Core Viewpoint - Morgan Stanley reports that MicroPort Medical (00853) faces ongoing domestic regulatory challenges, but strong export momentum in surgical robots, cardiovascular, and vascular intervention businesses is expected to lead to breakeven by 2026. The target price is raised from HKD 8.6 to HKD 16, reflecting a projected 2027 P/E ratio of approximately 20 times [1] Group 1 - MicroPort Medical's sales forecasts for 2025 to 2027 have been reduced by about 2%, indicating an 11% CAGR from 2024 to 2027 [1] - The net profit forecast for 2026 remains at breakeven, with net profit estimates for 2026 and 2027 raised by 151% and 15% respectively from a low base [1] - The discount on the holding company has been narrowed from 40% to 30%, reflecting reduced liquidity concerns, and gross margin forecasts have been adjusted upwards based on guidance [1] Group 2 - Continuous cost-saving measures have led to a reduction in operating expense forecasts, with the company expected to achieve breakeven at the operating level in 2025 [1] - The net loss for 2025 is projected to narrow by 93% to approximately USD 55 million [1]
大摩：上调微创医疗(00853)目标价至16港元 评级“与大市同步”