华大智造(688114)：地缘风险波动下业绩稳健 全球测序装机稳步攀升

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]