Jinwu Financial News | Sinolink Securities reported that data from Zhaoshi Consulting indicates that in 2023, the China invisible orthodontics market is mainly occupied by Times Angel (06699) (42%) and Invisalign (30%) based on sales case numbers. The company has formed a positive cycle in its domestic business under its first-mover advantage, holding an absolute advantage in market share. The firm believes that this first-mover advantage will continue to empower industry leaders in the future.

Reviewing the development of the overseas giant Invisalign, the firm found that it expanded through 1) dual-directional channel expansion; 2) global strategy. Analyzing various segments of the market, the firm observed that the development of the invisible orthodontics market shows significant regional characteristics, with considerable market potential and opportunities in both developed countries and emerging economies. The firm believes that the company is expected to reference Invisalign's development path while making breakthroughs in a manner more suited to the local market.

The firm expressed a bullish outlook on the company's ongoing international expansion, steady growth in the domestic business, and promising future growth. It is estimated that the company's revenue for 2024-2026 will be 1.786/2.16/2.601 billion yuan; the expected net income attributable to the parent is 0.071/0.105/0.15 billion yuan. Valuing the company using the P/S ratio, a rating of 5.5 times P/S is assigned, upgrading it to a 'Buy' rating.