The two -year valuation increased by 20 billion, revealing the first share of domestic gene sequencing equipment

The two -year valuation increased by 20 billion, revealing the first share of domestic gene sequencing equipment

Source: amino observation/Zhu Lai

In the field of medical instruments, the most attractive domestic alternative players, in addition to Lianying Medical, are probably Huada Intelligence.

After all, in the field of second -generation sequencing equipment in the world, Huada Zhizong is one of the few players who can challenge Inmener.

In the past few years, Huada Intelligence has caused a certain impact on Indona in the domestic market. In 2021, eliminating the affected and Huada genetic related parties, Huada Intelligence's "sustainable marketization" revenue was about 1.19 billion yuan.

In any industry, the occurrence of "domestic replacement" not only means the migration of the industrial chain, but also the transfer of wealth. The chip and Apple industry chain is the same, as well as the medical industry.

At present, the IPO of the Wasteen Intelligence Creation Board is priced at 87.18 yuan/share, and the total market value before listing has reached 36 billion yuan. If the market is high, the market value may be further expanded.

Of course, short -term markets do not represent long -term value of enterprises. In the end, how high the ceiling of domestic alternatives needs to depend on their own efforts.

/ 01 /

Domestic alternatives that rely on cost -effective breakthroughs and high hopes

The gene sequencing industry chain, the upstream is sequencer, reagent manufacturers, the midstream is gene sequencing service provider, and the downstream is terminal customers. Among them, the highest barriers are the sequencer.

According to the Grand View Research market report, the upstream market of the global sequencing industry in 2019, due to the market share of Merner about 74.1%. In China, the gene sequencer market has also been stuck in the C position.

There are two main reasons for Mena's extremely strong reasons:

First, Yina has continued to iterate the product through R & D, mergers and acquisitions, and has always occupied the first position on the performance side; second, Yina has built the moat in all aspects of the sequencing through patented barriers, and Stop it outside the door.

The potential player who stood out under the blockade of Hua Da Zhi was under the heavy blockade of Mena.

In August 2012, Huada Gene acquired a plight of second -generation gene sequencing player Complete Genomics Inc at the cost of $ 117 million.

Subsequently, through a new way, the company completed the catch-up of Inmeda at the technical level, and successively launched a series of desktop sequencers such as BGISEQ-500, MGISEQ-20000.

As shown in the figure below, compared with the same type of product of MGISEQ-200, although the efficiency of single-day data production is slightly slower compared with NextSeq, it is not significant.

On this basis, Huada Intelligent Manufacturing competed for the Meinen market through the "price butcher" tactics. As shown in the figure below, the price of Huada Zhizhizhi sequencers is basically half of the same type of products in the same type of Maina.

It took only ten years, and Huada Intelligent Manufacturing has changed from a dilemma to a potential player with the attention of China's capital market.

/ 02 /

Two -year revenue is 3 times, and the valuation increases 20 billion

As mentioned above, the occurrence of "domestic replacement" often means the transfer of wealth.

In January 2020, Huada Intelligent Manufacturing Planning Board was launched. After demolishing the overseas red -chip architecture, it successfully attracted institutional investors including CITIC M & A and other institutions.

At that time, the operating income of Huada Zhizhi was only 1 billion yuan, and it had not yet achieved profit. In 2019, the loss was 239 million yuan.

However, today, two years later, when Huada Intelligent Manufacturing is about to go public, the valuation has far exceeded the original number. The answer has been announced above: 36 billion yuan.

The continued growth of the valuation of Huada Intelligence is not surprising. It is not inferior to performance and highly competitive price. Hua Da Zhi's performance in recent years has grown rapidly.

In 2021, the company's revenue has increased to 3.92 billion yuan, and it has successfully turned to profit: net profit reached 490 million yuan.

Although the current high -speed growth of Huada Intelligence, there are luck components to some extent.

On the one hand, the epidemic has allowed domestic sequencing equipment to grow at a high speed, and Huada Intelligence has gained a large dividend. In 2021, the income brought by the epidemic reached 2.344 billion yuan, accounting for 59.67%of the total revenue.

On the other hand, Huada Gene is not only the largest shareholder of Huada Intelligence, but also the company's largest customer. In 2021, the revenue contributed by Huada Gene was 601 million yuan.

However, even after excluding the "luck" composition, Huada Zhico's income performance is not bad. After eliminating the income of the epidemic and related parties, Hua Dazhi's "sustainable marketization" revenue in 2021 was about 1.19 billion yuan.

In the previous epidemic influence, in 2019, due to the revenue of USA in mainland China, it was US $ 372 million, and the current exchange rate was calculated about 2.604 billion yuan. According to this income calculation, the market share of Huada Intelligence in the upper reaches of the domestic second -generation sequencing is still not low.

Of course, regardless of the market share, in order to support the current valuation, Huada Intelligence still has a long way to go.

/ 03 /

Enter the ultrasonic robot track, can "cross the circle" open the ceiling

For gene sequencers companies, different stages have different troubles. What the global hegemony needs to consider at present is the ceiling problem.

Although in terms of supporting, because of the strong supporting of gene sequencing instruments and reagents, reagent consumables of different brand models cannot be mixed. In order to ensure the test efficiency and accuracy of the sequencing platform, the sequencing reagents of different manufacturers do not have alternativeness. But even without competitors, the market size is limited after all. In 2019, due to USA's revenue scale of 3.5 billion US dollars, it seems that it has grown weakly:

The growth rate of the core equipment and reagents has fallen to 7%, and the number in 2018 is still 20%. Specifically to a more segmented sector, the income of the detection equipment has fallen by 6%year -on -year.

In the past two years, due to the expansion of NIPT products and the development of the precision medical industry of the tumor, Meina temporarily returned to the growth curve. However, in order to open the ceiling, due to Mena still chose to develop the clinical field in the lower reaches, the Grail of the Tumor Early Sieve Heavy Tumor was purchased.

For Huada Zhifang, in the short term, it is necessary to consider how to get more sites from inferius in the short term. In the long run, greater dreams must be required.

However, the clinical end of the game is not realistic for Huada Zhipu, after all, it is the territory of Huada Gene. However, there are more difficulties than methods.

At present, Huada Intelligent Manufacturing not only expands the instrument, equipment, reagent consumables, etc., but also achieves cross -circle: the entry remote ultrasonic robot track.

As shown in the figure above, the company has released the MGIUS-R3 model to achieve remote ultrasound diagnosis. Based on this, it does not seem to have a clear answer to what kind of company Huada Zhifang will evolve into a company in the future.

Of course, no matter how the future development of Huada Zhizhong, the premise is to gain a foothold in the gene sequencer market. This is the most fundamental.

Disclaimer: This article is the content of Yaozhi.com, and the copyright of the pictures and text belongs to the original author. The purpose of reprinting is to pass more information, which does not represent the viewpoint of this platform. If the content, copyright and other issues are involved in the work, please leave a message on this platform, and we will delete it as soon as possible.

- END -