事件：公司发布2 024年年报及 2025年一季报，2024年实现营业收入 30.13亿元（yoy+3.48%），归母净 利润-6.01 亿元，扣非归母净利润-6.53 亿元，经营活动产生的现金流量净额-7.74 亿元（yoy+3.73%）。 2025Q1 实现营业收入4.55 亿元（yoy-14.26%），归母净利润-1.33 亿元，亏损同比收窄33.67%。 点评： 测序仪稳定增长，新业务潜力可期。2024 年面对全球生物科技产业链波动及美国《生物安全法》等外 部压力，公司笃定前行，实现营业收入30.13 亿元（yoy+3.48%），其中测序仪业务实现收入23.48 亿元 （yoy+2.47%），保持稳定增长，实验室自动化业务实现收入2.09 亿元，剔除突发公共卫生事件相关收 入增长36.69%，新业务收入4.00 亿元，剔除突发公共卫生事件相关收入增长57.05%，逐步摆脱疫情相 关需求的影响，展现较好的增长潜力。就盈利能力来看，2024 年公司销售毛利率为55.51%（yoy- 3.96pp），我们认为主要是产品结构调整所致，未来随着测序仪收入占比提升，销售毛利率有望回升， 在投入方面，2024 年公 ...

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]

华大智造（ [Table_StockNameRptType] 688114） 公司点评 2024 年收入平稳增长，国产替代加速 | [Table_Rank] | 投资评级：买入（维持） | | | --- | --- | --- | | 报告日期： | 2025-05-07 | | | [Table_BaseData] 收盘价（元） | | 81.02 | | 近 12 个月最高/最低（元） | | 106.66/ | | | | 34.68 | | 总股本（百万股） | | 417 | | 流通股本（百万股） | | 213 | | 流通股比例（%） | | 51.12 | | 总市值（亿元） | | 337 | | 流通市值（亿元） | | 173 | [公司价格与沪深 Table_Chart] 300 走势比较 -48% -16% 17% 49% 81% 5/24 8/24 11/24 2/25 5/25 华大智造 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：李婵 执业证书号：S0010523120002 ...

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 ...

华大智造（ [Table_StockNameRptType] 688114） 公司点评 2024 年收入平稳增长，国产替代加速 | [Table_Rank] | 投资评级：买入（维持） | | | --- | --- | --- | | 报告日期： | 2025-05-07 | | | [Table_BaseData] 收盘价（元） | | 81.02 | | 近 12 个月最高/最低（元） | | 106.66/ | | | | 34.68 | | 总股本（百万股） | | 417 | | 流通股本（百万股） | | 213 | | 流通股比例（%） | | 51.12 | | 总市值（亿元） | | 337 | | 流通市值（亿元） | | 173 | [公司价格与沪深 Table_Chart] 300 走势比较 -48% -16% 17% 49% 81% 5/24 8/24 11/24 2/25 5/25 华大智造 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：李婵 执业证书号：S0010523120002 ...

证券研究报告·公司点评报告·医疗器械 华大智造（688114） 2024 年报&2025 年一季报点评：国产替代自 主可控，AI 测序促进需求放量 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,911 | 3,013 | 3,756 | 4,193 | 4,687 | | 同比（%） | (31.19) | 3.48 | 24.66 | 11.65 | 11.77 | | 归母净利润（百万元） | (607.50) | (600.83) | (170.21) | 100.09 | 211.36 | | 同比（%） | (129.98) | 1.10 | 71.67 | 158.81 | 111.16 | | EPS-最新摊薄（元/股） | (1.46) | (1.44) | (0.41) | 0.24 | 0.51 | | P/E（现价&最新摊薄） | (51.35) | (51.92) | (183.29 ...

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 ...

我们看好公司在商务部禁令带来的国产替代黄金窗口下凭借技术与服务优势显著受益，装机量有望持续 突破。维持"买入"评级。 核心业务稳健增长 盈利预测与估值 公司24 年收入保持稳健增长，分业务板块看：1）基因测序业务实现收入23.48 亿元（+2.5%yoy），其 中仪器设备收入9.60 亿元（+6.9%yoy），试剂耗材收入13.73 亿元（+1.4%yoy）。24 年全年公司装机 量1,270 台（+48.6%yoy），占全球新增装机量市场份额达28.2%，较23 年提升9.5pct。 考虑海外政策扰动因素影响， 我们调整公司25-27 年收入至36.65/46.91/51.47 亿元（相比25/26 年前值调 整-11%/-11%）。公司为基因测序设备领域国产龙头，25 年有望迎来国产替代机遇，给予公司25 年 10xPS（可比公司均值8x），目标价88.0 元（前值98.98 元，对应25 年10x PS）。 2）实验室自动化业务收入2.09 亿元，新增装机量超500 台，已逐步摆脱对疫情相关需求的依赖，转向 科研、临床等常规场景。3）新业务收入4.0亿元（剔除疫情相关收入+57.1%yoy），单细胞相关 ...