Guotai Haitong: First coverage of EDGE MEDICAL-B (02675) with "neutral" rating, target price of 79.57 Hong Kong dollars.

Guotai Haitong released a research report, stating that it first covered EDGE MEDICAL-B (02675) with a rating of "Buy". The company's forecasted revenue for 2025-2027 are 432 million, 811 million, and 1.236 billion yuan respectively. Referencing comparable companies, considering the company's leading product layout and rapid overseas progress, the company is given a 2026 price-to-sales ratio of 35XPS, corresponding to a target price of 73.20 yuan/79.57 Hong Kong dollars (exchange rate of 1 Hong Kong dollar = 0.92 RMB). Guotai Haitong's main points are as follows: Domestic surgery Siasun Robot & Automation leader, continuous innovation driving technological progress. Jingfeng Medical was founded in Shenzhen in May 2017, is a deep-rooted player in the field of autonomous research and development surgery Siasun Robot & Automation in China, and is the first in China and the second globally to simultaneously obtain multi-port laparoscopic surgery Siasun Robot & Automation, single-port laparoscopic surgery Siasun Robot & Automation, and natural orifice surgery Siasun Robot & Automation registration approval. The company has established a "three-in-one" surgical solution of multi-port + single-port + remote systems. The company's globally pioneering single-multi-port surgery Siasun Robot & Automation super system MSP2000 obtained CE certification in October 2025, providing an innovative model for the technological evolution and clinical application of surgical Siasun Robot & Automation globally. The number one domestic manufacturer in sales for 24 years, continuously landing in China's top hospital circles. Since the commercialization of the Jingfeng multi-port laparoscopic surgery Siasun Robot & Automation in December 2022, 20 sets of Jingfeng multi-port laparoscopic surgery Siasun Robot & Automation were sold in China in 2024, ranking first among domestic manufacturers of surgical Siasun Robot & Automation, and the clinical application scope has covered 30 provinces nationwide, with over 220 hospitals, including top-tier third-grade hospitals domestically and grassroots county hospitals in multiple provinces, achieving full coverage of a three-tier hospital network across provinces, cities, and counties. With the significant growth in domestic sales and commercialization overseas, the company's total revenue increased from 48 million in 2023 to 160 million in 2024, and from 30 million in 2024H1 to 149 million in 2025H1. Mature commercialization team and distribution network construction, explosive growth in overseas orders. In 2024, Jingfeng Medical successfully entered the overseas market, quickly securing 5 orders, and then promptly completed the formation of an overseas team covering five continents. By the end of 2025H1, the company had a total of 30 distributors, including 10 overseas distributors. Since 2025, Jingfeng Medical's internationalization engine has been fully operational, with an explosive growth in overseas order volume. By the end of 2025, the company had signed global sales agreements for 118 core products, with 72 units in overseas countries, marking the transition of Jingfeng Medical's globalization process from "overseas trial" to "massive internationalization," creating a new pace for the internationalization of domestic surgery Siasun Robot & Automation. Risk warning: Risks such as clinical trial/evaluation falling short of expectations, research and development falling short of expectations, and commercialization falling short of expectations.