培养基销售额显著增长，海外业务增长势头强劲2024 年前三季度公司产品实现营收1.8 亿元，同比增长59.15%，增长态势显著；CDMO 业务实现营收0.36 亿元，同比下滑39.05%，CDMO 业务营收下滑主要是因为医药寒冬的影响，资金筹集难度加大，导致部分关键项目不得不暂停或取消。2024 年前三季度公司海外业务营业收入同比增加196.48%，海外业务增长势头强劲。Incidents:
On October 31, 2024, Opmax released its 2024 three-quarter report. The company achieved operating income of 0.216 billion yuan (+25.73% YoY) for the first three quarters of 2024, net profit attributable to shareholders of listed companies was 0.027 billion yuan (-36.93% YoY), and net profit attributable to shareholders of listed companies after deduction was 0.017 billion yuan (-46.12% YoY). The 2024 Q3 quarter achieved operating income of 0.072 billion yuan (+43.23% YoY), and net profit attributable to shareholders of listed companies was 0.003 billion yuan (-41.54% YoY).
Investment highlights:
Culture medium sales increased significantly, and the overseas business growth momentum was strong, and the company's products achieved revenue of 0.18 billion yuan in the first three quarters of 2024, up 59.15% year on year, with a significant growth trend; the CDMO business achieved revenue of 0.036 billion yuan, down 39.05% year on year. The decline in CDMO business revenue was mainly due to the impact of the cold pharmaceutical winter, making it more difficult to raise capital, and some key projects had to be suspended or cancelled. The company's overseas business revenue increased 196.48% year-on-year in the first three quarters of 2024, and the overseas business is growing strongly.
The total number of pilot projects increased dramatically, and the number of domestic and foreign customers continued to expand. As of the end of the 2024 three-quarter report, the company had 230 drug development pipelines using the company's cell culture medium products, including 140 in the pre-clinical stage, 30 in the clinical phase I stage, 26 in the clinical phase III phase, and 8 in the commercial production stage. Overall, there were 60 more commercial production projects compared to the end of 2023. As of the end of the 2024 three-quarter report, the number of domestic and foreign biopharmaceutical companies and research institutes served by the company continued to increase, totaling more than 1,600.
Profit forecast and investment rating We expect the company's operating income in 2024-2026 to be 0.305, 0.403, 0.519 billion yuan, and net profit to mother of 0.049, 0.093, 0.135 billion yuan, corresponding PE of 92, 48, and 33x. Considering the company's advantages in the medium field, the decline in phased demand will not affect the company's long-term growth space, and maintain a “buy” rating.
Risk warning 1. Poor investment and financing, slowing industry growth; 2. Deterioration of the competitive pattern, affecting the price system of the industry; 3. Geopolitical disturbances and weak overseas growth; 4. Loss of medium formulations affects the company's core competitiveness; 5. The departure of core technical personnel.
