Why did I suddenly start paying attention to a specific niche robotics stock? First, the sector itself has been on my radar. Second, I'm increasingly favoring companies with consistent cash flow generation. Conceptually, it rides the wave of embodied AI or general AI hype; selling blades can achieve subscription fees comparable to SaaS models. This means it possesses both the alpha from the AI core theme and the beta of sustainable cash flows. From an absolute demand perspective, does surgery stop during an economic depression? Relatively speaking, even if everyone else goes under, this one likely won't.

2026 EPS is 16.03. At a 31.75x PE, the target price is approximately 509, representing a 30% discount. Full-year free cash flow after Q2 is approx $2.8 billion (Q2 single quarter was 646 million, annualized and adjusted). With 15% growth over the next 5 years, 4% perpetual growth, and a 9% discount rate, the intrinsic value per share is approx 400-410. The current market price of 360 is still cheap.

Q2 surgical volume increased by +15% YoY. We maintain the full-year growth guidance unchanged, aiming for +15.5%, corresponding to revenue of approx $10.5 billion. Assuming a 20% net profit margin, EPS would be approx 15.4. Applying a 35x PE gives a target price of 539; at the lower bound of +13.5%, the target price is approx 480, which is still a double discount.

The 'ghost story' scenario is that there's a possibility of seeing a 20% weekly gain this week, as it resembles a previous historical case where it rose 22%. Of course, this is just looking through the rearview mirror. Hmm, it likely won't be exactly the same.