华大基因（300676）：2Q净利润转正，业绩持续改善

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company has shown a significant improvement in its performance, with a positive net profit in Q2 2025, indicating a recovery trend despite challenges in the first half of the year [1] - The report highlights the potential for further performance improvement driven by cost control and AI-enabled efficiency gains [5] Financial Performance Summary - In the first half of 2025, the company's revenue was CNY 1.631 billion, with a net profit of CNY 6 million, reflecting a year-on-year decline of 13% in revenue and a 68% decline in net profit [1] - Q2 2025 saw revenue of CNY 960 million and a net profit of CNY 58 million, marking a turnaround from negative to positive net profit [1] - The gross margin for the first half of 2025 was 44.65%, down 2.59 percentage points year-on-year, primarily due to a decline in gross margins in some business segments [4] Business Segment Performance - The reproductive health business generated CNY 426 million in revenue, down 29.8% year-on-year, attributed to a decrease in testing volume and pricing [2] - The oncology and chronic disease prevention segment reported revenue of CNY 180 million, down 27.5% year-on-year, with a significant decline in colorectal cancer testing revenue [2] - The multi-omics big data service revenue was CNY 279 million, down 8.3% year-on-year, impacted by geopolitical factors, while single-cell sequencing revenue grew by approximately 110% [3] Future Projections - Revenue projections for 2025-2027 have been adjusted downward by 15% to CNY 3.6 billion, CNY 4.0 billion, and CNY 4.4 billion respectively, with net profit estimates also revised downwards [5] - The report anticipates continued improvement in profitability due to ongoing focus on core business and AI-driven cost reductions [5] Valuation - The target price for the company is set at CNY 57.72, reflecting a price-to-sales ratio of 6.7x for 2025, compared to the industry average of 5.7x [5]