MGI(SH:688114) Huaan Securities·2025-05-07 02:05Investment 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 trade restrictions, enhancing its competitive edge in the domestic market [7] Financial Performance Summary - In 2024, the company achieved operating revenue of 3.013 billion yuan, a year-on-year increase of 3.48%, and a net profit attributable to shareholders of -601 million yuan, a year-on-year increase of 1.10% [4] - For Q4 2024, the company reported operating revenue of 1.143 billion yuan, a year-on-year increase of 61.64%, and a net profit of -137 million yuan, a year-on-year increase of 66.45% [4] - In Q1 2025, the company experienced a revenue decline of 14.26% year-on-year, with a net profit of -133 million yuan, an increase of 33.67% year-on-year [5] Revenue and Profit Forecast - The company is projected to achieve revenues of 3.583 billion yuan, 4.331 billion yuan, and 5.163 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 18.9%, 20.9%, and 19.2% [10] - The net profit attributable to shareholders is expected to be -46 million yuan, 70 million yuan, and 200 million yuan for 2025, 2026, and 2027 respectively, with significant year-on-year growth rates of 92.4%, 253.9%, and 183.7% [10] Market Position and Strategy - The company has become the only domestic sequencing equipment manufacturer covering all technical paths, enhancing its market position [7] - The company maintains a high level of R&D investment, continuously innovating its product matrix to meet the growing demand in domestic and overseas markets [7]