Shanghai OPM Biosciences (688293) Huachuang Securities·2024-11-13 05:12Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 52 CNY, compared to the current price of 45.60 CNY [1][2]. Core Insights - The company's revenue for the first three quarters of 2024 reached 216 million CNY, a year-on-year increase of 25.73%, while the net profit attributable to shareholders decreased by 36.93% to 27 million CNY [1]. - The growth in the cell culture medium business is robust, with product revenue for the first three quarters of 2024 at 180 million CNY, up 59.15% year-on-year, and 56 million CNY in Q3 alone, reflecting a growth of over 55% [2]. - The company is expanding its overseas market presence, with foreign revenue increasing by 196.48% year-on-year in the first three quarters of 2024 [2]. - The number of clients using the company's culture medium products is rapidly increasing, with a total of 230 clinical pipelines confirmed by the end of Q3 2024, up from 216 at the end of Q2 2024 [2]. Financial Summary - Total revenue for 2023 is projected at 243 million CNY, with expected growth rates of 24.6% in 2024, 27.9% in 2025, and 26.1% in 2026 [3]. - The net profit attributable to shareholders is forecasted to be 54 million CNY in 2023, decreasing to 42 million CNY in 2024, but expected to rebound to 91 million CNY in 2025 and 140 million CNY in 2026 [3]. - Earnings per share (EPS) is projected to be 0.47 CNY in 2023, decreasing to 0.36 CNY in 2024, and then increasing to 0.80 CNY in 2025 and 1.22 CNY in 2026 [3].