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Chinese maker of DNA sequencing instruments and reagents, spun off from BGI Genomics, competing with Illumina.
Chinese maker of DNA sequencing instruments and reagents, spun off from BGI Genomics, competing with Illumina.
Sells sequencers once, then earns repeatedly on the reagents (chemicals and consumables) each run uses, so the installed base of machines is what generates ongoing revenue. BGI, the genomics group it was spun out of, is both a major customer and a related party.
In one line: China's Illumina (DNA sequencing instruments).
Moat: narrow (IP / patents, switching costs, installed base). Instrument-reagent lock-in and patented sequencing chemistry favor the installed-base leader.
Headquarters: Shenzhen, Guangdong, China · Employees: 2,195
Size MGI Tech (688114.SS) is a China Health Care company (Medical Specialties) with a market value of $3.42B, the 759th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥55.40 on 6 Nov 2026.
Performance Over six months the shares gained 8.6%, against +9.6% for the median peer and -16.4% for the China market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 1.6% over the last twelve months (peer median +6.2%); the operating margin is -7.4% (peer median 11.0%).
Valuation It trades at 6.7× enterprise value to sales against a peer median of 4.3× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 47% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +47 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.9 points below its cost of capital (7.7% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.06B | CN¥2.77B | CN¥3.00B | CN¥2.90B | CN¥4.21B |
| Revenue growth | — | -8% | +3% | -31% | — |
| Gross profit | CN¥1.82B | CN¥1.12B | CN¥1.33B | CN¥1.37B | CN¥2.07B |
| EBITDA | n/a | CN¥41.8M | -CN¥200M | -CN¥497M | CN¥402M |
| Net income | -CN¥290M | -CN¥222M | -CN¥601M | -CN¥607M | CN¥2.03B |
| Free cash flow | CN¥535M | CN¥48.3M | -CN¥1.16B | -CN¥1.63B | CN¥499M |
| Capital expenditure | CN¥438M | CN¥194M | CN¥385M | CN¥758M | CN¥938M |
| Total debt | CN¥1.44B | CN¥1.10B | CN¥855M | CN¥466M | CN¥206M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| MGI Tech 688114.SS | $3.42B | +9% | +2% | -7% | 6.7× | 46.5% |
| Illumina ILMN | $32.2B | +50% | +6% | 21% | 7.3× | 27.1% |
| Thermo Fisher Scientific TMO | $257B | +50% | +8% | 19% | 6.2× | 20.9% |
| Pacific Biosciences of California PACB | $701M | +60% | +2% | -102% | 7.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 688114.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.8% | +9.0% | 3rd lowest of 21 |
| 6-month return | +8.6% | +9.6% | 11th highest of 21 |
| Distance from 52-week high | -33.2% | -26.9% | 9th lowest of 21 |
| Revenue growth (TTM) | +1.6% | +6.2% | 5th lowest of 19 |
| Operating margin | -7.4% | 11.0% | 3rd lowest of 19 |
| EV / Sales | 6.7× | 4.3× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 46.5% | 11.1% | 4th most demanding of 17 |
| Growth delivered (Del g) | -0.1% | +8.5% | 4th lowest of 17 |
| Hurdle (Req g minus delivered) | +46.6 pp | +0.2 pp | most demanding of 17 |
| ROIC minus cost of capital | -5.9 pp | -1.6 pp | 5th lowest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MGI Tech 688114.SS | China | $3.42B | +9% | +2% | -7% | 6.7× | 46.5% | -0.1% |
| Lepu Medical Technology (Beijing) 300003.SZ | China | $3.42B | -12% | -1% | 13% | 4.3× | 9.6% | -4.2% |
| Ambu A/S AMBU-B.CO | Denmark | $3.42B | +40% | +5% | 11% | 3.6× | 12.6% | +11.1% |
| Autobio Diagnostics 603658.SS | China | $3.41B | +19% | +3% | 25% | 5.1× | -0.3% | +7.2% |
| Ottobock SE & Co. KGaA OBCK.DE | Germany | $3.36B | -25% | +5% | 15% | 2.4× | 3.5% | +8.0% |
| Carl Zeiss Meditec AFX.DE | Germany | $3.51B | +40% | 0% | 8% | 1.7× | 13.7% | +10.8% |
| Zhende Medical 603301.SS | China | $3.33B | -8% | +8% | 7% | 4.9× | 23.2% | -16.1% |
| Sumitomo Bakelite 4203.T | Japan | $3.31B | +15% | +15% | 13% | 1.1× | 6.8% | +8.9% |
| iRay Technology 688301.SS | China | $3.54B | -8% | +58% | 24% | 7.4× | n/a | n/a |
| Celcuity CELC | United States | $3.27B | -49% | n/a | n/a | n/a | n/a | n/a |
| Andon Health 002432.SZ | China | $3.60B | -29% | -30% | -26% | 22.0× | -7.7% | -7.4% |
| Shandong Weigao Blood Purification Products 603014.SS | China | $3.63B | -3% | +4% | n/a | 4.8× | -1.2% | +8.1% |
| SCHOTT Pharma AG & Co. KGaA 1SXP.DE | Germany | $3.67B | +31% | +4% | 15% | 3.2× | 11.7% | +11.0% |
| Stevanato STVN | United States | $3.70B | -26% | +12% | 18% | 2.8× | 10.6% | +12.1% |
| TransMedics TMDX | United States | $3.06B | +30% | +26% | 12% | 5.2× | 35.6% | +88.2% |
| Pulse Biosciences PLSE | United States | $3.87B | +179% | n/a | -7,008% | 3,189.4× | n/a | n/a |
| Axogen AXGN | United States | $2.99B | +19% | +24% | -5% | 9.9× | 48.8% | +14.9% |
| AtriCure ATRC | United States | $2.98B | +123% | +14% | 3% | 4.9× | 55.7% | +20.9% |
| iRhythm IRTC | United States | $2.97B | -25% | +26% | 1% | 3.8× | n/a | n/a |
| Envista NVST | United States | $4.04B | +4% | +12% | 11% | 1.6× | 6.8% | +7.1% |
| Tecan TECN.SW | Switzerland | $4.05B | +91% | -4% | 1% | 3.8× | 46.9% | +3.8% |