Shanghai OPM Biosciences (SH:688293) Soochow Securities·2025-04-29 13:04Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the culture medium segment shows impressive growth, with a continued validation of the volume logic [7] - The revenue for 2024 is projected to be 2.97 billion yuan, representing a year-on-year increase of 22.26%, while the net profit attributable to the parent company is expected to be 210.5 million yuan, a decrease of 61.04% [7] - The company is entering a harvest period as the culture medium business maintains high growth, with a strong order backlog and a significant increase in clinical trial projects [7] Financial Summary - Total revenue (in million yuan) is forecasted to grow from 297.24 in 2024 to 655.77 in 2027, with year-on-year growth rates of 22.26%, 31.41%, 32.64%, and 26.57% respectively [1][8] - The net profit attributable to the parent company is expected to recover from 21.05 million yuan in 2024 to 140.94 million yuan in 2027, with a notable increase of 215.86% in 2025 [1][8] - The latest diluted EPS is projected to rise from 0.19 yuan in 2024 to 1.24 yuan in 2027, reflecting the company's growth trajectory [1][8] Business Segments - The culture medium business achieved revenue of 244 million yuan in 2024, a growth of 44.0%, with CHO culture medium revenue at 199 million yuan, up by 49.0% [7] - The CDMO business faced challenges with a revenue decline of 25.7% in 2024, but showed signs of recovery with a 27.1% increase in Q1 2025 [7] - The company has a strong pipeline with 258 confirmed drug development projects utilizing its cell culture products, indicating robust future demand [7]