Shenzhen Edge Medical: Takeaways from Business Update Call: Robust installations and share buybacks

研报英文原文证据摘录

Shenzhen Edge Medical: Takeaways from Business Update Call: Robust installations and share buybacks

Update

June 9, 2026 01:27 PM GMT

Morgan Stanley Asia Limited+MShenzhen Edge Medical | Asia Pacific Alexis Yan, CFA

Equity Analyst

Takeaways from Business Alexis.Yan@morganstanley.comClinton Ng +852 2239-7953

Clinton.Ng@morganstanley.com +852 2848-6659

Update Call: Robust

installations and share buybacks

Key Takeaways Shenzhen Edge Medical (2675.HK, 2675 HK)

Edge has completed cumulative installations/deliveries of ~60 units in China & China Healthcare | China

100+ overseas; implies 60+ units installed YTD – on track for FY target of 120+. Stock Rating Overweight

Industry View Attractive

Cumulative procedure volume exceeded 20k, with monthly volume ramping to Price target HK$75.00

Up/downside to price target (%) 82

1.5k+, suggesting a gradual shift toward higher-margin consumables. Shr price, close (Jun 9, 2026) HK$41.16

52-Week Range HK$73.70-36.80

On geopolitical uncertainties, Edge Medical now sources most key components Sh out, dil, curr (mn) 392

domestically with alternative suppliers and sees manageable disruption risk. Mkt cap, curr (mn) Rmb13,967.7

EV, curr (mn) Rmb13,883.0

Over the long term, management expects GPM to align with overseas peers at Avg daily trading value (mn) HK$32

~mid-60%, supported by a mix shift to consumables/services and economies of Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

scale. EPS (Rmb)** (0.24) 0.24 0.67 0.97

Revenue, net (Rmb mn) 455.7 843.4 1,309.8 1,840.2

Edge is exploring embodied AI for surgeries and expects commercial viability in 5– EBITDA (Rmb mn) (85.9) 62.7 238.4 392.8

ModelWare net inc (88.6) 95.5 262.1 382.0

8 years, leveraging highly structured surgical data from its installed base. (Rmb mn)

P/E NM 146.2 53.3 36.6