[Table_TargetPrice] [Table_Title] 服务能力持续提升，在手订单仍旧充足 [Table_Summary] 事件： 普蕊斯近期发布 2023 年及 2024 年一季度报告：2023 年公司实现收入 7.6 亿（+29.7%），主要是由于外部经营环境对临床试验项目开展的干扰逐步消 除或减弱，项目业务进度恢复较大所致；实现归母净利润 1.3 亿（+86.1%）， 主要由于报告期内项目执行效率有所提升所致；实现扣非归母净利润 1.1 亿 （+70.6%）。2024Q1 公司实现收入 1.8 亿（+17.4%）；归母净利润 2273.7 万（-10.2%），主要由于报告期内收到政府补助金额同比下降较多所致，扣 非归母净利润 1957.0 万（+7.7%）。 公司 SMO 业务实现快速增长，营销能力加大建设 2023 年 SMO 业务收入 7.6 亿（+29.7%），公司自成立以来即注重内部 SOP 的制定、积累和更新，截至目前已建立了一套科学详实的涵盖 270 余份的 SOP 制度文件，用于指导和规范员工开展 SMO 业务中的各项操作。从费 用端看：2023 年销售费用较上年同期同比增长 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [4][16]. Core Views - The company is one of the early developers of SMO (Site Management Organization) services in China, with rapid order growth and recovering profit margins. The projected net profits for 2024 and 2025 are 169 million and 212 million yuan respectively, with a new forecast for 2026 at 253 million yuan, corresponding to PE ratios of 17, 13, and 11 times [4][16]. - The company reported a total revenue of 760 million yuan for 2023, representing a year-on-year growth of 29.6%, and a net profit of 135 million yuan, which is an 86.1% increase year-on-year. For Q1 2024, the revenue was 185 million yuan, showing a growth of 17.4%, while the net profit was 23 million yuan, reflecting a decline of 10.2% due to reduced government subsidies [16][17]. - The company has seen a significant increase in new orders, with a total contract amount of 1.292 billion yuan in 2023, up 23.89% year-on-year. The total contract amount at the end of 2023 was 1.881 billion yuan, a 24.97% increase year-on-year [17][28]. Financial Summary - The total revenue forecast for 2024 is 950 million yuan, with a year-on-year growth rate of 25%. The projected net profit for 2024 is 169 million yuan, with a growth rate of 25.7% [5][6]. - The company’s gross margin is expected to stabilize at 30.4% from 2024 to 2026, with a return on equity (ROE) projected to increase from 13.5% in 2024 to 14.8% in 2026 [5][6]. - The company has maintained a stable growth in employee numbers, reaching 4,407 by Q1 2024, with over 4,200 specialized personnel, indicating strong business demand [28].

[Table_Title] 23 年新签订单保持强劲增长，展望 24 年将延 请仔细阅读在本报告尾部的重要法律声明 | --- | --- | --- | --- | --- | --- | |----------------------------|-------|-------|-------|-------|-------| | [ 财务摘要 Table_profit] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入(百万元 ) | 586 | 760 | 943 | 1,176 | 1,454 | | YoY（%） | 16.6% | 29.6% | 24.1% | 24.7% | 23.6% | | 归母净利润(百万元 ) | 72 | 135 | 168 | 207 | 257 | | YoY （%） | 25.3% | 86.1% | 24.6% | 23.1% | 24.4% | | 毛利率（%） | 27.3% | 30.4% | 30.5% | 30.5% | 30.5% | | 每股收益（元） | 1.35 | 2.24 | 2.74 | ...

2024 年 5 月 3 日 公司研究 创新药承接能力增强，毛利率不断改善 事件：公司发布 2023 年年报及 2024 年一季报业绩公告，其中：1）2023 年公 司实现营业收入 7.60 亿元（YOY+29.65%）；实现归母净利润 1.35 亿元 （YOY+86.06%）；实现扣非归母净利润 1.14 亿元（YOY+70.58%）；2)2024Q1， 公司实现营业收入 1.85 亿元（YOY+17.42%）；实现归母净利润 0.23 亿元 （YOY-10.22%）；实现扣非归母净利润 0.2 亿元（YOY+7.74%），符合市场预 期。 人员规模持续扩大，新签订单进一步提升。截至 23 年底，公司员工人数较 22 年底新增 548 人至 4186 人，同比增加 15%，反映公司业务发展态势良好。2023 年公司新签不含税合同金额为 12.92 亿元，同比增长 23.89%；存量不含税合同 金额为 18.81 亿元，同比增长 24.97%。人员规模的扩张与在手订单持续提升， 支持公司后续业务稳定发展。 创新药项目多样化，医院覆盖度广。截至 23 年底，公司在执行项目数量为 1832 个，累计参与 SMO ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [34] Core Views - The company has shown impressive performance in 2023, with a robust growth in new orders providing a solid foundation for future revenue growth [6][20] - The company achieved a revenue of 760 million yuan in 2023, representing a year-on-year growth of 29.65%, and a net profit attributable to shareholders of 135 million yuan, up 86.06% year-on-year [20][22] - The company has a strong order backlog, with a new signed contract amount of 1.292 billion yuan in 2023, an increase of 23.89% year-on-year, and a total backlog of 1.881 billion yuan at the end of 2023, up 24.97% year-on-year [20][21] Financial Performance Summary - In Q1 2024, the company reported a revenue of 185 million yuan, a year-on-year increase of 17.42%, while the net profit attributable to shareholders decreased by 10.22% to 22.74 million yuan due to reduced government subsidies [20] - The company forecasts net profits for 2024-2026 to be 155 million yuan, 200 million yuan, and 259 million yuan respectively, with corresponding EPS of 2.54, 3.27, and 4.23 yuan [20][22] - The company's gross margin improved to 30.41% in 2023, up 3.12% year-on-year, indicating enhanced operational efficiency [20][22] Employee and Market Position - As of the end of 2023, the company employed 4,186 people, a 15.06% increase year-on-year, with over 4,000 professionals covering more than 1,300 clinical trial institutions across over 190 cities in China [21] - The company has established partnerships with major global pharmaceutical companies, contributing to the successful launch of 140 products domestically and internationally [21]

证券代码：301257 证券简称：普蕊斯 普蕊斯（上海）医药科技开发股份有限公司 投资者关系活动记录表 编号：2024-006 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 投资者关系 □现场参观 券商策略会 活动类别 其他 （东方证券、兴业证券、海通证券、长江证券、东北证券、信达 证券、太平洋证券、中金证券、招商证券、开源证券、民生证 券、华安证券、中泰证券、国海证券、华创证券 15 家证券联合 主持的2023年年度和 2024年第一季度业绩交流电话会） 工银瑞信 融通基金 南方基金 中欧基金 华安基金 招商基金 华宝基金 诺安基金 中金基金 银华基金 前海开源基金 信达澳亚基金 东兴基金 长盛基金 圆信永丰基金 创金合信基金 南华基金 格林基金 北信瑞丰基金 富安达基金 富荣基金 博道基金 国新国证基金 粤民投私募基金 招商资本 建信资本 新华养老保险 勤远私募基金 参与单位 碧云资本 康曼德资本 幸福人寿保险 运舟私募基金 ...

Investment Rating - The investment rating for the company is upgraded from "Overweight" to "Buy" [2][14]. Core Insights - The company is a leading player in the SMO industry, benefiting from a wide coverage of clinical institutions and continuous revenue expansion. The new order amount is growing rapidly, and the penetration rate of SMO in pharmaceutical clinical research is expected to increase further [2][5][15]. Financial Performance - In 2023, the company achieved a revenue of 760.04 million yuan, representing a year-on-year growth of 29.65%. The net profit attributable to shareholders was 134.73 million yuan, up 86.06% year-on-year. The net profit margin reached 17.73%, an increase of 5.38 percentage points, primarily due to a significant reduction in management expense ratio [7][27]. - The company forecasts revenues of 942.45 million yuan in 2024, 1,140.37 million yuan in 2025, and 1,311.42 million yuan in 2026, with growth rates of 24.00%, 21.00%, and 15.00% respectively [7][8]. - The projected net profit for 2024 is 162.35 million yuan, with a growth rate of 20.50%, and for 2025, it is 194.69 million yuan, with a growth rate of 19.92% [7][8]. Operational Highlights - As of December 31, 2023, the company has participated in over 3,000 SMO projects, with 1,832 ongoing projects. The number of employees increased from 3,638 at the end of 2022 to 4,186, with over 4,000 in business roles [5][15]. - The company has signed new contracts worth 12.92 billion yuan in 2023, a year-on-year increase of 23.89%, driven by the continuous investment in R&D by global pharmaceutical companies and the growing demand for outsourced services for new drug clinical trials [15].

| --- | --- | |-------|-------| | | | | | | ◼ 走势比较 (60%) (46%) (32%) (18%) (4%) 10% 23/5/4 23/7/1523/9/2523/12/624/2/1624/4/28 普蕊斯 沪深300 ◼ 股票数据 普蕊斯(301257) 目标价: 72.02 昨收盘:45.68 全年业绩符合预期，短期利润有所波动 总股本/流通(亿股) 总市值/流通(亿元) 12 个月内最高/最低价 (元) | --- | --- | --- | --- | --- | --- | --- | |-------|--------------|------------------------|--------|--------|--------|--------| | | | ◼ 盈利预测和财务指标 | 2023A | 2024E | 2025E | 2026E | | | | 营业收入（百万元） | 760 | 884 | 1,030 | 1,226 | | | | 营业收入增长率 (%) | 29.65% | 16.32% | 16.51% | 18. ...

免责声明 [研究团队简介 Table_Introduction ] 唐爱金，医药首席分析师。浙江大学硕士，曾就职于东阳光药先后任研发工程师及营销市场专员，具备 优异的药物化学专业背景和医药市场经营运作经验，曾经就职于广证恒生和方正证券研究所，负责医药 团队卖方业务工作超 9 年。 史慧颖，团队成员，上海交通大学药学硕士，曾在 PCC 佳生和 Parexel 从事临床 CRO 工作，2021 年加入 信达证券，负责 CXO 行业研究。 王桥天，团队成员，中国科学院化学研究所有机化学博士，北京大学博士后。2021 年 12 月加入信达证 券，负责科研服务与小分子创新药行业研究。 吴欣，团队成员，上海交通大学生物医学工程本科及硕士，2022 年 4 月加入信达证券，负责医疗器械和 中药板块研究工作，曾在长城证券研究所医药团队工作。 赵骁翔，团队成员，上海交通大学生物技术专业学士，卡耐基梅隆大学信息管理专业硕士，2 年证券从 业经验，2022 年加入信达证券，负责医疗器械、医疗设备、AI 医疗、数字医疗等行业研究。 曹佳琳，团队成员，中山大学岭南学院数量经济学硕土，2 年医药生物行业研究经历，曾任职于方正证 券，20 ...

华泰联合证券有限责任公司 关于普蕊斯（上海）医药科技开发股份有限公司 2024 年度日常关联交易额度预计的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合"、"保荐人"）作为普蕊 斯（上海）医药科技开发股份有限公司（以下简称"普蕊斯"、"公司"）首次公 开发行股票并在创业板上市的保荐人，根据《证券发行上市保荐业务管理办法》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》《深圳证券交易所上市公司自律监管指 引第 13 号——保荐业务》等有关规定，对普蕊斯 2024 年度日常关联交易额度预 计事项进行了审慎核查，核查情况及意见如下： 一、日常关联交易基本情况 （一）日常关联交易概述 根据公司日常经营的需要，普蕊斯预计与公司参股子公司铨融（上海）医药 科技开发有限公司（以下简称"铨融上海"）发生日常性关联交易，预计 2024 年 度上述日常关联交易总额不超过人民币 900 万元（不含税）。 2024 年 4 月 25 日，公司第三届董事会第七次会议和第三届监事会第七次会 议审议通过了《关于 2024 年度日常关联交易额度预计的议案》，其中董事会 ...