Industry

生命科学工具

12Reports

2026-07-02 ·生命科学工具 ·内部研究

Bio-Rad Laboratories: A Company in Transition, Priced Without a Margin of Safety

Bio-Rad is a diversified life-science tools and clinical-diagnostics supplier whose core operations generated 2.58 billion USD of 2025 sales, complicated by an unusually large Sartorius AG stake that dominates its GAAP earnings. Q1 2026 brought a 527.1 million USD net loss driven by a 727.7 million USD fair-value drop on the Sartorius stake, even as the operating business still produced 108.1 million USD of operating cash flow, and management cut full-year currency-neutral revenue guidance to a range of -3.0% to +0.5%. Rating Hold: durable niche assets and real asset backing, but at 297.09 USD the price already assumes the 2026 slowdown is manageable and leaves no margin of safety.

BIO.US Bio-Rad Laboratories, Inc. #Life Science Tools #Clinical Diagnostics #ddPCR #Sartorius Stake #Sum-of-the-Parts #Turnaround

Hold

2026-06-19 ·生命科学工具 ·In-house Research

Merck KGaA: A Diversified Science Platform in Transition

Merck KGaA, Darmstadt is a family-controlled German science-and-technology group whose €21.1 billion of 2025 sales come from three very different engines: a patent-exposed Healthcare arm, a high-quality Life Science tools franchise and a semiconductor-materials Electronics business. The 2026 stock is a tug of war, because a known Mavenclad U.S. patent cliff drags Healthcare while Process Solutions compounds near 10% organically and Electronics rides advanced-node AI demand, leaving the shares near 15.9 times 2025 EPS pre and a 3.5% free-cash-flow yield after a May rebound to €133.05. Rating Hold: genuinely strong Life Science and semiconductor-materials engines offset a credibility-damaged Healthcare arm, but a permanent KGaA governance discount and only-fair valuation keep upside limited.

MRK.XETRA Merck KGaA, Darmstadt, Germany #Life Science Tools #Semiconductor Materials #Pharmaceuticals #KGaA Governance #Conglomerate Discount #Valuation

Hold

2026-06-19 ·生命科学工具 ·内部研究

Sartorius AG: A Quality Bioprocess Recovery Already in the Price

Sartorius AG is a German life-science tools group whose value is dominated by its majority-owned bioprocess franchise, Sartorius Stedim Biotech, with the liquid quotation being the non-voting preference share SRT3. After a pandemic boom and a destocking bust, 2025 sales recovered 7.6% to about EUR 3.54 billion, underlying EBITDA margin returned to 29.7%, and leverage fell from 3.96x to 3.55x, yet roughly EUR 3.74 billion of net debt and a still-premium 18x trailing EBITDA leave little cushion. Rating Hold: the franchise and the recovery are both real, but the market already sees the normalization and the current EUR 217.10 price sits above the report's ideal buy zone.

SRT3.XETRA Sartorius AG #Sartorius #生物工艺 #单次使用耗材 #生命科学工具 #优先股 #去库存周期 #估值

Hold

2026-06-15 ·生命科学工具 ·内部研究

10x Genomics 深度研究

10x Genomics 是单细胞与空间组学平台商，靠仪器装机带动高毛利耗材复购，耗材长期占收入约 84%–86%。Chromium 增速放缓后，增长寄望 2026 年 4 月发布的 Atera 接棒，但公司仍亏损、约四到五成收入依赖学术与政府经费。研报评级持有：现价 28.84 美元对应前瞻 EV/Sales 约 5.1 倍，合理但没有安全边际。

TXG.US 10x Genomics, Inc. #生命科学工具 #单细胞测序 #空间组学 #耗材复购 #生物科技 #估值

持有

2026-06-04 ·生命科学工具 ·内部研究

Bruker 横纵研究：科学仪器隐形冠军，但有机增长退潮、估值已透支复苏

全球高端科学分析仪器隐形冠军（NMR 近寡头垄断），但有机增长连续转负（FY25 -3.7%/Q1'26 -4.4%）、报告增长全靠并购+汇率、GAAP 转亏，盈利复苏全押成本削减；月内暴涨约 70% 后现价 $59.97 高于卖方均值目标 16%、远期 PE ~27-28× 处同业上沿。评级观察，安全边际待有机拐点或回到约 $48。

BRKR.US Bruker Corporation #生命科学工具 #科学仪器 #蛋白组学 #质谱 #并购整合 #估值

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