贝瑞基因（000710）：解码生命经纬，智绘基因新篇

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][4]. Core Insights - The company focuses on reproductive health and genetic disease testing, providing a comprehensive solution of "products + services" and is a leading player in the domestic genetic testing field [1][15]. - The market for life science sequencing solutions in China is expected to grow at a compound annual growth rate (CAGR) of 14.9% from 2018 to 2023, reaching 138.8 billion yuan by 2033, indicating potential for the company's continued market penetration [1]. - The company is leveraging its data and technology to build competitive barriers in the AI healthcare industry, with the AI medical market projected to reach 11.43 billion yuan by 2025 and 28.61 billion yuan by 2027 [2]. Summary by Sections Company Overview and Business Layout - The company, established in 2010 and listed in 2017, began with non-invasive prenatal testing (NIPT) and has expanded into genetic disease testing and research services [15]. - It utilizes high-throughput sequencing and third-generation HiFi sequencing technologies to provide genetic testing services and related equipment, reagents, and software [15]. Industry Development and Core Business - The company’s core business includes high-throughput sequencing technology and third-generation sequencing services, focusing on reproductive health and genetic disease testing [40]. - The company has established a comprehensive service model for hospitals and third-party laboratories, integrating advanced sequencing technology with AI applications [40]. Financial Performance and Forecast - The company’s revenue is projected to be 1.05 billion yuan in 2025, with a gradual increase to 1.42 billion yuan by 2027, while net profit is expected to improve from a loss of 140 million yuan in 2025 to a profit of 400 million yuan in 2027 [3][4]. - The company’s gross margin has shown an upward trend, increasing from 42.72% in 2022 to 46.86% in 2024, driven by a higher proportion of reagent sales [29]. AI Medical Sector - The company is positioned to capitalize on the AI medical sector, with its GENOisi™ intelligent model facilitating a smart data management and clinical decision-making process [2][20]. - The AI medical market is rapidly expanding, supported by favorable domestic policies, and the company aims to leverage its extensive clinical data and self-developed algorithms for commercial applications [2].