JPMorgan released a research report raising the target price for MEDBOT-B (02252) from HK$30.9 to HK$42, based on discounted cash flow valuation, with an "Overweight" investment rating. The bank reaffirmed the stock as its top pick among Chinese medical technology stocks, noting that the price pullback amid unchanged fundamentals presents a good buying opportunity.

MEDBOT-B's global order momentum remains strong, with cumulative surgical robot orders exceeding 170 units as of last Wednesday (8th), up from 150 units at the end of August. The bank noted that Toumai (four-arm laparoscopic surgical robot) installations are accelerating globally with rapid international expansion, now deployed in nearly 40 countries and major hospital systems, driving strong adoption.

Based on Toumai's cumulative orders of approximately 100 units, the bank raised its forecast for completed installations this year from 84 units to 105 units, mainly driven by overseas growth and the assumption that orders can be converted to recognized sales within less than a quarter.

The higher installation base and improved product mix, along with expected gross margin improvement of 1 to 1.5 percentage points, support the upgraded outlook.