奥浦迈：培养基与CDMO双轮驱动，出海打开广阔空间

Investment Rating - The report assigns a "Outperform" rating to the company, with a target price range of 43.78-51.54 RMB per share for 2024, based on a PE multiple of 50-60x [44] Core Views - The company is a leading domestic cell culture media provider with a synergistic CDMO business, driving high-quality biopharmaceutical R&D [9] - The company benefits from the growing demand for biopharmaceuticals and the trend of domestic substitution in the cell culture media market [17][18] - The company's dual-engine strategy of cell culture media and CDMO services, along with its strong R&D capabilities and customer base, positions it well for long-term growth [9][89] Business Overview - The company specializes in cell culture products and services, integrating cell culture media with CDMO services to accelerate drug development from DNA to BLA [9] - The company has a comprehensive product portfolio, including over 100 types of catalog media, and has developed high-performance media products such as StarCHO and SagiCHO series [78] - The company has built a large-scale GMP-compliant media production base and a CDMO platform, with plans to expand its production capacity for clinical III and commercial-scale manufacturing [11][40] Market Analysis - The Chinese cell culture media market is expected to grow from 1.52 billion RMB in 2020 to 5.44 billion RMB in 2025, with a CAGR of 29.0% [17] - The domestic substitution trend in the cell culture media market is accelerating, driven by improving domestic technology and cost control pressures in the biopharmaceutical industry [18][31] - The global biopharmaceutical CDMO market is projected to grow from 18 billion USD in 2020 to 46 billion USD in 2025, with a CAGR of 20.7% [26] Financial Performance - The company's revenue grew from 58.52 million RMB in 2019 to 294.37 million RMB in 2022, with a CAGR of 71.34% [80] - The company's net profit attributable to shareholders increased from 11.68 million RMB in 2020 to 105.37 million RMB in 2022, with a CAGR of 200.36% [80] - The company's gross margin for its media business remained stable at around 74% from 2020 to 2022, while its CDMO business gross margin improved from 26.8% in 2020 to 41.0% in 2022 [42][84] Growth Drivers - The company's media business is expected to benefit from the growing demand for biopharmaceuticals and the domestic substitution trend, with revenue projected to grow from 170.66 million RMB in 2023 to 402.46 million RMB in 2025 [36][39] - The company's CDMO business is expected to grow from 72.46 million RMB in 2023 to 100 million RMB in 2025, driven by the expansion of its production capacity and the increasing demand for biopharmaceutical CDMO services [41][42] - The company's overseas revenue accounted for 17.46% of total revenue in 2022, and the establishment of a US subsidiary is expected to further support its international expansion [104] Competitive Advantages - The company has a strong R&D team with 56 R&D personnel, accounting for 21.05% of total employees, and has developed a wide range of high-quality media products [14][78] - The company has a diversified customer base, serving over 1,200 biopharmaceutical companies and research institutions, and has established long-term relationships with key customers such as China National Pharmaceutical Group and Kangfang Biotech [89][63] - The company's integrated business model of media and CDMO services creates synergies, allowing it to leverage its media expertise to secure CDMO orders and vice versa [62][64]