根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本 资料进行任何形式的转发。若您不是华创证券客户中的金融机构专业投资者，请勿订阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 免责声明 具体内容详见华创证券研究所2026年1月16日发布的报 告《普蕊斯（301257）深度研究报告：行稳致远，SMO行业 领军者开启成长新周期》 法律声明 华创证券研究所定位为面向专业投资者的研究团队，本资料仅适用于经认可的专业投资者，仅供在新媒体背景下研究观 点的及时交流。华创证券不因任何订阅本资料的行为而将订阅人视为公司的客户。普通投资者若使用本资料，有可能因 缺乏解读服务而对报告中的关键假设、评级、目标价等内容产生理解上的歧义，进而造成投资损失。 SMO行业快速发展，未来格局有望进一步集中 。 SMO是临床试验不可或缺的一环，主要负责 临床试验非医学判断事务的执行与管理。随着国内创新药研发投入持续增长、临床试验数量稳步 提升，SMO行业迎来快速发展期。根据CDE数据，2024年中国药物临床试验年度登记总量为 49 ...

证 券 研 究 报 告 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 804 | 852 | 1,059 | 1,305 | | 同比增速(%) | 5.7% | 6.1% | 24.3% | 23.2% | | 归母净利润(百万) | 106 | 119 | 160 | 198 | | 同比增速(%) | -21.0% | 12.2% | 33.7% | 24.4% | | 每股盈利(元) | 1.35 | 1.51 | 2.02 | 2.51 | | 市盈率(倍) | 52 | 46 | 35 | 28 | | 市净率(倍) | 4.7 | 4.3 | 3.8 | 3.4 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 1 月 15 日收盘价 公司研究 医疗服务 2026 年 01 月 16 日 当前价：69.79 元 华创证券研究所 证券分析师：郑辰 邮箱：zhengchen@hcyjs.com 执业编号：S03 ...

Market Analysis - On January 13, the three major indices collectively adjusted, with the Shenzhen Component Index falling over 1% and the ChiNext Index dropping nearly 2%. The total trading volume in the Shanghai and Shenzhen markets reached 3.65 trillion yuan, an increase of 49.6 billion yuan compared to the previous trading day. Over 3,700 stocks in the market declined, with the Shanghai Composite Index down 0.64%, the Shenzhen Component Index down 1.37%, and the ChiNext Index down 1.96% [1]. AI and Healthcare Developments - OpenAI launched ChatGPT Health on January 7, achieving a 92% disease diagnosis accuracy rate across over 5,000 disease features, marking a significant shift of generative AI from a general assistant to a specialized healthcare partner [10]. - ChatGPT Health utilizes the GPT-5.2 model, featuring capabilities such as symptom-disease mapping, multi-modal data analysis, and risk stratification algorithms to enhance diagnostic accuracy and efficiency [13][14]. - On January 11, Elon Musk's X platform called for users to upload medical images to train the Grok AI model, which aims to provide preliminary diagnoses and claims to outperform doctors in certain cases [15][16]. - Anthropic introduced Claude for Healthcare on January 11, which has already been adopted by 22,000 clinical personnel at Banner Health, indicating a significant step towards the integration of generative AI in healthcare [18]. Pharmaceutical Industry Collaboration - NVIDIA and Eli Lilly announced a partnership on January 12 to invest $1 billion over five years in a joint research lab in the San Francisco Bay Area, aimed at accelerating AI applications in the pharmaceutical industry [20][22]. - This collaboration seeks to integrate NVIDIA's AI computing capabilities with Eli Lilly's biomedical data to transform drug development processes and address long-standing industry challenges [22]. Company Spotlight: Pruis - Pruis, a clinical trial site management organization (SMO) established in 2009, focuses on ensuring efficient trial operations and data quality standards. It recently passed the national algorithm filing for its "Rui Star Clinical Trial Text Generation Algorithm" [23][24]. - The algorithm enhances information processing efficiency and accuracy by 90%, addressing industry pain points in clinical research [25][26]. Macro Trends in Energy and Data Centers - The surge in electricity consumption by data centers has led to increased electricity costs for residents in certain areas of the U.S. Major tech companies are securing nuclear power agreements to support their AI computing clusters [28]. - Macro trends indicate a dual drive for the North American market, focusing on aging grid updates and the infrastructure needs of AI data centers, which is expected to boost demand for transformers [28][29]. Company Profile: Hongyuan Co. - Hongyuan Co. specializes in the research, production, and sales of electromagnetic wires, primarily used in high-voltage transformers and other large power transmission equipment. The company has established itself as a leading manufacturer in this sector [33]. - Hongyuan's products are exported to various countries, including Turkey, North America, and Egypt, with a focus on meeting the needs of major transformer manufacturers [33].