奥浦迈（688293）：培养基业务迅速发展，CDMO拖累短期业绩

Investment Rating - The report maintains a "Recommended" rating for the company [1][7][11] Core Insights - The company's revenue for 2024 is projected to be 297 million yuan, representing a year-over-year growth of 22.3%, while the net profit is expected to decline to 21 million yuan, a decrease of 61.0% [3][5][9] - The core business of cell culture media is experiencing strong growth, with a revenue increase of 27.51% in the second half of 2024, contributing 1.21 billion yuan to the total revenue [4][5] - The CDMO (Contract Development and Manufacturing Organization) business is underperforming, with a significant drop in gross margin due to increased depreciation from new capacity coming online [4][5] Financial Performance Summary - The company achieved a total revenue of 2.97 billion yuan in 2024, with a net profit of 0.21 billion yuan, reflecting a significant decline in profitability [3][4] - The gross margin for the core cell culture media business is 69.64%, while the CDMO segment reported a negative gross margin of -37.71% [4][5] - The company is involved in 247 R&D pipelines, with 29 in Phase 3 clinical trials and 8 in commercialization, indicating a robust pipeline for future growth [5][7] Future Projections - Revenue is expected to grow to 392 million yuan in 2025 and 510 million yuan in 2026, with net profits projected at 65 million yuan and 92 million yuan respectively [5][9] - The report adjusts profit forecasts for 2025-2027, with net profits expected to be 0.65 billion yuan in 2025, 0.92 billion yuan in 2026, and 1.26 billion yuan in 2027 [7][9] Market Position and Strategy - The company is actively expanding its market presence through both domestic and international channels, with overseas revenue growing by 98.06% in the second half of 2024 [4][5] - The report highlights the importance of the cell culture media business in the drug development lifecycle, suggesting a long-term growth trajectory as drug production scales up [5][7]