根据Grand View Research报告显示，2024年全球AI医疗市场规模约为266.5亿美元，预计到2033年将飙 升至约5055.9亿美元，期间年复合增长率达38.8%。叠加1月6日华大智造被正式调入中证A500指数的利 好，公司在AI医疗万亿赛道中，有望凭借全产业链布局持续释放增长潜力。 在AI医疗领域，华大智造"AI+基因测序"布局领先。近年华大智造持续推进实验室智能自动化(GLI)业务 升级，通过人工智能技术全面重构其实验室自动化业务，加速AI驱动软件工具开发，为智能生态提供 底层支撑。在脑机接口方面，其Stereo-seq时空组学技术，能为植入式脑机接口提供厘米级全景视场与 纳米级分辨率的导航支撑。目前，公司已与上海脑科学与类脑研究中心等顶级机构合作，深度参与"全 脑介观神经联接图谱"大科学计划。 智通财经APP观察到，AI医疗赛道近期表现强势，OpenAI推出ChatGPT Health功能、蚂蚁阿福月活破 3000万，带动板块全线走强。作为生命科学上游龙头，华大智造(688114.SH)集智能医疗、机器人、脑 机接口、合成生物等多重热点于一身，成为资本市场高度关注的核心标的。截至上周五 ...

Group 1 - The core business revenue for the first half of 2025 reached 1.091 billion yuan, with a net profit attributable to the parent company reducing losses by 65.28% year-on-year [1] - The long-read sequencing business saw over 700 new instrument sales, a year-on-year increase of 60.35%, marking a historical high for the same period [1] - The company achieved a 37.55% year-on-year reduction in net profit loss after deducting non-recurring items [1] Group 2 - The company has reduced its operating expenses (excluding financial costs) to 827 million yuan, a decrease of 17.04% compared to the same period last year [1] - The company collaborates with over 50 suppliers to enhance core material efficiency, leading to a 25% overall improvement in the supply chain [1] - The global spare parts delivery timeliness rate has improved to 90%, with the China region achieving 91.04%, maintaining a 72-hour delivery cycle [1] Group 3 - The company is advancing its laboratory intelligent automation (GLI) business by leveraging artificial intelligence technology to reconstruct its automation processes [2] - An AI closed-loop solution covering the entire "Design-Build-Test-Learn" process has been developed, significantly compressing the traditional research and development cycle [2] - The transition from manual experience-based decision-making to data-driven approaches in laboratories is being accelerated through these innovations [2]

Core Insights - Huada Zhizao reported a significant reduction in net loss by 65.28% year-on-year for the first half of 2025, with main business revenue reaching 1.091 billion yuan [1] - The company achieved a historical high in instrument sales, with over 700 units sold, marking a 60.35% increase year-on-year [1] - Operational efficiency improved, with a 37.55% reduction in net loss after deducting non-recurring items [1] Business Performance - Main business revenue for the first half of 2025 was 1.091 billion yuan, with a notable reduction in net loss [1] - The company’s operating expenses (excluding financial costs) decreased by 17.04% to 827 million yuan [1] - The core long-read sequencing business remains a key growth driver for the company [1] Supply Chain and Production - The company collaborated with over 50 suppliers to enhance core material efficiency, achieving a 25% improvement in overall supply chain efficiency [1] - Global spare parts delivery rate improved to 90%, with the China region reaching 91.04% [1] - The company maintains a leading position in the industry with a 72-hour delivery cycle [1] Technological Advancements - Huada Zhizao is advancing its laboratory automation business through AI technology, restructuring its operations to enhance efficiency [2] - The company developed an AI closed-loop solution covering the entire "Design-Build-Test-Learn" process, significantly reducing R&D cycles [2] - The integration of AI tools supports a transition from manual decision-making to data-driven processes in laboratories [2]

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].