MGI(SH:688114)2024-11-04 03:17Investment Rating - The report maintains a "Recommended" rating for the company, 华大智造 (stock code: 688114) [5]. Core Views - The company reported a revenue of 1.869 billion yuan for the first nine months of 2024, a decrease of 15.19% year-on-year, with a net loss attributable to shareholders of 463 million yuan [2]. - The Q3 2024 performance continues to be under pressure, with revenue of 660 million yuan, down 13.22% year-on-year, and a net loss of 165 million yuan [2]. - The company is actively repurchasing shares and advancing an employee stock ownership plan, reflecting confidence in long-term development [3]. - The company is in a critical market expansion phase, with significant investments in sales and R&D, while facing challenges from macroeconomic conditions and geopolitical factors [3]. Financial Performance Summary - For Q3 2024, the gross margin was 58.38%, down 3.49 percentage points quarter-on-quarter and 4.66 percentage points year-on-year [2]. - The sales expense ratio was 33.99%, an increase of 3.58 percentage points quarter-on-quarter and 6.92 percentage points year-on-year, while the management expense ratio was 23.36%, up 5.68 percentage points quarter-on-quarter and 6.89 percentage points year-on-year [2]. - The company has adjusted its revenue forecasts for 2024-2026 to 2.718 billion, 3.246 billion, and 3.863 billion yuan, reflecting a year-on-year change of -6.64%, +19.42%, and +19.02% respectively [3]. - The net profit forecasts for the same period have been revised to -501 million, -273 million, and 20 million yuan, with corresponding EPS of -1.20, -0.65, and 0.05 yuan [3]. Market Position and Outlook - 华大智造 is positioned as a leading domestic sequencing instrument manufacturer with strong technological capabilities and product strength, aiming for global market expansion [3]. - The report highlights that the company is in a market development phase, with ongoing high levels of investment in sales and R&D, while also facing uncertainties in downstream demand recovery and geopolitical risks [3].