjustments in marketing strategies aimed at expanding application promotion and channel development [5]. Profitability Forecast - The company is projected to have a net profit of -5.99 billion yuan in 2024, improving to -0.03 billion yuan in 2025, and returning to a profit of 2.06 billion yuan in 2026 [7][11]. - The expected earnings per share (EPS) are forecasted to improve from -1.46 yuan in 2023 to 0.50 yuan in 2026 [11][14].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has shown strong performance in Q4 2024, with a significant increase in revenue and a positive outlook for domestic market opportunities due to the accelerated domestic substitution in the gene sequencing industry [2][3] - The company is expected to benefit from the inclusion of Illumina in the entity list, which provides an opportunity to capture market share [2] - The company has made substantial progress in its overseas localization strategy, enhancing its global production and service capabilities [3] Financial Performance - In 2024, the company achieved revenue of 3.21 billion yuan, a year-on-year increase of 10.28%, and a net profit attributable to shareholders of -599 million yuan, a year-on-year increase of 1.38% [1] - For Q4 2024, the company reported revenue of 1.34 billion yuan, a year-on-year increase of 89.61% and a quarter-on-quarter increase of 103.28% [1] - The company has a strong order backlog of 820 million yuan as of Q3 2024, with 520 million yuan from the domestic market and 300 million yuan from overseas [4] Revenue and Profit Forecast - Revenue forecasts for 2024-2026 are 3.21 billion yuan, 3.70 billion yuan, and 4.23 billion yuan, representing year-on-year growth rates of 10.3%, 15.2%, and 14.4% respectively [4] - Net profit forecasts for the same period are -599 million yuan, -196 million yuan, and -73 million yuan, with year-on-year growth rates of 1.4%, 67.2%, and 63.0% respectively [4] Market Position and Strategy - The company has established 23 domestic subsidiaries and 24 overseas subsidiaries, along with 9 R&D centers and 7 production bases globally [3] - The company has enhanced its marketing and channel expansion efforts, leading to a significant increase in the installation of gene sequencers [2][3]

Investment Rating - The report assigns an investment rating of "Recommended" for the pharmaceutical and biotechnology industry [3][33]. Core Insights - The "AI + Healthcare/Pharmaceutical" theme continues to gain traction, with short-term momentum expected to persist. The report highlights significant stock performance in the sector, with the pharmaceutical and biotechnology sector (SW) rising by 2.71%, outperforming the CSI 300 index, and all sub-sectors showing positive growth, particularly in medical services [3][4]. - In the U.S., Tempus AI, a representative company in medical AI, saw a weekly increase of approximately 30% and over 160% year-to-date, driving the momentum of the medical AI concept. In China, companies like KingMed Diagnostics and Dian Diagnostics announced collaborations with DeepSeek, indicating a shift towards the commercialization of AI applications in healthcare [4][3]. - The report emphasizes investment opportunities in sub-sectors such as "AI + Medical Imaging," "AI + Diagnostic Services," and "AI + Drug Development," recommending key companies including United Imaging, Mindray, BGI Genomics, and WuXi AppTec [3][4]. Industry Performance Tracking - The pharmaceutical and biotechnology sector (SW) rose by 2.71% in the week of February 10-14, ranking 5th among 31 Shenwan primary industries. The CSI 300 index increased by 1.19% during the same period [5][6]. - All sub-sectors experienced growth, with medical services leading at +6.51%, followed by medical devices at +4.81%, and pharmaceutical commerce at +4.18% [5][6]. - Notable individual stock performances included Dian Diagnostics (+46.29%), Mian Health (+31.58%), and United Imaging (+27.33%) [6]. Industry Dynamics and Key Company Tracking - The National Healthcare Security Administration released a list of key tasks for 2025, focusing on efficient medical insurance processes and direct settlements for collected drugs and consumables [7]. - The retail terminal drug sales scale in China is projected to reach 574 billion yuan in 2024, with a growth rate of 3.7%, indicating a slowdown in growth due to demographic and economic factors [8]. - The report also notes significant collaborations, such as Baiyang Pharmaceutical's agreement with Roche for the exclusive marketing rights of a targeted cancer drug in mainland China [9][11]. Industry Data Tracking - The report tracks various industry metrics, including the basic medical insurance fund income, which reached 28,507.29 billion yuan in 2024, showing a year-on-year growth of 5% [15][16]. - The domestic pharmaceutical manufacturing industry achieved a total revenue of 25,298.50 billion yuan in 2024, with profit totals declining by 1.1% year-on-year [17].

Core Viewpoint - The article highlights the debut of BGI Genomics' new generation of AI+robotics for laboratory automation, marking a significant advancement towards fully automated laboratory processes [1] Group 1: Product Features - The new aLab Robot features both collaborative and compound robotic systems designed specifically for laboratory environments [1] - The robots are capable of operating in confined spaces with high precision and efficiency, making them ideal for laboratory automation tasks [1] - The system is intended to meet various needs such as material transportation, flexible loading and unloading, and integration of functional islands [1]