"Big Banks" JP Morgan: MicroPort Medbot's overseas expansion accelerates, maintains "Overweight" rating

JP Morgan published a research report stating that MicroPort Medbot-B (02252.HK) has accumulated over 200 orders for its core product "TUMAI," meaning approximately 20 new orders have been added since late January 2026, continuing the strong momentum from October 2025 to January 2026, and alleviating some market concerns about its sustainability. The coverage has expanded to over 50 countries and regions (more than 40 by the end of December 2025), with 12 markets ordering more than five units, primarily led by emerging markets such as India and Brazil, while developed markets like Spain and Australia have also achieved accelerated breakthroughs.

MicroPort Medbot primarily provides surgical robots for minimally invasive surgery, with "TUMAI" and "HONGHU" being its core products in the fields of laparoscopic and orthopedic surgery, respectively. "TUMAI" is the first clinically validated Chinese-made laparoscopic surgical robot that is comparable in efficacy to the Da Vinci Surgical System, which is currently the leading product of Intuitive Surgical in China and globally. The firm believes this achievement establishes MicroPort Medbot as a leading domestic enterprise in China, allowing it to benefit from the trend of import substitution. JP Morgan has given MicroPort Medbot a "Buy" rating, with a target price of 41 yuan