Intuitive-直觉外科：2024Q4延续强劲增长，业务扩展稳步推进-20250321

Investment Rating - The report assigns a "Hold" rating for the company with a target price of $526.85, indicating a potential upside of 7.1% from the current price of$ 492.06 [3][4]. Core Insights - The company experienced a strong revenue growth of 25.2% year-over-year in Q4, contributing to an annual revenue of $8.35 billion, which is a 17.2% increase compared to the previous year [1]. - The growth was driven by an increase in surgical procedures, particularly in the U.S. and several international markets, with a 17% increase in da Vinci surgeries, totaling 2.68 million procedures [1]. - The company is in the process of expanding its product offerings, particularly with the upcoming full launch of the DV5 surgical robot system, which is expected to be widely available by mid-2025 [2]. Financial Performance - For the fiscal year 2024, the company reported a net profit of$ 2.34 billion, reflecting a 28.6% increase, with a net profit margin of 28.0% [1]. - The non-GAAP gross margin improved by 1.0 percentage points to 69.1% due to increased production capacity and sales volume [1]. - The company anticipates a surgical growth rate of 13%-16% for 2025, with gross margins expected to remain between 67%-68% [3]. Future Outlook - The company plans to open new manufacturing facilities for the DV5 and Ion systems in California, as well as endoscope manufacturing plants in Germany and Bulgaria [2]. - The anticipated acquisition of businesses in Italy, Spain, and Portugal is expected to positively impact profits once completed in the first half of 2026 [2]. - Capital expenditures are projected to be between $650 million and$ 800 million, with other income expected to rise to $370 million to$ 400 million [3].