奥浦迈(688293)：业绩延续高速增长 培养基业务贡献业绩弹性

Core Viewpoint - The company reported strong revenue growth and profitability in Q1-Q3 2025, indicating a robust performance trajectory in the cell culture media sector [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 272 million yuan, representing a year-on-year increase of 25.79% [1]. - The net profit attributable to shareholders reached 69 million yuan, with a year-on-year growth of 75.66% [1]. - The net profit excluding non-recurring items was 49 million yuan, reflecting an 81.48% increase year-on-year [1]. Business Segmentation - In Q3 2025, the company generated revenue of 94 million yuan, marking a 29.80% year-on-year increase [2]. - The cell culture media segment contributed 83 million yuan in Q3 2025, with a significant year-on-year growth of 48%, driven by product development and market expansion [2]. - The CDMO segment, however, saw a revenue decline of 35% year-on-year, generating 10 million yuan in Q3 2025, attributed to fluctuations in demand [2]. Future Outlook - The company is expected to continue experiencing high growth in the cell culture media business, supported by international expansion and an increasing number of domestic service pipelines [2]. - The strategic alignment between the CDMO and cell culture media businesses is anticipated to foster collaborative growth in the coming years [3]. Investment Recommendations - As a leading player in the domestic cell culture media market, the company is poised to benefit from the thriving domestic biopharmaceutical market and domestic substitution trends [3]. - Revenue forecasts for 2025-2027 have been adjusted slightly downward, with expected revenues of 374 million, 473 million, and 595 million yuan respectively [3]. - Corresponding EPS estimates have also been revised to 0.61, 0.90, and 1.29 yuan, with a PE ratio of 96, 65, and 45 times based on the closing price of 58.50 yuan per share on November 13, 2025 [3].