Core Viewpoint - Cathay Securities initiates coverage on Precision Medical-B (02675) with a "Buy" rating, forecasting revenues of 432 million, 811 million, and 1.236 billion yuan for 2025-2027, respectively, and sets a target price of 73.20 yuan/79.57 HKD for 2026 based on a 35X PS ratio [1] Group 1: Company Overview - Precision Medical, founded in May 2017 in Shenzhen, is a leader in China's surgical robot sector, being the first in China and the second globally to obtain regulatory approval for multi-port, single-port, and natural orifice surgical robots [1] - The company has developed a "three-in-one" surgical solution that includes multi-port, single-port, and remote systems, with its globally pioneering MSP2000 multi-port surgical robot system receiving CE certification in October 2025 [1] Group 2: Market Performance - Since the commercialization of its multi-port surgical robot in December 2022, Precision Medical sold 20 units in China in 2024, ranking first among domestic manufacturers, with clinical applications covering over 220 hospitals across 30 provinces [2] - The company's total revenue is projected to increase from 48 million yuan in 2023 to 160 million yuan in 2024, and from 30 million yuan in H1 2024 to 149 million yuan in H1 2025 [2] Group 3: International Expansion - In 2024, Precision Medical successfully entered the overseas market, securing 5 orders and establishing a global sales team covering five continents [3] - By H1 2025, the company had 30 distributors, including 10 overseas, and signed global sales agreements for 118 core products, with 72 units designated for international markets, marking a significant step in its globalization efforts [3]