MGI(688114) 中邮证券·2025-03-07 18:06Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][15]. Core Views - The company is expected to benefit from accelerated domestic market share growth due to the recent restrictions on Illumina, a global leader in gene sequencing, which has been banned from exporting sequencing instruments to China [6][10]. - The company has shown a significant revenue increase of 10.28% year-on-year, driven by enhanced sales of gene sequencers and related laboratory equipment, particularly in the fourth quarter where revenue grew by 89.6% year-on-year [4][5]. - The overall loss has narrowed, with a notable reduction in losses in the fourth quarter, reflecting improved market demand and strategic adjustments [5][10]. Financial Summary - For the fiscal year 2024, the company is projected to achieve revenues of 32.1 billion yuan, with a year-on-year growth of 10.28%, and a net loss of 5.99 billion yuan, which is a reduction of 1.38% compared to the previous year [4][11]. - The company’s total assets are expected to be 103.3 billion yuan by the end of 2024, a decrease of 2.10% year-on-year, while the equity attributable to the parent company is projected to be 79.8 billion yuan, down 7.54% year-on-year [4][11]. - The earnings per share (EPS) for 2024 is estimated at -1.44 yuan, with a projected recovery to 0.01 yuan by 2025 and 0.50 yuan by 2026 [11][14]. Industry Outlook - The gene sequencing industry is undergoing a significant transformation, with domestic manufacturers like the company poised to rapidly replace imports due to favorable policies and increasing demand driven by AI advancements [7][10]. - The company has introduced innovative sequencing platforms that integrate AI capabilities, which are expected to enhance customer satisfaction and drive further demand for its products [6][10].