奥浦迈（688293）：业绩延续高速增长，培养基业务贡献业绩弹性

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company continues to experience rapid growth, with its cell culture media business contributing significantly to performance resilience. For the first three quarters of 2025, the company achieved revenue of 272 million yuan, a year-on-year increase of 25.79%, and a net profit attributable to shareholders of 69 million yuan, up 75.66% year-on-year [2][3] - The cell culture media business saw a revenue of 83 million yuan in Q3 2025, representing a year-on-year growth of 48%, driven by product development and market expansion both domestically and internationally. In contrast, the CDMO business experienced a revenue decline of 35% in the same quarter due to demand fluctuations [2] - The company is positioned as a leader in the domestic culture media market, benefiting from the robust growth of the domestic biopharmaceutical market and domestic substitution trends. The strategic alignment between the CDMO and culture media businesses is expected to support continued high growth in the coming years [3] Financial Summary - For the fiscal year 2025, the company is projected to generate revenue of 374 million yuan, with a year-on-year growth of 25.7%. The net profit attributable to shareholders is expected to be 69 million yuan, reflecting a significant increase of 230.1% year-on-year [4][8] - The gross profit margin is anticipated to be 55% in 2025, improving to 59.5% by 2027. The earnings per share (EPS) are forecasted to be 0.61 yuan in 2025, increasing to 1.29 yuan by 2027 [4][8] - The company’s price-to-earnings (PE) ratios are projected to be 95.83 for 2025, 64.98 for 2026, and 45.21 for 2027, indicating a decreasing trend as earnings grow [4][8]