华大智造：持续创新，夯实基因测序业务领域的竞争力

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to innovate and solidify its competitiveness in the gene sequencing business, with significant improvements in installed capacity and revenue growth in the second quarter of 2024 [1][3] - The company has achieved a revenue of 12.09 billion yuan in the first half of 2024, with a notable increase in the number of installed sequencing instruments [1][3] - The company is focusing on high-throughput and mid-to-low throughput sequencing instruments, which have gained widespread recognition in the market [1][3] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company reported a revenue of 12.09 billion yuan, a year-over-year decrease of 16.23%, with a net profit attributable to the parent company of -2.98 billion yuan [1] - The second quarter of 2024 saw a revenue of 6.78 billion yuan, down 17.70% year-over-year, but with a significant quarter-over-quarter growth of 23.61% [1] - The company’s operating cash flow was -5.78 billion yuan in the first half of 2024 [1] Business Development - The core gene sequencing instrument business generated 10.05 billion yuan in revenue in the first half of 2024, a decrease of 8.40% year-over-year, but with a quarter-over-quarter growth of 23.61% in Q2 2024 [1] - The company added 74 new customers in the domestic sequencing platform, bringing the total to over 940 cooperative users [1] - The company has established over 10 DCS Lab omics frontier laboratories to support global top researchers [2] Future Projections - Revenue is expected to reach 31.46 billion yuan, 37.66 billion yuan, and 45.12 billion yuan for the years 2024, 2025, and 2026, respectively, with year-over-year growth rates of 8.1%, 19.7%, and 19.8% [3] - The net profit attributable to the parent company is projected to improve from -3.17 billion yuan in 2024 to 1.17 billion yuan in 2026, with significant year-over-year growth [3]