Goldman Sachs China Surgical Robots: MicroPort Medbot (2252.HK) Buy with TP of HK$45.0, Edge Medical (2675.HK) Buy with TP of HK$81.0
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Goldman Sachs initiated coverage on MicroPort Medbot (2252.HK) and Edge Medical (2675.HK), assigning Buy ratings with 12-month target prices of HK$45.0 and HK$81.0, respectively. Both target prices are derived from DCF valuations using a 9% WACC and a 3% terminal growth rate. The report highlights that Chinese manufacturers are gaining significant global traction in the surgical robotics market.
Goldman Sachs estimates the total addressable market for global surgical robots will reach $42 billion by 2035, expanding at a 14.4% CAGR from 2025. The United States, developed markets excluding the US, and developing markets are projected to contribute $23.1 billion, $13.1 billion, and $6.1 billion, respectively. Consumables will represent the largest revenue share at $24.2 billion, or 57%, by 2035. The laparoscopic segment operates on a razor-and-blade model, where consumables drive roughly 60% of total revenue.
MicroPort Medbot's Toumai system is securing robust international demand, accumulating 180 overseas orders by March 2026. IRR analysis suggests Chinese manufacturers offer superior returns compared to international peers. Key risks include slower domestic commercialization and overseas patent litigation.