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]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1] Core Views - The report highlights that geopolitical factors are impacting short-term performance, but there is optimism regarding the launch of new sequencing products in overseas markets and a recovery in the domestic market [1] - The company is facing challenges due to macroeconomic conditions, geopolitical tensions, and increased market competition affecting the sales of sequencing and laboratory automation products [1][2] - Despite the current difficulties, the company is expected to benefit from strategic partnerships and increased demand for innovative products in both domestic and international markets [1][2] Financial Performance Summary - The company's revenue for the first three quarters of 2024 was 1.886 billion, a year-on-year decrease of 15.19%, with a net profit attributable to the parent company of -463 million [1] - Quarterly performance shows that in Q3 2024, revenue was 660 million, down 13.22% year-on-year, and the net profit attributable to the parent company was -165 million, a decline of 65.54% [1] - The company's operating income is projected to decline from 2.911 billion in 2023 to 2.731 billion in 2024, with a forecasted growth rate of -6% [1][4] Profitability and Cost Structure - The report indicates that the company's gross margin for the first three quarters of 2024 was 61.47%, an increase compared to the previous year [1] - The sales expense ratio increased to 33.80%, up 8.38 percentage points year-on-year, while the management expense ratio rose to 21.38%, an increase of 5.42 percentage points [1] - Research and development expenses accounted for 29.61% of total expenses, reflecting a year-on-year increase [1] Future Outlook - The report anticipates that the company's revenue will recover to 3.409 billion in 2025 and reach 4.217 billion by 2026, with expected growth rates of 25% and 24% respectively [1][4] - The company is expected to continue investing in innovative product development and expanding its global distribution channels, which may lead to a rebound in performance [1][2]

(符合预期,海外布局加速推进 20240228; 公司点评报告 ·医药行业 Q3 业绩仍承压,静待国内外订单复苏 2024 年三季报业绩点评 核心观点 ● 事件:公司发布 2024年三季度报告,2024年 1~9 月实现营业收入 18.69 亿 元(-15.19%),归母净利润-4.63亿元,扣非净利润-4.97亿元,经营性现金 流-8.50亿元。2024Q3实现营业收入6.60亿元(-13.22%),归母净利润-1.65 亿元,扣非净利润-1.73亿元。 ● 2024Q3 业绩持续承压,静待国内及海外订单复苏:2024年Q3公司营业 收入同比下降,降幅较2024Q2 略有收窄,主要受宏观环境、地缘政治、市场 竞争等因素影响。公司单季度净利润亏损水平较2024Q2扩大,一方面是收入 规模下降导致成本摊薄效果减弱,进而引起毛利率降低(2024Q3 毛利率为 58.38%,环比-3.49pct/同比-4.66pct);另一方面,公司期间费用率水平有所 提升,其中销售费用率 33.99%(环比+3.58pct/同比+6.92pct),管理费用率 23.36%(环比+5.68pct/同比+6.89pct),研发费用率 ...