Shenzhen Edge Medical: Catalyst Preview: What's ahead?

研报英文原文证据摘录

Shenzhen Edge Medical: Catalyst Preview: What's ahead?

Idea

July 3, 2026 06:47 AM GMT

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

Equity Analyst

Catalyst Preview: What's Alexis.Yan@morganstanley.comClinton Ng +852 2239-7953

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

ahead?

Ahead of the 13.5mn-share lock-up expiry on July 8, we identify

key fundamental events in 2H26 that should drive stock

performance. We expect investor focus to shift to overseas

Shenzhen Edge Medical (2675.HK, 2675 HK)

momentum, China market environment and policies, revenue China Healthcare | China

mix and margin trajectory. Reiterate OW. Stock Rating Overweight

Industry View Attractive

Price target HK$75.00

Key Takeaways Up/downside to price target (%) 105

Shr price, close (Jul 2, 2026) HK$36.54

Edge has completed ~60 installations/deliveries YTD as of early June, well on 52-Week Range HK$73.70-33.62

Sh out, dil, curr (mn) 392

track for the FY26 target of 120 units. Mkt cap, curr (mn) Rmb12,397.3

EV, curr (mn) Rmb12,312.6

At the 1H26 result in Aug, we will watch for updates on (1) installations and Avg daily trading value (mn) HK$34

orders; (2) utilization of installed units; (3) consumable ramp; (4) break-even. Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

In the domestic market, Edge continues to gain market share, with ~30% share in EPS (Rmb)** (0.24) 0.24 0.67 0.97

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

public hospital tenders amid policy support for domestic substitution. EBITDA (Rmb mn) (85.9) 62.7 238.4 392.8

ModelWare net inc (88.6) 95.5 262.1 382.0

In overseas markets, Edge has entered the EU and emerging markets, with 10+ (Rmb mn)

units in certain countries and healthy utilization ramp. P/E NM 129.8 47.3 32.5

P/BV - 4.9 4.4 3.8