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]

Investment Rating - The report maintains a "Recommended" rating for the company, 华大智造 (stock code: 688114) [5]. Core Views - The company reported a revenue of 1.869 billion yuan for the first nine months of 2024, a decrease of 15.19% year-on-year, with a net loss attributable to shareholders of 463 million yuan [2]. - The Q3 2024 performance continues to be under pressure, with revenue of 660 million yuan, down 13.22% year-on-year, and a net loss of 165 million yuan [2]. - The company is actively repurchasing shares and advancing an employee stock ownership plan, reflecting confidence in long-term development [3]. - The company is in a critical market expansion phase, with significant investments in sales and R&D, while facing challenges from macroeconomic conditions and geopolitical factors [3]. Financial Performance Summary - For Q3 2024, the gross margin was 58.38%, down 3.49 percentage points quarter-on-quarter and 4.66 percentage points year-on-year [2]. - The sales expense ratio was 33.99%, an increase of 3.58 percentage points quarter-on-quarter and 6.92 percentage points year-on-year, while the management expense ratio was 23.36%, up 5.68 percentage points quarter-on-quarter and 6.89 percentage points year-on-year [2]. - The company has adjusted its revenue forecasts for 2024-2026 to 2.718 billion, 3.246 billion, and 3.863 billion yuan, reflecting a year-on-year change of -6.64%, +19.42%, and +19.02% respectively [3]. - The net profit forecasts for the same period have been revised to -501 million, -273 million, and 20 million yuan, with corresponding EPS of -1.20, -0.65, and 0.05 yuan [3]. Market Position and Outlook - 华大智造 is positioned as a leading domestic sequencing instrument manufacturer with strong technological capabilities and product strength, aiming for global market expansion [3]. - The report highlights that the company is in a market development phase, with ongoing high levels of investment in sales and R&D, while also facing uncertainties in downstream demand recovery and geopolitical risks [3].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced significant pressure on its performance in Q3 2024, with a 13.22% year-on-year decline in revenue and an increased net loss of 1.65 billion yuan [2][3] - Despite the challenging macroeconomic environment, geopolitical factors, and market competition, the company is expanding its strategic partnerships across various fields, which may support its future growth [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenues of 1.869 billion yuan, a decrease of 15.19% year-on-year, and a net loss of 463 million yuan, worsening from previous losses [1] - In Q3 2024, the company achieved revenues of 660 million yuan, down 13.22% year-on-year, with a net loss of 165 million yuan [1][2] Cost and Expenses - The gross margin for Q3 2024 was 58.38%, a decline of 4.66 percentage points year-on-year, while the selling expense ratio increased by 6.92 percentage points to 33.99% [2] - R&D expenses slightly decreased to 201 million yuan in Q3 2024, accounting for 30.49% of revenue [2] Strategic Developments - The company has formed strategic partnerships with several organizations, enhancing its capabilities in immunology research and synthetic biology [3] - New product launches in Q3 2024 included a range of innovative technologies and instruments, indicating ongoing investment in R&D despite financial pressures [2] Earnings Forecast and Valuation - The profit forecasts for 2024 and 2025 have been revised downwards to net losses of 294 million yuan and a profit of 69 million yuan, respectively, with a new forecast for 2026 projecting a net profit of 167 million yuan [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - 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%, with a net profit attributable to shareholders of -463 million yuan [1] - In Q3 2024, the company achieved a revenue of 660 million yuan, down 13.22% year-on-year, attributed to weak domestic research budgets and non-essential medical demand, compounded by geopolitical tensions affecting overseas expansion [1] - The company has a strong market position in the domestic market, with expectations for a recovery in domestic demand due to large-scale equipment renewal policies from government departments [1] - The company has established nine major R&D centers, seven production bases, and nine international warehouses globally, enhancing its overseas business layout [1] Financial Summary - For 2024E, the company is expected to generate revenues of 2.727 billion yuan, with a year-on-year decrease of 6.3% [4] - The net profit attributable to shareholders is projected to improve from -607 million yuan in 2023A to -395 million yuan in 2024E, with a year-on-year growth of 35.0% [4] - The gross margin is expected to increase from 59.5% in 2023A to 63.0% in 2024E [4] - The company anticipates a gradual recovery in profitability, with net profits projected to turn positive by 2026E [4][6]

中信证券股份有限公司 关于深圳华大智造科技股份有限公司 2024 年度日常关联交易额度调整的核查意见 上海证券交易所: 中信证券股份有限公司（以下简称"中信证券"）作为深圳华大智造科技股 份有限公司（以下简称"华大智造"或"公司"）首次公开发行股票并在科创板 上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科 创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号—— 规范运作》等相关规定履行持续督导职责，对华大智造 2024 年度日常关联交易 额度调整进行了审慎核查，具体核查情况如下： 一、 日常关联交易基本情况 （一）关于 2024 年度日常关联交易预计额度履行的审议程序 根据华大智造日常关联交易的实际情况，并结合公司业务发展的需要，公司 预计 2024 年度将与关联方发生的日常关联交易总金额不超过 132,564 万元，关 联交易主要内容包括向关联方采购商品及服务、向关联方销售商品及提供服务、 向关联方租赁房屋、向关联方出租房屋、向关联方出租设备及其他收入、支出的 业务。其中，采购商品及服务的关联交易金额为 12,169 万元，销售商品及提供服 务的关联交易金额为 1 ...

中信证券股份有限公司 关于深圳华大智造科技股份有限公司 增加与关联方合作建设金额暨关联交易的核查意见 上海证券交易所: （二）增加关联交易额度履行的审议程序 华大智造于 2022 年 8 月 5 日召开第一届董事会第九次会议、第一届监事会 第九次会议及于 2022 年 8 月 31 日召开 2022 年第二次临时股东大会，审议通过 了《关于与关联方联合竞买土地及合作建设的议案》，同意公司使用自有资金出 资与深圳华大基因科技有限公司（以下简称"华大控股"）、深圳华大科技控股 集团有限公司（以下简称"华大科技控股"）、深圳华大基因股份有限公司（以 下简称"华大基因"）组成联合体（华大控股、华大科技控股、华大基因和华大 智造以下统称"联合体"或"联合体企业"），共同参与竞买位于盐田区大梅沙 盐坝高速以北的 J402-0349 号地块及地上建（构）筑物并共同出资在该地块上进 行项目合作开发建设。本项目将为公司未来研发、日常经营等业务提供充足土地 储备，有利于公司进一步提升研发创新水平，满足公司经营用地及配套设施需求， 进一步拓展公司主业发展空间，增强公司持续发展能力。 预计公司投资总额不超过 14 亿元（以下元均指人 ...

10月30日，华大智造(688114)公布2024年第三季度财报。以核心基因测序业务为坚实底盘，华大智造积 极应对宏观环境波动与国际形势挑战，稳步推进全球市场拓展，2024年前三季度实现营业收入18.69亿 元。 此外，华大智造高度重视前沿技术布局，持续夯实竞争优势，前三季度研发投入5.91亿元，占营业收入 的比例为31.6%。今年9月，华大智造联合华大序风发布纳米孔测序仪新品，成为了全球唯一具备激发 光、自发光、不发光三种不同技术路线测序仪的机构。 为了推动下游应用拓展和科研成果转化，华大智造持续着力提升市场覆盖度和产品可及性，在近期取得 显著进展。根据国家药品监督管理局（NMPA）官网，由贝康医疗、金匙智造、吉因加分别申请的三款 国产基因测序仪在9月30日同日获批三类医疗器械注册证，而三款国产基因测序仪均基于华大智造 DNBSEQ技术。 目前，国内已有36款基因测序仪获NMPA批准可用于临床检测，其中有22款基于华大智造的DNBSEQ测 序技术，为进一步打开中国市场的临床应用提供了丰富的工具。在全球，截至2024年6月30日，华大智 造覆盖的准入市场已超90个，累计获产品认证、医疗器械注册准入362项。 ...