重点关注 Q1 业绩预期、积极把握主题机会；手术机器人专题：政 策打通商业化瓶颈、千亿市场驶向发展快车道 医药生物 证券研究报告/行业定期报告 2026 年 03 月 02 日 -医药生物行业 3 月月报 | | | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 分析师：祝嘉琦 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740519040001 | | 药明生物 三生国健 | 40.22 | 0.82 | 0.81 | 0.96 | 1.17 | 1.47 | 48.95 | 49.59 | 42.00 | 34.37 | 27.42 | 买入 | | | | | 59.38 | 0.48 | 1.14 | 4 ...

Market Overview - A-shares showed mixed performance on February 26, with the Shanghai Composite Index slightly down, the Shenzhen Component Index rebounding, and the ChiNext Index showing weaker performance. The Shanghai and Shenzhen markets had a half-day trading volume of 1.64 trillion yuan, an increase of 117.3 billion yuan compared to the previous trading day [1] Sector Performance - Strong performance was noted in sectors such as computing hardware, power generation, and small metals, with stocks like Shenzhen South Circuit, Dazhu Laser, and Yunnan Zhenye hitting the daily limit. The power sector also saw gains, with Ganneng Co. achieving two consecutive limit-ups [1][2] - Conversely, the lithium battery sector experienced a decline, with Penghui Energy dropping over 9%, and the film and cinema sector faced significant losses, with Bona Film Group experiencing a sharp drop [1][2] Institutional Insights - Citic Securities highlighted a recent export ban on lithium from Zimbabwe, which aims to strengthen mineral regulation and promote deep processing. This ban could lead to a significant increase in lithium prices, as Zimbabwe is projected to account for 19% of China's lithium ore imports by 2025 and 12% of global lithium resource output by 2026. Investors are advised to focus on stocks not affected by this export policy [3] - Citic Jiantou noted a recent surge in Hong Kong-listed surgical robot companies, driven by positive bidding outcomes. The firm remains optimistic about the surgical robot sector and related investment opportunities. Additionally, the A-share brain-computer interface sector saw significant gains before the Spring Festival, suggesting continued interest in AI healthcare and brain-computer interface themes [3]

在全球化布局持续加速的同时，图迈在单中心临床应用深度方面亦不断取得突破性进展。根据内部数据 统计，截至目前已完成图迈商业化装机的各国医疗机构中，单中心手术量超过百例的已有数十家，并广 泛覆盖泌尿外科、普通外科、胸外科、妇科、小儿外科、头颈外科等多个科室。 智通财经APP讯，微创机器人-B(02252)发布公告，截至本公告日，集团核心产品图迈®腔镜手术机器人 全球商业化订单突破200台，覆盖近50个国家和地区，已完成商业化装机近130台。图迈商业化订单和装 机规模的再次里程碑式跃升，标志着其临床价值在全球范围内获得持续、广泛的认可，是对图迈安全 性、稳定性、可靠性的系统性认证。来自不同国家、不同医疗体系、不同专科背景的外科医生，正在以 真实而审慎的临床决策，将图迈纳入日常手术实践与长期学科建设之中。 在已覆盖的近50个国家和地区中，订单数超5台的达12个，新兴市场代表印度、巴西、阿根廷增长强 劲，其中印度累计订单已达14台，巴西超过10台;发达国家市场持续突破，西班牙、澳大利亚等国家成 为快速增长点。图迈商业化已在全球范围内形成多区域协同共振的新格局，贯穿发展中国家新兴市场以 及发达国家成熟医疗体系。 作为全球 ...

Core Viewpoint - The recent issuance of the "Guidelines for the Project Establishment of Surgical and Treatment Auxiliary Medical Service Price Items (Trial)" by the National Medical Insurance Administration aligns with the company's surgical robot business, which has successfully obtained registration certificates for various orthopedic surgical robots [1] Group 1: Company Developments - The company has developed a comprehensive digital orthopedic solution covering pre-operative, intra-operative, and post-operative stages with its surgical robots [1] - The company has successfully registered products including hip joint surgical robots, knee joint surgical robots, and unicompartmental surgical robots [1] Group 2: Industry Trends - The new policy aims to standardize pricing for surgical robots and remote surgeries, indicating a growing recognition and support for advanced medical technologies in the healthcare sector [1] - The company is actively responding to the national "Belt and Road" initiative, steadily advancing its international business layout [1]

Core Viewpoint - The company has successfully achieved mass production of its surgical robots, which integrate advanced intelligent technologies and have received regulatory certifications for various orthopedic procedures [1] Group 1: Product Development - The company has obtained regulatory certifications for hip, knee, and unicompartmental surgical robots, indicating readiness for market deployment [1] - The surgical robots provide a comprehensive digital orthopedic solution covering pre-operative, intra-operative, and post-operative stages [1] Group 2: International Expansion - The company is actively responding to national "Belt and Road" policies and is steadily advancing its international business layout [1]

Core Viewpoint - The medical innovation sector is experiencing growth, highlighted by the successful debut of China's first fully self-developed orthopedic surgical robot, indicating advancements in medical technology and potential investment opportunities in the sector [1][2]. Group 1: Market Performance - As of February 12, 2026, the CSI Medical and Medical Device Innovation Index (931484) increased by 0.05%, with notable gains from companies such as WuXi AppTec (up 3.39%) and Kanglong Chemical (up 1.37%) [1]. - The Medical Innovation ETF (516820) is currently priced at 0.37 yuan, with a trading volume of 794.40 million yuan and a turnover rate of 0.42% [1]. - Over the past month, the average daily trading volume of the Medical Innovation ETF was 65.14 million yuan [1]. Group 2: Industry Insights - CITIC Securities believes that surgical robots represent one of the best business models in the medical device sector, as installed equipment will drive continuous consumption of consumables, leading to stable revenue and cash flow [2]. - The global market for surgical robots is estimated to exceed 1 trillion yuan, with significant growth potential in penetration rates and market size [2]. - Domestic leaders in the surgical robot market are accelerating product iterations, achieving performance levels close to global leaders, and have a substantial portion of their revenue from overseas markets, which are experiencing high growth [2]. - AI is expected to empower surgical robots to achieve autonomous operations, further assisting or replacing some surgical procedures performed by doctors, which will benefit industry penetration rates and enhance company valuations [2]. Group 3: Index Composition - The CSI Medical and Medical Device Innovation Index comprises 30 publicly listed companies with strong profitability, growth potential, and research innovation capabilities, reflecting the overall performance of the medical and medical device sector [2]. - As of January 30, 2026, the top ten weighted stocks in the index include WuXi AppTec, Mindray Medical, and Heng Rui Medicine, collectively accounting for 63.9% of the index [2].

经济观察网 TD Cowen于2026年02月10日首予直觉外科公司买入评级，目标价660美元，认为公司增长 前景积极。同期，中金公司（601995）于2026年02月05日发布报告，维持中性评级，目标价531美元， 指出当前股价或已部分反映基本面预期。 财报分析 直觉外科2025年业绩好于预期，收入达100.65亿美元，同比增长20.5%，归母净利润28.56亿美元，同比 增长23.0%，主要受第五代达芬奇手术机器人（dV5）装机量放量驱动。公司预计2026年手术量增速为 13%-15%，非GAAP毛利率指引为67%-68%。 以上内容基于公开资料整理，不构成投资建议。 股票近期走势 近7个交易日（2026年02月05日至11日），直觉外科股价区间上涨2.88%，最新报492.28美元，但年初至 今累计下跌13.08%，同期美股医疗设备板块下跌0.34%。 近期事件 2026年01月26日，公司公告dV5获FDA批准基于非力反馈耗材开展特定心脏领域手术，拓展了手术机器 人应用范畴。 ...

Investment Rating - The investment rating for the company is "Buy" [1][10]. Core Insights - The surgical robot industry has a broad prospect with high clinical value, driven by both industry and policy [4][5]. - The domestic industry is at a pivotal moment, with increasing approval of domestic surgical robots and a growing number of local brands [4][5][6]. - The company is a leading player in the domestic surgical robot market, with a rich product portfolio and positive clinical feedback [7][8]. Summary by Sections Company Overview - The company, Shanghai MicroPort Medical Robotics, focuses on the design, development, and commercialization of surgical robots, aiming to assist surgeons in complex surgeries [17]. - Established in 2014, the company has developed a platform for innovation and industrialization in surgical robots, with multiple products approved for clinical use [18][20]. Market Potential - The global surgical robot market is expected to grow significantly, with a projected market size of $21.2 billion by 2024, reflecting a compound annual growth rate (CAGR) of 22.4% from $7.7 billion in 2019 [42]. - The laparoscopic surgical robot segment is the largest, accounting for over 50% of the total market [42]. Product Portfolio - The company has a diverse range of products, including the TUMAI laparoscopic surgical robot series and the Honghu orthopedic surgical robot series, with a total of seven commercialized products [8][20]. - The TUMAI series has been recognized in over 40 countries and regions, achieving significant sales and installations [8]. Financial Projections - Revenue is expected to reach RMB 569 million, RMB 896 million, and RMB 1.308 billion in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 121%, 57%, and 46% [9][12]. - The company is projected to narrow its losses significantly, with a forecasted net profit of RMB 530 million by 2027 [9][12]. Competitive Landscape - The domestic market is seeing an increase in competition, with 11 local brands now approved for surgical robots, indicating a shift towards domestic alternatives to established international brands [5][53]. - The company maintains a competitive edge through its advanced technology and product offerings, which are well-received in both domestic and international markets [6][8].

国泰海通证券发布研报称，自精锋多孔腔镜手术机器人于2022年12月商业化以来，于2024年在中国售出 了20台精锋多孔腔镜手术机器人，在国内手术机器人制造商中排名第一。此外，2025年以来，精锋医疗 国际化引擎全速启动，海外订单量迎来爆发式增长，截至2025年底，公司已签订的118台核心产品的全 球销售协议中，海外国家占72台。 智通财经APP获悉，精锋医疗-B(02675)午后涨超12%，截至发稿，涨11.33%，报64.85港元，成交额 3517.46万港元。 消息面上，国家医保局近日出台手术机器人收费指南。国信证券表示，受益于手术机器人行业技术革 新、临床需求及政策红利，全球及中国市场规模持续高速增长，其中中国单孔及自然腔道机器人细分赛 道增速尤为突出。建议积极关注国产手术机器人厂家的进口替代及出海进程。 ...

国产手术机器人引领者，规模化出海启程 精锋医疗-B(2675) 精锋医疗首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 江珅(分析师) | 021-23185638 | jiangshen@gtht.com | S0880525090001 | | | | 赵峻峰(分析师) | 0755-23976629 | zhaojunfeng@gtht.com | S0880519080017 | [当前价格 Table_CurPrice] (港元)： | 58.80 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | | | 本报告导读： 公司是国内手术机器人引领者，通过持续技术革新推动外科手术进步，全球临床手 术量快速爬升，伴随国内销量增长以及海外市场的商业化，公司收入获得快速增长。 [Table_PicQuote] 52周股价走势图 投资要点： 风险提示。临床 ...