MGI(SH:688114) Haitong Securities·2024-11-08 12:49Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a Q3 2024 revenue of 660 million yuan, a year-on-year decrease of 13.22%, and a net profit attributable to shareholders of -165 million yuan, down 65.54% year-on-year [5] - For the first three quarters of 2024, the company achieved a revenue of 1.869 billion yuan, a decline of 15.19% year-on-year, with a net loss of 463 million yuan, representing a 134.28% decrease year-on-year [5] - The company continues to push forward its strategic planning despite macroeconomic challenges, with cumulative sales installation of gene sequencers exceeding 670 units, a 4% year-on-year increase [6] Summary by Sections Financial Performance - Q3 2024 gross margin was 58.38%, down 4.66 percentage points year-on-year, while the net profit margin was -25.08%, down 11.79 percentage points year-on-year [5] - For the first three quarters of 2024, the company’s IVD product revenue was 360 million yuan, accounting for 23% of total revenue, while non-IVD product revenue was 1.18 billion yuan, making up 77% [6] Sales and Market Position - The company’s gene sequencer business generated 1.54 billion yuan in revenue during the first three quarters of 2024 [6] - The sales installation of the DNBSEQ-G99 reached 210 units in Q3 2024, marking a 33% year-on-year increase, particularly after receiving certification in September 2023 [6] Earnings Forecast - The company is projected to have EPS of -1.16, -0.66, and -0.62 yuan for 2024, 2025, and 2026 respectively, with net profit growth rates of 20.7%, 43.1%, and 5.3% [7] - The estimated reasonable value range for the stock is between 41.94 and 53.92 yuan per share, based on a PS ratio of 7-9 times for 2024 [7]