StandardMPS 2.0测序试剂

Search documents
华大智造(688114):国产基因测序仪龙头,海内外业务进展提速
Guoxin Securities· 2025-08-08 11:11
Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2] Core Views - The company is a leading domestic gene sequencer, with accelerated progress in both domestic and international markets. The dual drivers of domestic and overseas business are expected to enhance the company's market share [3][4] - The gene sequencing market is rapidly expanding, with a projected compound annual growth rate (CAGR) of 16.8% for the global gene sequencer and reagent market, expected to reach USD 20.2 billion by 2032 [4][48] - The company leverages its core DNBSEQ technology to build a comprehensive product pipeline, meeting diverse needs in research and clinical applications, with high accuracy and lower costs compared to global leader Illumina [4][5] Company Overview - The company has established itself as a domestic leader in gene sequencing instruments, continuously innovating and upgrading its product offerings, including the upcoming StandardMPS 2.0 sequencing reagent, which aims to lead the industry into the Q40 era of sequencing quality [4][18] - The company has a well-structured product matrix covering low, medium, and high throughput sequencing, with a focus on automation and AI integration to enhance operational efficiency and sequencing precision [4][21] Financial Performance and Forecast - The company is expected to achieve revenues of CNY 36.06 billion, CNY 42.81 billion, and CNY 49.32 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 19.7%, 18.7%, and 15.2% [5][6] - The projected net profit for the company is expected to turn positive by 2025, with estimates of CNY 0.07 billion, CNY 1.50 billion, and CNY 2.94 billion for the years 2025, 2026, and 2027, respectively [5][6] Industry Overview - The gene sequencing industry is experiencing rapid growth, driven by the expansion of downstream applications in clinical, research, and personal health management sectors. The global gene sequencing market is projected to grow from USD 15.54 billion in 2023 to USD 62.48 billion by 2030, with a CAGR of 22.2% [48][49] - The domestic gene sequencing market is expected to reach CNY 374 billion by 2024, with a projected CAGR of 26.5% from 2024 to 2030, supported by national policies and funding [62][63]