奥浦迈：培养基产品业务高速增长，CDMO服务业务阶段性拖累-20250416

Investment Rating - The report assigns a "Buy" rating for the stock based on its performance relative to the benchmark index [14]. Core Insights - The company's product business is experiencing rapid growth, while the CDMO service business is facing temporary challenges [2][3]. - The company has a rich pipeline of cell culture products, which is expected to enter a phase of intensive realization [4]. - The planned acquisition of Pengli Bio aims to establish a full industry chain, enhancing the company's service offerings [5]. Revenue Summary - In 2024, the company achieved total revenue of 297 million, a year-on-year increase of 22.26% [1]. - The product business generated 244 million in revenue, up 42.00% year-on-year, while the service business saw a decline of 25.66% to 53 million [2]. - Domestic revenue slightly decreased by 0.81% to 202 million, while overseas revenue surged by 144.01% to 94 million [2]. Profitability Summary - The company's gross margin for 2024 was 53.03%, down 5.82 percentage points year-on-year, primarily due to the service business's underperformance [3]. - The product business maintained a gross margin of 69.99%, an increase of 0.49 percentage points, while the service business reported a negative gross margin of -25.29% [3]. - The net profit attributable to the parent company was 21 million, a significant decrease of 61.04% year-on-year [1]. Financial Forecast - The company is projected to achieve revenues of 388 million, 499 million, and 636 million in 2025, 2026, and 2027, respectively [7]. - The net profit attributable to the parent company is expected to rebound to 70 million in 2025, with further increases to 103 million and 145 million in the following years [7]. - The diluted EPS is forecasted to be 0.62 yuan in 2025, increasing to 1.28 yuan by 2027 [7].