Intuitive-直觉外科：Q3增长强劲，DV5明年有望实现广泛推广

Investment Rating - The report assigns a Hold rating to Intuitive Surgical (ISRG) with a target price of $558.63**, representing a **3.7% upside** from the current price [3] Core Views - Intuitive Surgical reported strong Q3 2024 growth, with revenue reaching **$ 2.04 billion, a 17% YoY increase, driven by robust procedure growth and system installations [1] - The company installed 379 Da Vinci systems in Q3 2024, a 67-unit increase YoY, with the new DV5 system showing strong momentum, reaching 110 installations in Q3 [1] - Non-GAAP net income grew 28% YoY to $669 million** in Q3 2024, reflecting strong operational performance [1] - The company expects **16-17% procedure growth** for full-year 2024, with gross margins maintained at **68.5-69%** [3] Procedure Growth and System Installations - Total procedure volume grew **18% YoY** in Q3 2024, driven by strong growth in general surgery in the US and increased volumes in Japan, Germany, France, and the UK [1] - Despite headwinds from declining bariatric surgery volumes and the impact of doctor strikes in South Korea, overall procedure growth remained robust [1] - The Da Vinci system installed base reached **9,539 units** as of September 30, 2024, a **15% increase** YoY [1] DV5 System and Market Expansion - The DV5 system, launched in March 2024, is expected to achieve broader rollout by mid-2025, with its advanced features such as force feedback technology and 3D imaging enhancing surgical precision and user experience [2] - The company is gradually increasing DV5 installations, with regulatory approvals secured in South Korea for multiple surgical applications, and CE mark approval expected by late 2025 [2] - The DV5 system is being deployed in the US through a trade-in model, with significant revenue growth potential expected post mid-2025 when deployment restrictions are lifted [2] Financial Projections - The company forecasts **10-12% growth** in operating expenses for 2024, with non-cash stock compensation expected to be **$ 670-690 million [3] - Other income, primarily from interest income, is projected to increase to $325-345 million**, while capital expenditures are expected to remain at **$ 1.0-1.2 billion [3] - The DCF valuation assumes an 8% discount rate and a 5% perpetual growth rate, resulting in the target price of $558.63 [3]