智通财经APP获悉，8月22日盘后，华大智造(688114.SH)发布2025年度中期业绩报告。报告显示，2025 年上半年，公司实现主营业务收入10.91亿元，归属于母公司所有者的净利润同比减亏65.28%。全读长 测序业务作为公司核心业务板块，上半年仪器新增销售量超700台，同比增长60.35%，创历史同期新 高。 业务规模增长之外，华大智造提质增效成果同样显著。公司通过技术创新与精益管理双轮驱动，实现业 务规模与运营质量同步跃升。2025年上半年，公司归属于母公司所有者的扣非后净利润亏损同比收窄 37.55%。期间费用(不含财务费用)为8.27亿元，较去年同期下降17.04%。 产能及供应链方面，依托"基因测序仪产业链链主"企业的引领地位，公司联合50余家供应商攻坚核心原 材料，带动产业链整体效率提升25%，实现高本土化率与产业协同的双重突破。公司全球备件交付及时 率稳步提升至90%，其中中国区达91.04%，以72小时交付周期持续领跑行业。技术突破、管理优化、供 应链协同的三维发力，为公司长期价值创造与经营韧性构筑坚实底座。 当下，人工智能技术正成为驱动行业变革的关键动力。今年上半年，华大智造持续推进 ...

Investment Logic - The company is deeply engaged in the gene sequencing field, with three main segments driving revenue growth. It is a rare domestic gene sequencer enterprise that has achieved core technology autonomy, with a product matrix covering full throughput and multiple scenarios, matching the technical level of international giants. The company is also expanding into laboratory automation and new businesses (BIT, ultrasound imaging, etc.), creating a comprehensive life science core tool product matrix that drives revenue growth from multiple angles. From 2017 to 2022, the company's revenue achieved an average annual compound growth of nearly 40%, and after the emergency demand disturbances gradually clear, revenue is expected to reach 3.013 billion yuan in 2024 (yoy +3.48%), with a narrowing of net profit losses, demonstrating resilience in performance [1]. Global Market Opportunities - The global gene sequencing market share is steadily increasing, and changes in the unreliable entity list are expected to bring significant opportunities, further expanding the company's growth space. The company, leveraging its product and brand strength, continues to accelerate global installations, with a market share exceeding 50% in newly tendered domestic markets in 2024, ranking first, and a global market share of 7.1%, with over 1,260 new installations. In March 2025, the Ministry of Commerce listed Illumina on the unreliable entity list, restricting its sales of sequencing equipment in the Chinese market, which presents a historic opportunity for domestic gene sequencer enterprises. The company, with its autonomous technology and supply chain system, as well as a full throughput and diversified product matrix, is expected to become a preferred alternative for research institutions, medical institutions, and third-party gene testing service providers. It is estimated that by 2025, the market space for instruments and reagent consumables will be 1.5 billion yuan and 2.3 billion yuan, respectively, and will reach 1.8 billion yuan and 5.4 billion yuan by 2030, which is 4-5 times the current business scale. In overseas markets, as patent litigation concludes, the company is rapidly increasing its installation and revenue scale in overseas regions and advancing localization in Asia-Pacific, Europe, and Africa, facilitating overseas market expansion [2]. AI Integration and Business Expansion - The company is building an "AI + BT + IT" intelligent sequencing ecosystem to enhance product value and company performance. It actively embraces AI technology transformation, integrating AI models such as DeepSeek-R1 and Evo 2 into αCube, providing comprehensive support for multi-omics and high-throughput sequencing needs. Additionally, AI technology is empowering instrument performance upgrades, launching laboratory intelligent automation (GLI) business and αLab, catering to demands in gene sequencing, synthetic biology, and other fields, thus aiding terminal applications and business expansion, opening up new growth trajectories [3]. Investment Recommendations - The company is a leading domestic gene sequencer with core technology autonomy, presenting a rare investment opportunity. The rapid development of gene sequencing business, coupled with Illumina's export restrictions to China, creates a historic opportunity for the company. The domestic market space is expected to expand again, while overseas market share is steadily increasing. Additionally, the laboratory automation business and new ventures are rapidly climbing, likely driving revenue and profit growth. Furthermore, in comparison to international giants like Tempus AI, the company's AI sequencing business ecosystem is expected to synergize with BGI's layout advantages, enhancing product added value and potentially leading to valuation premiums. Revenue projections for 2025-2027 are 3.585 billion yuan, 4.184 billion yuan, and 4.936 billion yuan, with year-on-year growth rates of 19.01%, 16.69%, and 17.98%, respectively. Net profit is projected to be 29 million yuan, 104 million yuan, and 219 million yuan, with year-on-year growth rates of 104.79%, 262.33%, and 110.26%, respectively, marking the first coverage with a "recommended" rating [4].