奥浦迈：2024年中报点评：培养基业务持续快速增长

Investment Rating - Strong Buy (Maintained) with a target price of 36 CNY, compared to the current price of 26.68 CNY [1] Core Views - The company's medium business continues to grow rapidly, with product revenue increasing by 59.67% YoY in H1 2024 and 46% YoY in Q2 2024 [1] - CDMO business is under pressure, with service revenue declining by 55.07% YoY in H1 2024 and 34% YoY in Q2 2024 [1] - The number of customers and pipelines using the company's medium products has increased significantly, with the total number of pipelines reaching 216 by the end of Q2 2024 [1] - Overseas revenue grew by 227% YoY in H1 2024, driven by deeper cooperation with key overseas customers and the establishment of overseas subsidiaries [1] - The company is expected to benefit from the development of the domestic biologics market and the trend of domestic substitution, while also expanding overseas to open up long-term growth potential [2] Financial Performance - H1 2024 revenue: 1.44 billion CNY, up 18.44% YoY [1] - H1 2024 net profit attributable to parent company: 0.24 billion CNY, down 36.29% YoY [1] - Q2 2024 revenue: 0.64 billion CNY, up 19.82% YoY [1] - Q2 2024 net profit attributable to parent company: 0.05 billion CNY, down 66.71% YoY [1] - 2024-2026 revenue forecast: 3.03, 3.88, and 4.89 billion CNY, respectively [2] - 2024-2026 net profit forecast: 0.61, 0.95, and 1.41 billion CNY, respectively [2] Business Highlights - The company's medium products are performing well, with a significant increase in the number of pipelines across different stages (pre-clinical, Phase I, Phase II, Phase III, and commercial) [1] - The company is actively expanding its overseas market presence, leveraging its domestic expertise in customized medium development and hiring experienced overseas sales and marketing personnel [1] - The company's medium business is expected to benefit from the domestic biologics market growth and the trend of domestic substitution, while the CDMO business remains under pressure due to industry challenges [2] Valuation - The company is valued at 25x PE for 2025, with a target market capitalization of 4.2 billion CNY and a target price of 36 CNY [2] - The valuation is supported by the company's high-quality customer base, successful pipeline projects, and overseas expansion initiatives [2]