医药生物周报（25年第10周）：Illumina被禁止向中国出口测序仪，国产替代有望加速-2025-03-11

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][4]. Core Insights - The ban on Illumina's export of sequencing instruments to China is expected to accelerate domestic alternatives, with companies like BGI Genomics likely to capture significant market share [2][14]. - The overall performance of the pharmaceutical sector has been weaker than the broader market, with a TTM P/E ratio of 31.19x, which is at the 54.01 percentile of the past five years [1][51]. Market Overview - The A-share market rose by 1.90% overall, with the healthcare services sector leading at 2.63%, while the biotechnology sector increased by 1.06% [1][44]. - The market for global sequencing instruments and consumables is projected to grow from approximately $2.8 billion in 2017 to about $20.2 billion by 2032, with a CAGR of 16.8% [19]. Company Performance and Recommendations - Illumina holds a 26.5% share of the new sequencing instrument market in China, with an expected revenue of $310 million in 2024 [2][14]. - BGI Genomics is positioned to gain the largest share of the newly available market due to its established solutions and market foundation [2][14]. - Other domestic companies such as Aihua Long, Shengxiang Biology, Antu Biology, and Zhenmai Biology are also expected to benefit from this market shift [2][14]. Valuation and Investment Strategy - The report suggests focusing on high-quality domestic manufacturers of sequencing instruments, such as BGI Genomics, Aihua Long, Shengxiang Biology, and Antu Biology [2][14]. - The report continues to recommend innovative pharmaceuticals and AI healthcare as key investment themes, highlighting companies like Kangfang Biologics, Keren Biotechnology, and Sanofi [3][4]. Key Company Forecasts - Major companies in the sector, including Mindray Medical and WuXi AppTec, are rated as "Outperform" with projected net profits increasing from 115.8 billion yuan in 2023 to 176.4 billion yuan by 2026 [4][7]. - The report emphasizes the importance of innovation in driving growth within the pharmaceutical industry, particularly in the context of digital transformation and AI integration [3][4].