Shanghai OPM Biosciences (688293) 国海证券·2024-11-05 13:39Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7]. Core Views - The company has shown significant growth in sales of culture media, with a strong momentum in overseas business. The revenue from culture media products increased by 59.15% year-on-year, while the CDMO business revenue decreased by 39.05% due to the impact of a challenging pharmaceutical environment [4]. - The company has expanded its customer base, with a total of 230 confirmed pilot projects utilizing its cell culture media products, an increase of 60 projects compared to the end of 2023 [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 216 million yuan, representing a year-on-year increase of 25.73%. However, the net profit attributable to shareholders decreased by 36.93% to 27 million yuan [3]. - The revenue for Q3 2024 alone was 72 million yuan, showing a year-on-year growth of 43.23%, while the net profit for the same quarter was 3 million yuan, down 41.54% year-on-year [3]. - The projected revenues for 2024, 2025, and 2026 are 305 million yuan, 403 million yuan, and 519 million yuan, respectively, with corresponding net profits of 49 million yuan, 93 million yuan, and 135 million yuan [5][6]. Market Performance - The company's stock has outperformed the CSI 300 index, with a 1-month performance of +16.0% and a 3-month performance of +33.5%, while the CSI 300 index has shown a decline of -3.2% over the same period [2]. - The current stock price is 39.09 yuan, with a 52-week price range of 24.50 to 64.64 yuan [2]. Growth Potential - The company is expected to maintain a strong growth trajectory in the culture media sector, with a projected revenue growth rate of 25% in 2024, followed by 32% in 2025 and 29% in 2026 [5][6]. - The company’s focus on expanding its product lines and customer base positions it well for future growth despite current challenges in the CDMO segment [4].