奥浦迈收购SAMM Solutions商誉未减值 标的公司2024年营收3.31亿元毛利率42.98%

Core Viewpoint - Aopu Mai Biotechnology Co., Ltd. has disclosed its response to the inquiry letter regarding the issuance of shares and cash payment for asset acquisition, highlighting projected net profits and gross margins for 2023 and 2024 [1] Group 1: Financial Performance and Operational Data - The target company's revenue is projected to grow from 318 million to 331 million yuan from 2023 to 2024, with a compound annual growth rate of 4.12% [3] - The revenue from pharmacodynamics evaluation is expected to increase from 167 million yuan in 2023 to 188 million yuan in 2024, with a gross margin of 49.07% and 49.52% respectively [3] - The overseas revenue for 2024 is expected to grow significantly, with a 43.69% increase from international clients [3] - Accounts receivable at the end of 2024 is projected to be 89.21 million yuan, a 55.02% increase from 2023, primarily due to overseas business expansion and slower domestic client payments [3] Group 2: Cost Control and R&D Investment - The main business costs consist of 28.37% for direct materials, 35.03% for labor costs, and 36.60% for manufacturing expenses [4] - R&D expenses for 2024 are projected at 37.68 million yuan, accounting for 11.39% of revenue, which is higher than the industry average of 5.39% [4] - The company plans to adjust the amortization ratio for experimental monkeys from 60% to 40% starting February 2025, aligning with actual usage [4] Group 3: Industry Environment and Business Analysis - The target company operates in the CRO industry, which is highly dependent on downstream pharmaceutical R&D spending [2] - The overseas revenue for the target company was 93.68 million yuan and 109.42 million yuan in 2023 and 2024, respectively, accounting for 30.45% and 34.81% of total revenue [2] - The acquisition of SAMM Solutions is expected to contribute 5.68 million yuan in revenue in 2024, although it is projected to incur a loss of 6.60 million yuan due to high fixed costs during the integration period [2]