GTHT Securities has initiated coverage on EDGE MEDICAL-B (02675) with an "Add" rating. The firm forecasts the company's revenue for 2025-2027 to be RMB 432 million, RMB 811 million, and RMB 1.236 billion, respectively. Using comparable company analysis and considering EDGE MEDICAL's leading product portfolio and rapid overseas progress, a 2026 price-to-sales multiple of 35 times is applied, resulting in a target price of RMB 73.20, or HK$79.57 (assuming an exchange rate of HK$1 = RMB 0.92). Key points from GTHT Securities' report are as follows:

EDGE MEDICAL, established in Shenzhen in May 2017, is a pioneer in China's self-developed surgical robot sector. It is the first company in China and the second globally to simultaneously obtain regulatory approvals for multi-port, single-port, and natural orifice laparoscopic surgical robots, having established an integrated "three-in-one" surgical solution. The company's globally innovative MSP2000 single- and multi-port robotic super system received CE certification in October 2025, providing an innovative model for the technological evolution and clinical application of surgical robots worldwide.

Since the commercialization of its multi-port robotic system in December 2022, EDGE MEDICAL sold 20 units in China during 2024, ranking first among domestic surgical robot manufacturers. Its clinical applications now span 30 provinces and over 220 hospitals across China, including top-tier hospitals and county-level institutions, achieving full coverage of provincial, municipal, and county hospital networks. Driven by strong domestic sales growth and initial overseas commercialization, the company's total revenue increased from RMB 48 million in 2023 to RMB 160 million in 2024, and further grew from RMB 30 million in H1 2024 to RMB 149 million in H1 2025.

In 2024, EDGE MEDICAL successfully tested overseas markets, quickly securing 5 orders and subsequently establishing a global team covering five continents. By H1 2025, the company had 30 distributors, including 10 overseas partners. Since 2025, its international expansion has accelerated significantly, with overseas orders experiencing explosive growth. By the end of 2025, 72 of the 118 global sales agreements signed for its core products were with overseas countries, marking a transition from initial market testing to large-scale global expansion and setting a new benchmark for the internationalization of Chinese surgical robots.

Risk factors include potential delays in clinical trials/evaluations, research and development setbacks, and slower-than-expected commercialization progress.