February 24, 2026 05:32 AM GMT 精锋医疗 | Asia Pacific 手术机器人先行者商业化进展 提速；首次覆盖，给予超配评 级 我们首次覆盖精锋医疗，给予超配（OW）评级，目标价75港 元。这是鉴于公司海外市场早期动能强劲、国内新增订单市 占率第一的表现，并在行业结构性增长潜力背景下，得到稳 健的临床反馈支撑。当前股价对应0.39倍市销增长比 （PSG），且前方催化剂充足，我们认为估值仍具上行空间。 具备结构性增长机遇的创新型内镜手术机器人企业：精锋医疗是微创手术机器人 领域的新兴领先者，有望充分受益于行业长期强劲增长。根据 Frost & Sullivan （F&S）预测，全球手术机器人市场规模将由 2024年的212亿美元 增长至 2033年 的842亿美元，对应 16.6%的复合年增长率（CAGR）；同期中国市场预计将由 72 亿元人民币大幅增长至 1,020亿元人民币，对应 34.3%的CAGR，增速快于全球。 鉴于政策支持、进口替代加速推进、行业渗透率持续提升，以及我们近期 AlphaWise中国医院调研反馈积极，我们认为精锋医疗将成为该结构性趋势下的核 心受益者之 ...

1月21日，浙商证券在最新研报中称，随着医保局收费目录政策落地和海外市场加速拓展，行业有望从早 期发展期步入快速增长期。如果说过去五年是技术追赶期，那么未来五年将是商业化兑现期。 2024年中国手术机器人市场规模约为72亿元人民币。根据预测，到2032年，这一数字将暴涨至767亿 元。这意味着在未来8年间，年复合增长率（CAGR）高达约34%。 这种增速在当前的宏观环境下极为罕 见。 2026年1月20日，国家医保局发布《手术和治疗类辅助操作类立项指南（试行）》，明确手术机器人收费 框架，这将显著降低产品入院门槛。同时，头部企业海外订单快速增长，微创机器人全球订单突破160 台，精锋医疗海外订单达72台，出海正成为新的增长引擎。 市场空间：超700亿规模，年增长34% 研报指出，根据Frost&Sullivan数据，2024-2032年中国手术机器人市场规模将从72亿元增长至767亿元 人民币，年复合增长率约34%。 相比之下，全球市场同期将从212亿美元增长至750亿美元，年复合增长率约17%，中国市场增速显著高 于全球平均水平。 国产手术机器人行业正处于从"概念验证"迈向"规模化盈利"的关键转折点。 研报 ...

Core Viewpoint - The domestic surgical robot industry is at a critical turning point from "concept validation" to "scale profitability" with the implementation of medical insurance policies and accelerated overseas market expansion [1] Market Size and Growth - The Chinese surgical robot market is projected to grow from 7.2 billion RMB in 2024 to 76.7 billion RMB by 2032, representing a compound annual growth rate (CAGR) of approximately 34% [2][3] - In comparison, the global market is expected to increase from 21.2 billion USD to 75 billion USD during the same period, with a CAGR of about 17%, indicating that China's growth rate significantly outpaces the global average [3] Segment Analysis - Laparoscopic surgical robots will dominate the market, accounting for 58% of the total market size in 2024, with a projected CAGR of about 29% from 2024 to 2032, reaching 32.1 billion RMB by 2032 [6] - The orthopedic surgical robot market follows closely, with a projected CAGR of 41% from 2024 to 2032, reaching 21.3 billion RMB by 2032 [6] Policy Impact - The year 2026 is identified as a pivotal moment for policy implementation, addressing the issue of "who pays" for surgical robots, which has been a barrier to adoption [8][9] - The release of the medical insurance guidelines on January 20, 2026, will clarify the reimbursement framework, significantly easing the entry barriers for surgical robots into hospitals [9] International Expansion - The Chinese surgical robot market currently accounts for about 5% of the global market, indicating substantial overseas market potential [10] - Leading domestic companies are rapidly expanding into international markets, with significant orders and certifications achieved, such as MicroPort's 160 global commercial orders and the CE certifications for various products [10][11] Business Model - The surgical robot industry follows a "razor and blades" business model, where the primary revenue comes from consumables and services rather than just equipment sales [12] - Companies are encouraged to focus on increasing installation base as a key leading indicator for future cash flow, similar to the strategy employed by Intuitive Surgical [12]