JPMorgan has released a report indicating an upward revision to its gross margin assumptions for MEDBOT-B (02252) for the period 2026 to 2028 by 5 to 6 percentage points. The firm maintains its 2026 revenue forecast for MEDBOT-B at RMB 1.4 billion, which is above market consensus. The target price has been increased from HK$41 to HK$42, with an "Overweight" rating. The stock is also highlighted as a top pick within the medical technology sector.

The report states that MEDBOT-B's guidance for the 2026 fiscal year marks a clear shift from "commercial validation" to "profitability realization," with management setting clear targets for revenue, profit, and cash flow. The company anticipates revenue of approximately RMB 1.1 billion for this year, representing a near doubling compared to the previous year. It also expects to achieve a net profit ranging from break-even to profitable, alongside positive free cash flow, indicating it is entering an operational leverage phase.

According to the report, MEDBOT-B had installed 23 Toumai surgical robots by early April, with a backlog of 86 units. Management guidance suggests installations will reach between 103 and 113 units in the first half of the year, with a full-year target of at least 200 units. It was noted that delivery bottlenecks experienced in the second half of last year have been resolved. Overseas markets are expected to remain a core growth driver, with demand spanning Europe, Asia (excluding China), and Latin America.

Additionally, the report reaffirmed "Overweight" ratings for Mindray Medical (300760.SZ) and MicroPort Scientific (00853). It assigned a "Neutral" rating to Shanghai MicroPort Endovascular MedTech (688016.SH) and a "Underweight" rating to MicroPort EP MedTech (688351.SH). The report mentioned that MicroPort Scientific benefits from a diversified platform exposure, with its profit for this year partly supported by non-recurring items, even as revenue growth at MEDBOT-B accelerates. Fundamentals at MicroPort Scientific are seen as improving, with a gradual enhancement in profit quality expected. JPMorgan reduced its target price for MicroPort Scientific from HK$18.2 to HK$18.