Investment Rating - The report assigns a "Recommended" rating to the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [3][11]. Core Insights - The company is undergoing a strategic acquisition to enhance its technology matrix, which is expected to lead to a clear trend of reduced losses and improved operational margins [8]. - The acquisition involves the purchase of 100% equity in two companies for a total consideration of approximately 365.7 million yuan, along with additional capital increases [8]. - The company anticipates a significant narrowing of losses in 2025, with a projected net profit attributable to shareholders ranging from -2.21 billion to -2.73 billion yuan, representing a year-on-year reduction of 54.56% to 63.22% [8]. Financial Forecasts - Revenue projections for the company are as follows: 3,013 million yuan in 2024, 2,716 million yuan in 2025 (a decrease of 9.9%), 3,209 million yuan in 2026 (an increase of 18.2%), and 3,717 million yuan in 2027 (an increase of 15.8%) [2][9]. - The net profit attributable to shareholders is expected to be -601 million yuan in 2024, -242 million yuan in 2025, 21 million yuan in 2026, and 162 million yuan in 2027, with significant growth rates projected in the following years [2][9]. - The report highlights an expected EBITDA growth rate of 85.6% in 2025, 402.3% in 2026, and 230.1% in 2027, indicating strong operational improvements [9].

Investment Rating - The report assigns a "Recommended" rating to the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [3][11]. Core Insights - The company is undergoing a strategic acquisition to enhance its technology matrix, which is expected to lead to a clear trend of reduced losses and improved operational margins [8]. - The acquisition involves the purchase of 100% equity in two companies for a total consideration of approximately 365.7 million yuan, along with additional capital increases [8]. - The company anticipates a significant narrowing of losses, with projected net losses for 2025 expected to decrease by 54.56% to 63.22% year-on-year [8]. Financial Forecasts - Projected revenue for 2024 is 3,013 million yuan, with a growth rate of 3.5%. Revenue is expected to decline to 2,716 million yuan in 2025, followed by increases to 3,209 million yuan in 2026 and 3,717 million yuan in 2027 [2][9]. - The net profit attributable to shareholders is forecasted to be -601 million yuan in 2024, improving to -242 million yuan in 2025, and turning positive with 21 million yuan in 2026 and 162 million yuan in 2027 [2][9]. - Earnings per share (EPS) is projected to be -1.44 yuan in 2024, -0.58 yuan in 2025, 0.05 yuan in 2026, and 0.39 yuan in 2027 [2][9]. Valuation Metrics - The price-to-sales (P/S) ratio is expected to be 9.2 in 2024, 10.2 in 2025, 8.6 in 2026, and 7.4 in 2027 [2][9]. - The price-to-earnings (P/E) ratio is not applicable for 2024 and 2025, but is projected to be 1312 in 2026 and 170 in 2027 [2][9].

导读： 本文欲探讨关税对测序设备、试剂、耗材及服务的影响，分析主要参与者的策略，窥探市场引发的连锁反应，跨国公司正积极寻求对策，本土制造商则有 机会筑建新的长城。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 导 读： 从研发角度，基于成本、技术以及国际合作方面分析，试图探索中美贸易摩擦持续升级下测序行业的机遇。 最近中美贸易摩擦持续升级，双方都对彼此的商品实施大幅度的关税增长，这些举措给我们测序行业带来了显著干扰和不确定，高额的关税阻 碍了设备、试剂以及耗材的进出口贸易，增加了研发和运营开销。 但往往不确定中就蕴含着机会，毕竟《孙子兵法·形篇》里面开篇就说"昔之 善战者，先为不可胜，以待敌之可胜"，意思是会打仗的人都先保证自己不败，然后等待敌人犯错。 当下大环境骤变，竞争格局即将重塑。本 文欲探讨关税对测序设备、试剂、耗材及服务的影响，分析主要参与者的策略，窥探市场引发的连锁反应，跨国公司正积极寻求对策，本土制 造商则有机会筑建新的长城。 放眼全球，测序是一个充满活力的市场，目前该行业主要由NGS驱动，这些技术使大规模基因组分析 ...