Brief description of the event
In April 2025, Time Angel announced that its invisible anti-caries braces for children will be fully marketed in cooperative dental clinics across the country. Through material technology innovation, the product corrects teeth while providing comprehensive and long-lasting anti-caries protection for children, filling a gap in the market.
Event reviews
Anti-caries braces effectively protect dental health, and pilot anti-caries cooperative clinics have been launched one after another.
Traditional braces cover teeth for a long time and can easily form a humid and airtight environment, leading to plaque growth and a surge in the risk of cavities. The company's anti-caries braces achieve continuous release of fluoride through micron-level coating technology, effectively reducing bacterial adhesion rate and risk of demineralization, and improving enamel hardness. Since its launch at the beginning of the year, the company's anti-caries cooperative clinics have been set up in pilot dental institutions in more than 20 provinces, municipalities directly under the Central Government and autonomous regions across the country, and the launch of new products has progressed steadily.
There is still room for improvement in the penetration rate of orthodontics among young people in China. On the industry side, according to Insight Consulting research data, from 2020 to 2023, the compound annual growth rate of children's invisible orthodontic cases in China and the compound annual growth rate of the market size in terms of terminal prices all exceeded 60%. At the same time, compared with the penetration rate of orthodontic treatment among American children and adolescents, China's data is still at a low level, and the Chinese market still has plenty of room for future growth.
The new product layout is expected to further consolidate the competitive advantage. By the end of 2024, the company had completed 0.2187 million invisible correction cases in the Chinese market (+3.2% year over year). In terms of revenue, the Chinese market revenue in 2024 was $188.2 million (-0.4% YoY). In terms of profit, domestic adjusted profit reached 36.6 million US dollars in 2024, with an adjusted profit margin of 19.5%. It is expected to be launched with new products, which is expected to further consolidate the company's competitive advantage.
Profit forecasting, valuation and ratings
We are optimistic that the company's international layout will continue to advance and the domestic business will grow steadily. Net profit due to mother for 2025-2027 is expected to be 12/19/24 million US dollars, up 1.30%, 52.09%, and 26.15% year-on-year. EPS for 2025-2027 was 0.072/0.110/0.138 US dollars, respectively, and the current price is 91/60/47 times PE, maintaining a “buy” rating.
Risk Alerts
Overseas expansion falls short of expectations; industry competition increases risk; risk of medical malpractice.
