MGI(688114) Soochow Securities·2025-05-06 07:13Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to benefit from domestic substitution and AI sequencing, leading to increased demand [1] - The company's revenue for 2024 is projected at 3.013 billion yuan, with a year-on-year growth of 3.48%, while the net profit attributable to the parent company is expected to be a loss of 600.83 million yuan, a reduction in loss of 7 million yuan [8] - The company has a strong competitive position as the only domestic and one of the few global full-product sequencing instrument manufacturers [1] Financial Performance Summary - Total revenue for 2023 is reported at 2.911 billion yuan, with a year-on-year decline of 31.19% [1] - The company achieved a revenue of 11.43 billion yuan in Q4 2024, reflecting a significant increase of 61.64% [8] - The revenue from the gene sequencing instrument business in 2024 is expected to be 2.348 billion yuan, with a growth of 2.5% [8] - The company anticipates a revenue of 3.756 billion yuan in 2025, representing a growth of 24.66% [1] Market Position and Strategy - The company has established nine global R&D centers, seven production bases, and thirteen customer experience centers, indicating a robust international presence [8] - The domestic market share for newly sold sequencing instruments reached 63.8% in 2024, while the global market share was 28.2% [8] - The company is actively pursuing opportunities for domestic substitution, particularly as its main competitor faces limitations in the domestic market [1]