证券研究报告·公司点评报告·医疗器械 华大智造（688114） 2024 年报&2025 年一季报点评：国产替代自 主可控，AI 测序促进需求放量 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,911 | 3,013 | 3,756 | 4,193 | 4,687 | | 同比（%） | (31.19) | 3.48 | 24.66 | 11.65 | 11.77 | | 归母净利润（百万元） | (607.50) | (600.83) | (170.21) | 100.09 | 211.36 | | 同比（%） | (129.98) | 1.10 | 71.67 | 158.81 | 111.16 | | EPS-最新摊薄（元/股） | (1.46) | (1.44) | (0.41) | 0.24 | 0.51 | | P/E（现价&最新摊薄） | (51.35) | (51.92) | (183.29 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to benefit from domestic substitution and AI sequencing, leading to increased demand [1] - The company's revenue for 2024 is projected at 3.013 billion yuan, with a year-on-year growth of 3.48%, while the net profit attributable to the parent company is expected to be a loss of 600.83 million yuan, a reduction in loss of 7 million yuan [8] - The company has a strong competitive position as the only domestic and one of the few global full-product sequencing instrument manufacturers [1] Financial Performance Summary - Total revenue for 2023 is reported at 2.911 billion yuan, with a year-on-year decline of 31.19% [1] - The company achieved a revenue of 11.43 billion yuan in Q4 2024, reflecting a significant increase of 61.64% [8] - The revenue from the gene sequencing instrument business in 2024 is expected to be 2.348 billion yuan, with a growth of 2.5% [8] - The company anticipates a revenue of 3.756 billion yuan in 2025, representing a growth of 24.66% [1] Market Position and Strategy - The company has established nine global R&D centers, seven production bases, and thirteen customer experience centers, indicating a robust international presence [8] - The domestic market share for newly sold sequencing instruments reached 63.8% in 2024, while the global market share was 28.2% [8] - The company is actively pursuing opportunities for domestic substitution, particularly as its main competitor faces limitations in the domestic market [1]