奥浦迈（688293）：品业务收入同比增长42%，净利润短期承压

Investment Rating - The investment rating for the company is "Outperform the Market" [4][20]. Core Views - The company's product business revenue grew by 42% year-on-year, but net profit is under short-term pressure, with a projected revenue of 297 million yuan (+22.3%) and a net profit of 21 million yuan (-61.0%) for 2024 [1][7]. - The decline in net profit is attributed to the operational costs associated with the new CDMO biopharmaceutical commercialization production platform and impairment losses of 10.03 million yuan [1][7]. - The company has a strong pipeline with 247 confirmed drug development lines using its cell culture products, an increase of 77 from the previous year [2][16]. Financial Performance - For 2024, the company achieved product sales of 244 million yuan (+42.0%) with a gross margin of 70.0% [1][7]. - CDMO services generated revenue of 52.56 million yuan (-25.7%), primarily due to uncertainties in the biopharmaceutical industry affecting client financing [1][7]. - The quarterly sales for 2024 are projected to improve sequentially: 8.05 million yuan in Q1, 11.62 million yuan in Q2, 15.84 million yuan in Q3, and 17.05 million yuan in Q4 [1][7]. Regional Performance - The company's overseas business continues to show strong growth, with foreign revenue increasing by 144.0% compared to the previous year [2][7]. Profit Forecasts - The profit forecasts have been adjusted, with expected net profits of 78 million yuan and 112 million yuan for 2025 and 2026, respectively, and a new estimate of 153 million yuan for 2027 [20][3]. - The current price-to-earnings (PE) ratios are projected at 58x for 2025, 41x for 2026, and 30x for 2027 [20][3].