MicroPort MedBot: Toumai Reaches 300+ Orders: Well on Track to Our Above-Street FY26 Sales Estimate; Further Upside from Operating Leverage, Telesurgery and AI

研报英文原文证据摘录

MicroPort MedBot: Toumai Reaches 300+ Orders: Well on Track to Our Above-Street FY26 Sales Estimate; Further Upside from Operating Leverage, Telesurgery and AI

Derek Choi AC Asia Pacific Equity Research

(852) 2800-8744 17 June 2026 J P M O R G A N

derek.c.choi@jpmorgan.com

Investment Thesis, Valuation and Risks

MicroPort MedBot (Overweight; Price Target: HK$42.00)

Investment Thesis

MedBot primarily offers surgical robots for minimally invasive surgeries, with Toumai and

Honghu its key products in laparoscopy and orthopedics, respectively. Toumai is the first

China-made laparoscopic robot clinically proven to be non-inferior to da Vinci 4, the current

leading product in China and globally made by Intuitive Surgical. MedBot’s FY26 guidance

marks a decisive pivot from “commercial validation” to “profit delivery,” with management

setting clear targets for revenue, profitability and cash flow. The company’s explicit FY26

revenue goal of Rmb1.1bn (nearly double YoY), alongside breakeven-to-positive net profit

and positive free cash flow, signals entry into the operating leverage phase. Robust Toumai

installation visibility—already 23 units installed and 86 in-hand orders as of early April—

underpins confidence in revenue conversion especially from overseas markets. With gross

margin guidance of 55% and ongoing innovation in next-gen platforms, MedBot is well

positioned for sustained margin expansion and medium-term upside, in our view. Our Dec-

26 PT for Medbot is HK$42. MedBot remains our top pick in China medtech.

Valuation

Our Dec-26 PT of HK$42 is derived from a DCF analysis that assumes a WACC of 10.4%

and a terminal growth rate of 3%. This reflects our view on the risk-adjusted sales potential

of the company’s portfolio of assets.