奥浦迈（688293）：培养基业务延续快速增长，盈利能力呈现提升中

Investment Rating - The investment rating for the company is "Accumulate" [4]. Core Views - The company continues to experience rapid growth in its culture medium business, with a significant increase in profitability [2]. - For the first half of 2025, the company reported revenue of 178 million yuan, a year-on-year increase of 23.77%, and a net profit attributable to shareholders of 49 million yuan, up 62.55% year-on-year [1][2]. - The growth in revenue is driven by both product and service segments, with product revenue reaching 155 million yuan, a 25.5% increase, and service revenue at 22 million yuan, a 13.2% increase [2]. - The net profit margin for the first half of 2025 was 20.96%, showing an increase compared to previous periods [2]. - The company is expected to maintain high growth rates in the culture medium business due to international expansion and an increasing number of domestic service pipelines [2][3]. Financial Summary - Revenue projections for 2025-2027 have been adjusted to 382 million, 481 million, and 605 million yuan, respectively, with corresponding EPS estimates of 0.67, 0.93, and 1.37 yuan [3][7]. - The company’s net profit for 2025 is projected to be 76 million yuan, reflecting a significant year-on-year growth of 259.2% [7]. - The gross profit margin is expected to improve from 53.0% in 2024 to 61.9% by 2027 [7]. - The company’s market capitalization is approximately 6.616 billion yuan, with a closing price of 58.27 yuan per share, resulting in a PE ratio of 83 for 2025 [4][7].