Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months [9]. Core Viewpoints - The company has shown resilience in performance despite geopolitical risks, with steady growth in global sequencing installations [1]. - The core sequencing business is experiencing robust growth, with a significant increase in installed machines and market share, particularly in the domestic market [6]. - The company is positioned as a leader in the domestic sequencing market, benefiting from the ongoing trend of domestic substitution as competitors face challenges [6]. Financial Performance Summary - For 2024, the company reported 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 slight improvement of 1.10% year-on-year [3]. - The first quarter of 2025 saw a revenue decline of 14.26% year-on-year, with a net profit of -133 million yuan, reflecting a 33.67% increase compared to the previous year [3]. - The company’s revenue projections for 2025 to 2027 are 3.607 billion yuan, 4.500 billion yuan, and 5.597 billion yuan, respectively, with expected growth rates of 20%, 25%, and 24% [6]. Market Position and Strategy - The company achieved a historical high in new sales installations, with nearly 1,270 new machines sold in 2024, representing a 48.59% increase year-on-year [6]. - The global market share is approximately 7.1% based on revenue, and 28.2% based on new installations, indicating strong competitive positioning [6]. - The company is expanding its overseas presence with a marketing team of nearly 900 people, enhancing local support services to accelerate product adoption [6]. Cost and Efficiency Metrics - The company’s sales expense ratio for 2024 was 25.42%, a decrease of 3.16 percentage points year-on-year, while the management expense ratio increased by 1.83 percentage points to 19.98% [6]. - The gross margin for 2024 was 55.51%, down 3.96 percentage points year-on-year, primarily due to changes in product mix [6]. Future Outlook - The company is expected to continue benefiting from innovative product launches and global channel development, despite potential macroeconomic impacts on conventional business growth [6]. - The forecasted net profit for 2025 is -177 million yuan, with significant growth anticipated in subsequent years, reaching 182 million yuan by 2027 [6].

Core Insights - The company reported a revenue of 3.013 billion yuan for 2024, representing a year-on-year growth of 3.48% [1] - The net profit attributable to shareholders was -601 million yuan, with a year-on-year increase of 1.10% [1] - The first quarter of 2025 saw a revenue decline of 14.26% year-on-year, amounting to 455 million yuan [1] Financial Performance - In Q4 2024, the company achieved a revenue of 1.143 billion yuan, a significant year-on-year increase of 61.64% [1] - The gross profit margin for 2024 was 55.51%, down 3.96 percentage points from the previous year [2] - The net profit margin was -20.22%, showing a slight improvement of 0.64 percentage points year-on-year [2] Business Segments - The core sequencing business generated 2.348 billion yuan in revenue, with a year-on-year growth of 2.47% [3] - The company sold nearly 1,270 new sequencing instruments in 2024, marking a 48.59% increase year-on-year [3] - The laboratory automation segment achieved a revenue of 209 million yuan, with a year-on-year growth of 36.69% after excluding pandemic-related revenues [4] Market Position and Strategy - The company holds a global market share of approximately 7.1% in revenue terms and 28.2% in terms of new sales installations [3] - The domestic market share for new instrument installations reached about 63.8%, with revenue market share increasing to 39% [3] - The company is accelerating its global expansion with nearly 900 overseas marketing personnel [3] Future Outlook - Revenue projections for 2025-2027 are set at 3.607 billion, 4.500 billion, and 5.597 billion yuan, reflecting year-on-year growth rates of 20%, 25%, and 24% respectively [5] - The net profit forecast for 2025 is -177 million yuan, with a significant turnaround expected by 2027, reaching 182 million yuan [5] - The company is positioned as a leading domestic sequencing instrument provider, with potential for further market share growth due to ongoing product innovations and geopolitical factors [5]

事件：公司发布2024年年度报告及2025年一季度报告。2024年实现营业收入30.13亿元（+3.48%），归 母净利润-6.01亿元，扣非净利润-6.53亿元，经营性现金流-7.74亿元。2024Q4实现营业收入11.43亿元 （+61.64%），归母净利润-1.37亿元，扣非净利润-1.55亿元。2025Q1实现营业收入4.55亿元 （-14.26%），归母净利润-1.33亿元，扣非净利润-1.45亿元，经营性现金流-0.68亿元。 测序仪装机进展顺利，国内份额显著提升。1）2024年：公司核心业务实现显著突破。分业务来看，① 基因测序仪：实现收入23.48亿元（+2.47%），其中仪器设备实现收入9.60亿元（+6.92%），全年新增 销售装机量近1,270台（+48.59%），国内新增销售超1，000台（占新增销售装机口径份额63.8%），试 剂耗材实现收入13.73亿元（+1.43%），DNBSEQ-T7/G99相关试剂收入同比增长23.23%、63.53%；② 实验室自动化：实现收入2.09亿元（+36.69%，剔除突发公卫相关基数），全年新增装机超500台，已逐 步消化突发公卫事件相关业务影响 ...

Group 1: 弘亚数控 - In Q1 2025, domestic sales accounted for approximately two-thirds of total revenue, showing a slight year-on-year decline, while overseas sales experienced a certain degree of growth [1] - The increase in foreign exhibitors at the March exhibition indicates potential for new overseas customer orders, which may require a longer lead time [1] - The company maintains a cautiously optimistic outlook for the market this year, believing that continuous industry growth will provide development space [1] Group 2: 华大智造 - Revenue decline in Q1 2025 was primarily due to seasonal fluctuations and market uncertainties, with expectations for revenue from platform replacement orders in Q2 [2] - Increased competition has led to a decrease in average selling prices of core products, impacting gross margins; the company is implementing measures such as domestic material substitution to improve margins [2] - The company plans to continue cost reduction and efficiency improvement initiatives, with significant reductions in expense ratios expected [2] Group 3: 同兴科技 - The sodium-ion battery cathode materials utilize a poly-anion route, offering advantages such as low cost, low temperature, and high safety, mainly applied in large-scale energy storage and two-wheeled vehicles [3] - The third-generation NFPP has completed pilot-scale experiments, demonstrating high specific capacity and long cycle stability, and has been used in large-scale commercial energy storage projects [3] - The company is optimistic about its carbon capture business and has established a CCUS division to advance multiple projects and technological collaborations [3]

3）南芯科技 （上海理成资产管理有限公司参与公司电话会议） 调研纪要：南芯科技2024年汽车业务增速达179%，占营收比超3%，2025年将继续快速增长，布局车身 控制、智能驾驶、智能座舱、车载充电四大领域。公司研发费用率为17.01%，2025年预计相近；收购 昇生微后，将在业务端和供应链层面为其赋能。工业领域产品应用于储能、无人机、电池系统等，2024 年推出多款新品，未来将拓展IPower、工业自动化、工控及机器人领域。有线充电业务保持领先，技术 趋势向集成化、系统化发展，2024年取得显著突破，2025年预计取得更显著市场成绩。部分晶圆厂和封 装厂产能趋紧，公司产能分配合理匹配业务订单需求，晶圆采购和封装测试价格保持稳定。公司推出车 规级高速CN/CNFD收发器产品SC25042Q，未来将推出更多电源、驱动等产品。公司会两线并举，既拓 展大客户也拓展经销商，以扩大销售渠道。因收购昇生微，一季度支付交易款项并完成并表，产生7亿 商誉。 机构简介： 根据市场公开信息及5月7日披露的机构调研信息，知名私募理成资产近期对3家上市公司进行了调研， 相关名单如下： 1）华大智造 （上海理成资产管理有限公司参与公司 ...

Group 1: 华大智造 - 华大智造's Q1 2025 revenue decline is primarily due to seasonal fluctuations and market uncertainties, with expectations for revenue from platform replacement orders in Q2 [1] - Increased industry competition has led to a decline in average selling prices of core products, impacting gross margins; the company is implementing measures such as domestic material substitution and optimizing revenue structure to improve gross margins [1] - Revenue is expected to increase in Q4 2024, but losses are anticipated due to promotional discounts, increased new business contributions, and expense provisions, with cost logic still applicable due to scale effects [1] - The company is focused on cost reduction and efficiency improvement, optimizing budget management, organizational structure, and R&D projects, with significant reductions in expense ratios expected [1] - U.S. tariffs are affecting gross margins, with low overseas procurement ratios and reliance on imported components; domestic substitution is ongoing [1] - The company is preparing inventory to mitigate short-term impacts and is planning overseas factories for reagent supply, with limited effects from countermeasures [1] - There are 3,000 existing Illumina instruments, with 750 switch intentions received for high-performance alternatives provided by the company [1] - In reagent consumables, AI technology is being leveraged to optimize enzymes, enhancing sequencing speed and quality, and developing energy-efficient transportation methods [1] - The overseas commercialization strategy is tailored to local markets, focusing on mature markets in Europe and the U.S., while also paying attention to Asia-Pacific and emerging markets [1] - Domestically, the company is advancing NIPT upgrades, infectious disease testing, cancer early screening, rare disease detection, and innovations in the research field [1] Group 2: ST华通 - ST华通 is focusing on evergreen game categories such as SLG and match-3 games, emphasizing innovation and scalability [2] - The company believes that the future trend for SLG games is promising due to their ease of operation and strong user engagement, although successful teams are limited [2] - 盛趣游戏 plans to return to traditional advantages through cost reduction and efficiency improvements, exploring IP potential and seeking overseas markets [2] - Regarding the "Apple tax," the company sees the breaking of Apple payment restrictions as beneficial, though the short-term impact is expected to be minimal [2] - The company is providing competitive bonuses for team incentives, with the business team in a positive cycle [2] - ST华通 is optimistic about the long-term development of AI games, hosting innovation competitions while remaining cautious in the short term [2] - The company aims to leverage classic IP potential, relying on core users to launch new works [2]

Core Viewpoint - The company reported a slight increase in revenue for 2024 despite external pressures, while also showing potential for growth in new business segments and maintaining a stable performance in its core sequencing instrument business [1][2]. Financial Performance - In 2024, the company achieved a revenue of 3.013 billion yuan, representing a year-over-year increase of 3.48% [1]. - The net profit attributable to shareholders was -601 million yuan, and the net profit excluding non-recurring items was -653 million yuan [1]. - The net cash flow from operating activities was -774 million yuan, showing a year-over-year increase of 3.73% [1]. - For Q1 2025, the company reported a revenue of 455 million yuan, a year-over-year decrease of 14.26%, with a net profit of -133 million yuan, which is a 33.67% reduction in losses compared to the previous year [1]. Business Segments - The sequencing instrument business generated revenue of 2.348 billion yuan in 2024, reflecting a year-over-year growth of 2.47% [2]. - The laboratory automation business achieved revenue of 209 million yuan, with a growth of 36.69% when excluding pandemic-related income [2]. - New business revenue reached 400 million yuan, with a growth of 57.05% when excluding pandemic-related income, indicating a positive trend in diversifying revenue sources [2]. Profitability and Investment - The company's gross profit margin for 2024 was 55.51%, a decrease of 3.96 percentage points year-over-year, attributed to product mix adjustments [2]. - The company increased its sales and R&D expenditures, with sales expense ratio at 25.42% and R&D expense ratio at 24.77%, suggesting a focus on expanding its market presence and enhancing product offerings [2]. Market Performance - In 2024, the revenue from sequencing consumables was 1.373 billion yuan, a year-over-year increase of 1.43%, while the revenue from sequencing equipment was 960 million yuan, reflecting a growth of 6.92% [3]. - The company achieved a record high of nearly 1,270 new sequencing instrument installations in 2024, a year-over-year increase of 48.59% [3]. - Domestic revenue for sequencing instruments was 1.607 billion yuan, a year-over-year increase of 11.37%, with expectations of gaining market share due to the exclusion of a competitor from the market [3]. - Revenue from the Americas was 172 million yuan, a year-over-year increase of 8.28%, demonstrating resilience despite regulatory challenges [3]. Future Outlook - The company forecasts revenues of 3.689 billion yuan, 4.500 billion yuan, and 5.324 billion yuan for 2025 to 2027, with year-over-year growth rates of 22.4%, 22.0%, and 18.3% respectively [4]. - Expected net profits for the same period are projected to be -85 million yuan, 105 million yuan, and 263 million yuan, with significant growth rates of 85.8%, 223.1%, and 149.6% respectively [4].

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 ...