Group 1 - Goldman Sachs has rated Kangji Medical (09997) as a buy, with a target price of HKD 9.3 based on a projected P/E ratio of 17 times for 2027 and a 12% CAGR in EPS over three years [1] - Kangji Medical holds approximately 41.99% of Weijing Medical, which has received approval for its four-arm surgical robot, aligning with Goldman Sachs' previous expectations [2] - The company aims to achieve breakeven by 2027, with limited revenue contribution from surgical robots expected in FY2025, while focusing on the long-term contribution of consumables [2] Group 2 - A commercial team of over 150 members has been established, with a competitive pricing strategy set around RMB 10 million to enhance product accessibility [2] - The company plans to select 10-20 top hospitals by 2025 for training to address the current shortage of doctors using robotic systems [2] - Weijing Medical is developing a CE-certified version of its robot for international markets, with a large-scale production base in Tonglu, Hangzhou, expected to be operational by the end of 2025 [3] Group 3 - Future development will focus on integrating 5G remote capabilities and artificial intelligence into multi-arm robots, with a single-port surgical robot expected to enter clinical trials by the end of 2025 [4] - The industry is projected to have a total of approximately 100 units available for bidding in 2024, with 370 out of 559 units allocated to hospitals under the "14th Five-Year Plan" [4] - Management believes there are opportunities for domestic suppliers to replace imports for certain materials, as about 10% of raw materials for the robot business currently come from overseas [4]
高盛：维持康基医疗(09997)买入评级 目标价9.3港元