摩通将微创机器人2025财年的销售预测下调12%，但对今明两年的预测上调3%至4%。该行仍然相信公 司为全球手术机械人领域中强大的中国竞争者，并预期其将继续在海外(特别是欧洲、拉丁美洲、亚太 等地区)持续增长；同时认为，该股的下一个催化剂将是潜在的累计订单公布及其盈利表现。 摩根大通发布研报称，微创机器人-B(02252)初步2025财年业绩预测高于市场预期，但较该行预估为 低，将其目标价从42港元微调至41港元，评级"增持"，仍为该行于中国医疗科技行业的首选。 摩通续指，根据微创机器人的初步2025财年业绩，因Skywalker销售低于预期，将集团去年销售预测从 6.46亿元人民币(下同)下调至5.67亿元，不过继续预期公司将在今年达到盈亏平衡，对其今年销售预测 由原来的13.56亿元，上调至14.16亿元。 ...

摩通续指，根据微创机器人的初步2025财年业绩，因Skywalker销售低于预期，将集团去年销售预测从 6.46亿元人民币(下同)下调至5.67亿元，不过继续预期公司将在今年达到盈亏平衡，对其今年销售预测 由原来的13.56亿元，上调至14.16亿元。 智通财经APP获悉，摩根大通发布研报称，微创机器人-B(02252)初步2025财年业绩预测高于市场预期， 但较该行预估为低，将其目标价从42港元微调至41港元，评级"增持"，仍为该行于中国医疗科技行业的 首选。 摩通将微创机器人2025财年的销售预测下调12%，但对今明两年的预测上调3%至4%。该行仍然相信公 司为全球手术机械人领域中强大的中国竞争者，并预期其将继续在海外(特别是欧洲、拉丁美洲、亚太 等地区)持续增长；同时认为，该股的下一个催化剂将是潜在的累计订单公布及其盈利表现。 ...

摩根大通发表研报指，微创机器人初步2025财年业绩预测高于市场预期，但较该行预估为低。该行将其 目标价从42港元微降至41港元，评级"增持"，仍为该行于中国医疗科技行业的首选；将2025财年销售预 测下调12%，但对今明两年的预测上调3%至4%。该行仍然相信公司为全球手术机械人领域中强大的中 国竞争者，并预期其将继续在海外(特别是欧洲、拉丁美洲、亚太等地区)持续增长；下一个催化剂将是 潜在的累计订单公布及其盈利表现。 ...

行业定期报告 证券研究报告 医药生物 hyzqdatemark 2026 年 01 月 26 日 投资评级： 看好（维持） ——医药行业周报（26/1/19-26/1/23） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 本周医药市场表现分析：1 月 19 日至 1 月 23 日，医药指数下跌 0.39%，相对沪深 300 指数 超额收益为 0.23%。本周，医药市场行情相对平淡，周五医药指数上涨 1.26%，其中仍然是 脑机接口、AI 医疗等主题性板块有一定表现，药店受政策影响亦表现较好。考虑到脑机接口 和 AI 医疗作为未来的产业趋势，板块有望反复活跃，创新药经过 25 年四季度的充分调整， 当前估值性价比高，建议关注相关板块表现。我们建议精选基本面强劲、前期调整充分的创 新药个股，看好未来股价有望走出新高度，同时建议积极关注医疗新科技等板块，以及 26 年 困境反转的底部个股。1）创新药建议关注，A 股）信立泰、泽璟制药、热景生物、科伦药业、 上海谊众、康弘药业、华纳药厂、前沿生物、福元医药、昂利康、恒瑞医药；港股）三生制 药、信达生物、康方生物、中国生物制药、科伦博泰、石药集团、 ...

国产手术机器人行业正处于从"概念验证"迈向"规模化盈利"的关键转折点。 1月21日，浙商证券在最新研报中称，随着医保局收费目录政策落地和海外市场加速拓展，行业有望从早期发展期步入快速增长期。如果说过去五 年是技术追赶期，那么未来五年将是商业化兑现期。 研报称， 2026年1月20日，国家医保局发布《手术和治疗类辅助操作类立项指南（试行）》，明确手术机器人收费框架，这将显著降低产品入院 门槛。同时，头部企业海外订单快速增长，微创机器人全球订单突破160台，精锋医疗海外订单达72台，出海正成为新的增长引擎。 市场空间：超700亿规模，年增长34% 研报指出，根据Frost&Sullivan数据，2024-2032年中国手术机器人市场规模将从72亿元增长至767亿元人民币，年复合增长率约34%。 浙商证券称，2024年中国手术机器人市场规模约为72亿元人民币。根据预测，到2032年，这一数字将暴涨至767亿元。这意味着在未来8年间，年 复合增长率（CAGR）高达约34%。这种增速在当前的宏观环境下极为罕见。 相比之下，全球市场同期将从212亿美元增长至750亿美元，年复合增长率约17%，中国市场增速显著高于全球平均 ...

花旗发表报告指，微创机器人发布强劲的2025财年正面盈利预告，指引收入按年增长110%至120%，优 于该行预期升100%及市场预期升94%；调整后净亏损预计收窄超过50%，符合预期。该行认为收入超出 预期是关键亮点，这确认公司正处于全球业务快速扩张阶段，对投资者而言收入增长是最关键的指标。 报告提及，此动能主要受惠于图迈机器人海外订单在2025财年激增至100台以上，超越8月时指引的70至 80台，为2026财年收入转化提供极佳能见度。 此外，市场于1月21日对国家新发布的《病理类医疗服务价格项目立项指南(试行)》反应积极，微创机 器人及同业股价上涨。该行视此政策为里程碑，它降低了商业化路径的风险，并为行业成长提供了清晰 统一的框架。花旗予微创机器人"买入"评级，目标价为32港元。 ...

Core Viewpoint - The domestic surgical robot market is expected to experience a significant growth inflection point by 2026, driven by the implementation of the fee schedule and accelerated overseas expansion, favoring platform companies with commercialization capabilities and upstream manufacturers [1] Industry Overview - The market size of China's surgical robot industry is projected to exceed 70 billion RMB, with a CAGR of approximately 34% from 2024 to 2032. The market is expected to grow from 7.2 billion RMB in 2024 to 76.7 billion RMB by 2032 [2] - The laparoscopic surgical robot market is anticipated to grow at a CAGR of about 29% during the same period, while the orthopedic surgical robot market is expected to see a CAGR of around 41% due to increased penetration rates and the implementation of the fee schedule [2] Catalysts for Growth - The implementation of the fee schedule is identified as a core catalyst for the admission of domestic products. The development cycle of domestic surgical robots can be divided into three phases: early development, rapid development, and mature development [3] - The rapid development phase is characterized by improved product capabilities and accelerated hospital admissions, driven by a clear fee schedule and reimbursement policies [3] Overseas Expansion - The overseas market presents a significant growth opportunity for surgical robot manufacturers, with China's market currently accounting for only about 5% of the global market. Several domestic companies, such as MicroPort and Precision Medical, are beginning to penetrate international markets [4] - By the end of 2025, MicroPort's laparoscopic surgical robot is expected to have over 160 global commercial orders, while Precision Medical has signed 72 overseas orders for its products [4] Comparison with Global Leaders - The business model of Intuitive Surgical, a leading company in the laparoscopic surgical robot sector, shows a clear logic of revenue generation through system sales, consumables, and services. This model is expected to be mirrored by domestic companies, enhancing profitability as installation volumes increase [5] - In the orthopedic sector, domestic companies may benefit from the synergy between implantable devices and surgical robots, similar to the strategies employed by global leaders like Stryker [6] Recommended Companies - The focus is on platform companies with commercialization capabilities and upstream manufacturers. Recommended companies include MicroPort, Meihua Medical, and Aikang Medical, with attention to Tianzhihang and Precision Medical [7]

Core Viewpoint - MicroPort Scientific Corporation (02252) has issued a strong positive profit forecast for the fiscal year 2025, indicating a revenue growth of 110% to 120%, surpassing Citigroup's expectation of 100% and market expectation of 94% [1] Group 1: Revenue Growth - The key highlight is the revenue exceeding expectations, confirming that the company is in a phase of rapid global business expansion, which is crucial for investors [1] - The momentum is primarily driven by the overseas orders for the "Tumi" robot, which are expected to exceed 100 units in fiscal year 2025, surpassing the previous guidance of 70 to 80 units provided in August [1] Group 2: Market Reaction and Policy Impact - The market reacted positively on January 21 to the newly released "Guidelines for the Establishment of Pricing Projects for Pathological Medical Services (Trial)", leading to a rise in the stock prices of MicroPort and its peers [1] - This policy is viewed as a milestone that reduces the risks associated with commercialization pathways and provides a clear and unified framework for industry growth [1]

Core Viewpoint - Citi has released a report indicating that MicroPort Robotics-B (02252) has issued a strong positive profit forecast for the fiscal year 2025, projecting a revenue growth of 110% to 120%, surpassing Citi's expectation of 100% and the market's expectation of 94% [1] Group 1: Company Performance - The key highlight is the revenue exceeding expectations, confirming that the company is in a phase of rapid global business expansion, which is crucial for investors [1] - The momentum is primarily driven by the overseas orders for the "TUMAI" robot, which are expected to exceed 100 units in fiscal year 2025, surpassing the previous guidance of 70 to 80 units provided in August [1] Group 2: Market Reaction and Policy Impact - The market reacted positively on January 21 to the newly released "Guidelines for the Establishment of Pricing Projects for Pathological Medical Services (Trial)," leading to a rise in the stock prices of MicroPort Robotics and its peers [1] - This policy is viewed as a milestone that reduces the risks associated with commercialization pathways and provides a clear and unified framework for industry growth [1]

Core Viewpoint - The company expects a revenue growth of approximately 110% to 120% in 2025, with an adjusted net loss not exceeding 240 million yuan, a reduction of over 50% compared to the previous year's loss of approximately 482 million yuan [1] Revenue Growth - The revenue increase is primarily attributed to the breakthrough in the commercialization of the core product, the Tumi laparoscopic surgical robot, particularly in overseas market expansion [1] - The company signed over 100 new orders in overseas markets throughout the year, with overseas sales revenue exceeding five times that of the previous year [1] - As of the announcement date, the total commercialized orders for Tumi globally exceeded 180 units, with the cumulative installed base surpassing 120 units [1] Loss Reduction - The narrowing of losses is mainly due to revenue growth and cost reduction measures, leading to a decrease in product costs and operating expenses [1] - The company anticipates that the net outflow of free cash flow in 2025 will narrow by over 80% compared to 2024, not exceeding 70 million yuan [1]