MGI(SH:688114) Huaan Securities·2025-05-07 01:24Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company is expected to achieve stable revenue growth in 2024, with accelerated domestic substitution [6] - The core business of gene sequencing instruments showed steady performance, with a revenue of 2.348 billion yuan in 2024, a year-on-year increase of 2.47% [6] - The company is positioned to capture a significant market share from Illumina due to recent export restrictions [7] - The company maintains a high level of R&D investment, continuously innovating its product matrix [7] - Revenue forecasts for 2025-2027 are projected to be 3.583 billion yuan, 4.331 billion yuan, and 5.163 billion yuan, with year-on-year growth rates of 18.9%, 20.9%, and 19.2% respectively [10] Financial Performance Summary - In 2024, the company achieved an operating income of 3.013 billion yuan, a year-on-year increase of 3.48% [4] - The net profit attributable to the parent company was -601 million yuan, with a year-on-year growth of 1.10% [4] - The company reported a significant increase in sales volume, with nearly 1,270 new installations in 2024, a growth of 48.59% [6] - For Q4 2024, the operating income reached 1.143 billion yuan, a year-on-year increase of 61.64% [4] - The first quarter of 2025 saw a decline in revenue to 455 million yuan, a year-on-year decrease of 14.26% [5] Market Position and Outlook - The company is the only domestic sequencing equipment provider covering all technical paths, enhancing its competitive edge [7] - The overseas market is expanding, with a focus on high-throughput and high-precision sequencing equipment [7] - The company is expected to improve its overseas market share significantly, given the current geopolitical landscape [10]