MGI(688114) 信达证券·2025-05-07 02:05Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 30.13 billion yuan in 2024, representing a year-over-year increase of 3.48%. However, it reported a net loss of 6.01 billion yuan [1][2] - The sequencing instrument business generated revenue of 23.48 billion yuan, showing stable growth, while new business revenue reached 4.00 billion yuan, indicating strong growth potential [2] - The company is expected to see revenue growth in the coming years, with projected revenues of 36.89 billion yuan, 45.00 billion yuan, and 53.24 billion yuan for 2025, 2026, and 2027, respectively [2][3] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 30.13 billion yuan, with a year-over-year growth of 3.48%. The net profit attributable to the parent company was -6.01 billion yuan, and the net cash flow from operating activities was -7.74 billion yuan [1][3] - The gross profit margin for 2024 was 55.51%, a decrease of 3.96 percentage points year-over-year, attributed to product mix adjustments [2] Business Segments - The sequencing instrument segment achieved revenue of 13.73 billion yuan from consumables, a year-over-year increase of 1.43%, and 9.60 billion yuan from equipment sales, a year-over-year increase of 6.92%. The company installed nearly 1,270 new sequencing instruments in 2024, marking a historical high [2] - Domestic revenue from sequencing instruments was 16.07 billion yuan, reflecting a year-over-year increase of 11.37%, while revenue from the Americas was 1.72 billion yuan, showing resilience despite regulatory challenges [2] Future Projections - The company forecasts revenues of 36.89 billion yuan in 2025, with a year-over-year growth rate of 22.4%. The net profit is expected to improve significantly, reaching -0.85 billion yuan in 2025, followed by positive net profits in subsequent years [2][3]