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MicroPort MedBot(2252)
Analysis¡G
MicroPort MedBot announced that, based on preliminary internal statistics, the combined order volume for the Group¡¦s core products in endoscopy, orthopedics, and vascular intervention has cumulatively exceeded 230 units. Among them, the core product Toumai laparoscopic surgical robot has accumulated over 160 commercialized orders worldwide, including nearly 120 new orders in 2025. According to publicly available statistical data, Toumai¡¦s global order volume in 2025 has ranked among the top two worldwide. In terms of commercial installations, among the aforementioned combined orders, the Group¡¦s various products have completed over 150 commercial installations in total. Among them, Toumai¡¦s global commercial installation volume has exceeded 100 units, and all 100 installations have obtained user-signed installation acceptance reports. Toumai has become the first domestically produced laparoscopic surgical robot to achieve 100 commercial installations, which not only proves its possession of industry infrastructure-level system reliability and clinical stability, but also signifies a comprehensive leap in key systems such as quality compliance, production processes, engineering verification, system delivery, clinical adaptation, and full-process assurance capabilities.
In the domestic market, Toumai has made breakthrough progress in both leading public hospitals and high-end private hospitals. Among the installed hospitals, the proportion of top 100 hospitals has reached 23%, and the proportion of Grade IIIA hospitals exceeds 90%. It has gradually formed a high-quality installation pattern centered on clinical value-driven and professional capability accumulation. Leveraging the Group¡¦s independently innovative remote technology capabilities, hospitals at various levels have achieved multiple collaboration modes such as remote teaching, remote technical support, and cross-center joint surgeries. This has gradually transformed robotic surgery into an advanced medical approach that can be promoted on a large scale, standardized in training, and sustainably disseminated, thereby driving the continuous diffusion of high-level surgical capabilities from top hospitals to regional centers and even grassroots hospitals.
Toumai¡¦s global market share is also continuing to rise. As of now, Toumai¡¦s overseas market layout has extensively covered more than 40 countries and regions in Asia, Europe, Africa, Oceania, and South America, gaining recognition from local top institutions. It has achieved ¡§multiple unit sales and multiple hospital installations¡¨ in 15 countries, realizing normalized, networked, and scaled usage within mature medical systems in different regions worldwide. The Group¡¦s other flagship product, SkyWalker (Honghu), has obtained market approvals from authoritative regulatory bodies in 10 countries and regions, including China¡¦s NMPA, the US FDA, and the EU CE, basically achieving full coverage of developed country markets and important emerging markets, and reshaping the new development pattern of the global orthopedic surgical robot market. (I do not hold the aforementioned stock)
Strategy¡G
Buy-in Price: $25.50, Target Price: $27.80, Cut Loss Price: $24.40
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JOHNSON ELEC H(179)
Analysis¡G
In the first half of the 2025/2026 fiscal year, the company's revenue was USD 1.834 billion, a decrease of 1.1% year-on-year. The gross profit margin was 24%, up by 0.4 percentage points year-on-year. EBITA stood at USD 171 million, remaining largely stable compared to the same period last year. Profit attributable to shareholders amounted to USD 133 million, representing a year-on-year growth of 2.9%. An interim dividend of 17 HK cents per share was declared. Operating in the "Automotive Parts and Equipment" sector, the company benefits from the increasing penetration of new energy vehicles and the extension of the "trade-in" policy. It has established a joint venture with Shanghai Electric Machinery, focusing on joint modules and dexterous hand actuators, with products covering core areas such as the waist, hip, and knee joints. For data center liquid cooling, the company launched the DCP series of liquid cooling pumps, with a power range spanning from 18W to 1800W, catering to various applications such as server liquid cooling and CDUs. As a global leader in automotive micro motors, Johnson Electric leverages its technological expertise and global presence. Its traditional business benefits from the trend toward vehicle electrification, maintaining stable gross profit margins and profitability. Simultaneously, the company is actively expanding into high-growth areas such as humanoid robot joint modules and AI server liquid cooling pumps, with emerging businesses poised to become a second growth curve. Currently, the valuation is reasonable, and we are optimistic about its long-term growth potential.
Strategy¡G
Buy-in Price: $30.54, Target Price: $34.00, Cut Loss Price: $28.62
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Desay SV (002920 CH) - Continuous Updates of Intelligent Products
Investment SummaryCompany profile
Desay SV, established in 1986, is a leading company in the automotive electronics field, with its main products including intelligent cockpits, intelligent driving, and connected services. As the cornerstone of the company's revenue, the intelligent cockpit generated a revenue of RMB18.23 billion in 2024, (RMB, the same below), accounting for 66.01% of total revenue. The intelligent driving business also saw growth, with 2024 revenue reaching RMB7.314 billion, a yoy increase of 63.06%, accounting for 26.5%. The company's total revenue in 2024 amounted to 27.618 billion yuan, up 26.06% yoy, with a net profit of 2.005 billion, up 29.62% yoy.
Strong Performance in the First Three Quarters
In the first three quarters of 2025, the Company achieved revenues/net profits/net profits excluding non-recurring items of RMB22.337 billion/RMB1.788 billion/RMB1.724 billion, marking yoy increases of 17.72%/27.08%/19.02%, respectively. The gross margin was 19.70%, down 0.5 percentage points yoy. In the third quarter of 2025 alone, the company achieved revenues/net profits/net profits excluding non-recurring items of RMB7.692 billion/RMB0.565 billion/RMB0.571 billion, marking yoy increases of 5.63%, but a decline of 0.57% and 13.25%, respectively. Compared to the previous quarter, revenues/net profits/net profits excluding non-recurring items decreased by 2.04%, 11.74%, and 12.86%, respectively. The third-quarter performance declined quarter-on-quarter, mainly due to the decrease in sales from the core customer Li Auto and industry-wide price reduction pressures. However, with the upcoming launch and delivery of new models such as the Li Auto i6 and Xpeng X9 in the fourth quarter, it is expected that the increase in sales driven by the launch of multiple new models will improve performance in the fourth quarter.The quarter-on-quarter decline in performance was mainly influenced by lower sales of core customer Li Auto's vehicles and price reduction pressures in the industry. However, with the upcoming launch and delivery of new models such as the Li Auto i6 and XPeng X9 in the fourth quarter, it is expected that the increase in sales from these new models will improve fourth-quarter performance.
Ongoing Investment in R&D, Continuous Updates of Intelligent Products, Leading the Industry
In 2024, the company's R&D expenses were RMB2.256 billion, accounting for 8.17% of revenue. In the first three quarters of 2025, R&D expenses amounted to RMB2.003 billion, accounting for 8.97% of revenue. The continued increase in R&D investment has provided strong support for new technologies and products. 1) Intelligent Cockpit: The company's fourth-generation intelligent cockpit has been scaled up for mass production in collaboration with Li Auto, Xiaomi Auto, and Geely Auto, and has continued to receive new project orders from GAC Passenger Cars, Geely Auto, and GAC Aion. The fourth-generation flagship intelligent cockpit domain controller is now in mass production for Chery Auto. The fifth-generation intelligent cockpit platform has secured new project orders from Li Auto and attracted attention from several top global OEMs. The company's HUD (Head-Up Display) first mass production project has been launched, marking a significant breakthrough in the intelligent driving visual field. New project orders have been received from Shanghai GM, GAC Passenger Cars, and Dongfeng Nissan. 2) Intelligent Driving: In the field of advanced driver-assistance systems (ADAS), the company continues to maintain the highest market share in China and continuously optimizes and upgrades its products to meet the needs of different vehicle levels. Several flagship ADAS domain controllers have been mass-produced and successfully delivered to prominent clients such as Xiaomi Auto, Li Auto, Great Wall Motors, XPeng Motors, GAC Toyota, Geely Auto, and GAC Aion. New project orders have been received from Great Wall Motors, Geely Auto, Chery Auto, GAC Aion, and Dongfeng Passenger Vehicles. The company also offers several lightweight ADAS solutions for mid- to low-priced vehicles, the largest segment of the market, and has secured new project points from major clients such as GAC Toyota, Chery Auto, and Toyota. These solutions will be promoted to more customers. 3) Connected Services: The company has successfully achieved mass production of UWB (Ultra-Wideband) and BLE (Bluetooth Low Energy) solutions, becoming the first supplier in China to implement UWB solutions. This first-mover advantage has helped the company win key client collaborations with Li Auto and Chery Auto. Successful Fundraising, Capacity ExpansionIn October, the company completed a private placement of A-shares, raising a net amount of RMB4.393 billion. The funds are intended for investment in projects such as the Desay SV automotive electronics base in Central and Western China (Phase I) (RMB1.699 billion), intelligent automotive electronic system-level component production (RMB1.974 billion), and the intelligent computing centre and cockpit integration platform R&D (RMB0.72 billion). The company expects the first two projects, once completed, will add annual revenues of RMB8.276 billion and RMB14.773 billion, respectively, and net profits of RMB0.59 billion and RMB1.187 billion, significantly boosting the company's long-term growth potential and reinforcing its leadership position in the automotive electronics sector. Deepening International Strategy, Building Ecosystem CollaborationThe company has strengthened its strategic partnerships with global core chip manufacturers and OEMs, successfully securing new project orders from clients such as VW and Toyota, and making breakthroughs with white-spot clients such as Renault and Honda. The company has also established overseas branches in major countries and regions such as Germany, France, Spain, Japan, and Singapore. Regarding overseas production capacity, in May 2025, the company began contributing production capacity in Indonesia, strengthening the supply chain resilience and delivery capabilities in Southeast Asia. In June 2025, the Monterrey plant in Mexico launched its first mass production project, offering more efficient localized service guarantees for the Americas market. The smart factory in Spain is expected to begin mass production in 2026, providing cutting-edge intelligent products for the intelligent cockpit and ADAS fields in Europe. In the first half of 2025, the gross margin of overseas operations reached 28.93%, up 8.22 percentage points yoy, exceeding the domestic gross margin by 9.26 percentage points. The expansion of overseas production capacity will provide strong support for profit growth. Unmanned Vehicle Launch, Expanding into New BusinessesOn September 2, the company launched the "Chuanxing Zhiyuan" vehicle-grade unmanned vehicle brand in Shanghai. Entering the unmanned vehicle field is an extension of the company's core capabilities. The first product, the S6, features a vehicle-grade fully-controlled chassis and modular upper structure. Based on the S6 platform, the vehicle is capable of serving various scenarios such as industrial parks, logistics parks, agricultural trade distribution, express delivery, supermarket distribution, store restocking, fresh food distribution, and pharmaceutical delivery. The S6 series of low-speed unmanned vehicle products has already received multiple customer orders. Investment ThesisThe Company is a leader in automotive electronics, benefiting from continuous investment in R&D to maintain its technological leadership, while also actively exploring new businesses. We remain highly optimistic about the company's growth prospects.
As for valuation, we expected diluted EPS of the Company to RMB 4.12/5.23/6.63 of 2025/2026/2027. And we accordingly gave the target price to RMB147, respectively 35.7/28.1/22.2x P/E for 2025/2026/2027. "Buy" rating. (Closing price as at 31 December 2025) Peer Comparison
Source: Wind, Phillip Securities Hong Kong Research PE BAND
Source: Wind, Phillip Securities Hong Kong Research RiskProgress of new production line is below expectations
Electric vehicle sales fall short of expectations
Macroeconomic downturn affects product demand
Sharply rising raw material prices or sharply falling product prices Financials
(Closing price as at 31 December 2025)
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| Recommendation on 7-1-2026 | | Recommendation | Buy (Initiation) | | Price on Recommendation Date | $ 120.300 | | Suggested purchase price | N/A | | Target Price | $ 147.000 |
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