MGI(SH:688114) Hua Yuan Zheng Quan·2025-08-28 09:38Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is experiencing rapid growth in equipment sales and has optimized expenses, leading to improved profitability [5] - The company's sequencing business is showing strong performance with a significant increase in installed equipment and a potential recovery in reagent sales [7] - The overall market conditions and strategic adjustments are expected to support future revenue growth [7] Financial Performance Summary - For 2025, the company reported a revenue of 11.14 billion yuan in the first half, a year-on-year decrease of 7.90%, with a net loss of 1.04 billion yuan [7] - The second quarter of 2025 saw revenues of 6.59 billion yuan, down 2.93% year-on-year, with a net profit of 0.30 billion yuan [7] - The total sales of sequencing instruments exceeded 700 units in the first half of 2025, marking a year-on-year increase of 60.35% [7] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 35.60 billion yuan, 43.15 billion yuan, and 53.26 billion yuan, with year-on-year growth rates of 18.17%, 21.20%, and 23.45% respectively [6][7] - Expected net profits for the same period are -1.82 billion yuan, 0.97 billion yuan, and 1.80 billion yuan [6][7] - The current stock price corresponds to price-to-sales ratios of 8x, 7x, and 6x for the years 2025, 2026, and 2027 respectively [7]