MGI(SH:688114) Xin Lang Cai Jing·2025-05-07 02:39Core 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].