海外器械龙头解读系列四：2025年一季报总结：直觉外科ISRG.o25Q1业绩双位增长，重点推进数字化布局

Investment Rating - The report provides a neutral investment rating for Intuitive Surgical, indicating a stable outlook for the company's stock performance in the near term [60]. Core Insights - Intuitive Surgical reported a strong performance in Q1 2025, with revenue of $2.3 billion, representing a 19% year-over-year increase, and net profit of $700 million, up 28% [2][21]. - The company is focusing on digitalization as a key strategy for growth in 2025, with a conservative guidance for revenue and profit growth [3][18]. - The Da Vinci surgical system continues to dominate the market, with a total installed base of 10,189 units globally as of Q1 2025, and a significant increase in surgical procedures performed using the system [10][28]. Summary by Sections Performance Overview - In Q1 2025, Intuitive Surgical achieved $2.3 billion in revenue (+19%) and $700 million in net profit (+28%). The U.S. market contributed $1.5 billion (+24%), accounting for 68% of total revenue, while international markets generated $700 million (+10%) [2][21]. - For 2024, the company expects revenue of $8.4 billion (+17%) and net profit of $2.3 billion (+29%) [2]. Business Segmentation - The company's revenue is derived from three main segments: systems, consumables, and services, with the expected revenue distribution for 2024 being approximately 20% from systems, 60% from consumables, and 20% from services [4][43]. - The systems segment generated $500 million in Q1 2025, a 25% increase year-over-year, primarily from the Da Vinci surgical systems [4][28]. - Consumables revenue reached $1.4 billion in Q1 2025, up 18%, driven by increased surgical volumes [5][43]. - Service revenue was $400 million in Q1 2025, reflecting a 16% increase, with annual service fees ranging from $100,000 to $225,000 per system [5][52]. Market Dynamics - The Da Vinci system's installed base continues to grow, with 367 new units added in Q1 2025, a 17% increase, while the Ion system saw a decrease in new installations [4][28]. - The company anticipates a 13-16% increase in surgical volumes for 2025, although this guidance is considered conservative due to various market pressures [3][18]. Competitive Landscape - Intuitive Surgical remains the leader in the robotic-assisted surgery market, with a significant patent portfolio and a strong brand presence established over two decades [35][36]. - The report highlights the competitive risks from emerging players in the robotic surgery space, but Intuitive Surgical's established market position and technological advancements provide a strong competitive edge [35][36]. Financial Guidance - For 2025, the company projects a gross margin of 65-66.5%, with operating expenses expected to rise by 10-14% and capital expenditures between $650 million and $750 million [3][18]. - The guidance reflects anticipated challenges, including increased tariffs and rising operational costs [18].