奥浦迈：Q3培养基高增，税率变动影响短期利润，海外市场增长亮眼

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported strong revenue growth in Q3 2024, with a 43.23% year-on-year increase, while net profit declined by 41.54% due to tax rate changes [1] - The growth in the culture medium business continues, and the overseas market shows strong momentum [1] - The CDMO business is gradually improving, with losses expected to narrow over time [1] - The company has been actively expanding its client base, with over 1,600 domestic and international biopharmaceutical companies and research institutions served [1] Financial Performance Summary - For Q1-Q3 2024, the company achieved revenue of 216 million yuan, a 25.73% increase year-on-year, while net profit was 27.24 million yuan, down 36.93% [1] - The revenue for Q3 2024 was 72.25 million yuan, reflecting a 43.23% increase year-on-year, but net profit fell to 3.1 million yuan, a 41.54% decline [1] - The culture medium business generated 180 million yuan in revenue for Q1-Q3 2024, up 59.15% year-on-year, while CDMO revenue was 35.51 million yuan, down 39.05% [1][2] Future Earnings Forecast - Revenue projections for 2024-2026 are 305 million, 401 million, and 522 million yuan, representing year-on-year growth rates of 25.6%, 31.3%, and 30.2% respectively [1][2] - Net profit forecasts for the same period are 41 million, 58 million, and 89 million yuan, with year-on-year growth rates of -24.8%, 42.6%, and 53.4% respectively [1][2] - Corresponding P/E ratios are expected to be 116X, 81X, and 53X for 2024, 2025, and 2026 [1][2]