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 ...

Core Viewpoint - The company reported a mixed performance for 2024 and Q1 2025, with revenue growth in 2024 but a decline in Q1 2025, while maintaining a positive outlook due to domestic market opportunities arising from government policies [1][5]. Group 1: Financial Performance - In 2024, the company achieved revenue of 30.13 billion yuan, with a year-on-year growth of 3.48%, while net profit attributable to shareholders was -6.01 billion yuan [1]. - Q4 2024 saw significant revenue growth of 61.6% year-on-year, reaching 11.43 billion yuan [1]. - For Q1 2025, revenue declined by 14.3% year-on-year to 4.55 billion yuan, with net profit at -1.33 billion yuan [1]. Group 2: Business Segments - The gene sequencing business generated revenue of 23.48 billion yuan in 2024, reflecting a 2.5% year-on-year increase, with instrument revenue at 9.60 billion yuan (+6.9% year-on-year) and reagent revenue at 13.73 billion yuan (+1.4% year-on-year) [2]. - The laboratory automation segment reported revenue of 2.09 billion yuan, with over 500 new installations, indicating a shift away from pandemic-related demand [2]. - New business revenue reached 4.0 billion yuan, excluding pandemic-related income, marking a 57.1% year-on-year increase, with single-cell related revenue growing by 172.0% [2]. Group 3: Market Position and Outlook - The domestic gene sequencing business performed well in 2024, with revenue of 16.07 billion yuan (+11.4% year-on-year) and a market share of 63.8% in new installations [3]. - The overseas segment faced challenges, with a revenue decline of 12.7% year-on-year to 7.41 billion yuan, but opportunities for growth exist due to competitive pricing and channel advantages [3]. Group 4: Cost Management and Profitability - The company's gross margin improved to 55.9% in 2024, with specific margins for gene sequencing, laboratory automation, and new businesses at 60.3%, 44.4%, and 35.5% respectively [4]. - R&D expenses decreased by 18.0% year-on-year to 7.46 billion yuan in 2024, while sales and management expenses increased [4]. - In Q1 2025, sales, management, and R&D expenses decreased by 10.5%, 9.2%, and 32.8% year-on-year respectively [4]. Group 5: Revenue Forecast and Valuation - Revenue projections for 2025-2027 have been adjusted to 36.65 billion yuan, 46.91 billion yuan, and 51.47 billion yuan, reflecting an 11% downward revision for 2025 and 2026 [5]. - The company is positioned as a leading domestic player in the gene sequencing equipment sector, with a target price of 88.0 yuan for 2025, based on a 10x price-to-sales ratio [5].

证券研究报告 华大智造 (688114 CH) 收入平稳增长，25 年拐点可期 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 医疗器械 | 公司公布 2024/1Q25 业绩：1）2024 年营收/归母净利润/扣非净利润分别为 30.13/-6.01/-6.53 亿元（营收+3.48%yoy）；其中 4Q24 营收/归母净利润/ 扣非净利润分别为 11.43/-1.37/-1.55 亿元（营收+61.6%yoy）。2）1Q25 营 收/归母净利润/扣非净利润分别为 4.55/-1.33/-1.45 亿元（营收-14.3%yoy）。 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 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, ...

09 目录 CONTENTS | 01 | 聚焦主业 | | | --- | --- | --- | | | 以高水平的经营质量，深度推进全球化战略 | 02 | | 02 | 持续创新 提前布局前沿技术，注入公司发展新动能 | 06 | | 03 | 优化治理 强化合规管理能力，主动承担社会责任 | 07 | | 04 | 压实责任 | 08 | | | 强化"关键少数"考核约束，助力公司稳健发展 | | | 05 | 重视回报 与股东共享发展成果，传递发展信心 | 08 | | 06 | 回应关切 拓宽投资者沟通渠道，保障投资者合法权益 | 09 | 深圳华大智造科技股份有限公司 2025年度"提质增效重回报" 行动方案 07 其他 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"）认真落实《国务院关于加强监 管防范风险推动资本市场高质量发展的若干意见》，积极响应上海证券交易所《关于开展沪市公 司"提质增效重回报"专项行动的倡议》，坚持"以投资者为本"的理念，推动公司优化经营、规范 运作和积极回报投资者。公司结合发展战略、经营情况、财务状况和内部控制等，基于对公司未 来发展前景的信心，特制定2 ...

证券代码：688114 证券简称：华大智造 公告编号：2025-028 深圳华大智造科技股份有限公司 关于2024年度计提资产减值准备的公告 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、准确性和完整性依法承担法律责任。 根据《企业会计准则》以及深圳华大智造科技股份有限公司（以下简称"公 司"）的会计政策、会计估计的相关规定，为了真实、准确地反映公司截至2024年 12月31日的财务状况，本着谨慎性原则，公司对截至2024年12月31日公司及下属子 公司的资产进行了减值测试，对可能发生资产减值损失的相关资产计提减值准备， 现将有关事项公告如下： 一、计提资产减值准备情况的概述 2024年确认的资产减值损失和信用减值损失总额为14,674.95万元。具体情况如 下表所示： 1 公司考虑了合理且有依据的信息，包括前瞻性信息，以预期信用损失为基础， 以组合的方式对合同资产的预期信用损失进行测试及估计。经测试，2024年度需计 提资产减值损失金额共计15.72万元。 （二）信用减值损失 公司考虑了合理且有依据的信息，包括前瞻性信息，以预期信用损失为基础， 以单项 ...

深圳华大智造科技股份有限公司 2024 年度董事会审计委员会履职报告 根据《深圳华大智造科技股份有限公司章程》《深圳华大智造科技股份有限 公司董事会审计委员会工作细则》等有关规定，深圳华大智造科技股份有限公司 （以下简称"公司"）董事会审计委员会现就 2024 年度履职情况报告如下： 一、审计委员会基本情况 公司第二届董事会审计委员会成员包括独立董事孙健先生、独立董事许怀斌 先生、独立董事杨祥良先生，主任委员由会计专业人士独立董事孙健先生担任， 审计委员会委员的组成、专业背景构成符合相关规定。 二、2024 年度审计委员会会议召开情况 2024 年，审计委员会共召开 6 次会议，全体委员均亲自参加会议，对公司 2024 年度日常关联交易额度、日常关联交易额度的调整、公司与关联方签订《知 识产权授权许可协议》及相关《经销协议》事项、公司 2023 年度财务决算报告 和公司 2024 年度财务预算报告、续聘公司 2024 年度财务报告及内部控制审计机 构等相关议案进行了审议和关注。 三、2024 年度审计委员会主要工作情况 （一）监督及评估公司外部审计机构工作 报告期内，审计委员会与年审会计师事务所毕马威华振会计 ...