Angels of the Times (6699.HK) — IPO Review

富途證券 · Jun 3, 2021 17:07

研报摘要

IPO专用评级（0-10）：7

-- 评级基于以下标准：

1. 基本面投资评级（0-6）：5

2. 估值投资评级（0-3）：1

3. 情绪评级（0-1）：1

公司概览

时代天使是中国领先的隐形矫治解决方案提供商。公司通过数字化辅助案例评估支持及矫治方案设计服务、隐形矫治器和云服务平台在整个隐形矫治过程中助力牙科医生。目前在售的隐形矫治器包括时代天使标准版、时代天使冠军版、时代天使儿童版以及COMFOS共四种，多元化的隐形矫治器旨在为牙科医生治疗提供越来越多具有不同复杂程度的错颌畸形案例，以及吸引和服务越来越多不同年龄段及具有不同消费能力的患者。

自成立来，公司依托对数字化正畸的医学原理及实践的深刻理解，自研可靠的技术及数据平台，并利用3D打印及自动化生产线等智能制造技术，通过规模定制模式制造与特定矫治方案相关的所有隐形矫治器，保持着领先的市场地位。公司达成案例由2018年的77,700例增至2019年的120,100例， 2020年增至137,600例；就达成案例而言，公司约占同期中国41.0%的市场份额，在国内竞争对手中排名第一。

公司主要通过提供隐形矫治解决方案产生收入。公司收入已经由2018年的人民币4.89亿元增至2019年6.46亿元，并进一步增至2020年8.17亿元，同比增长26%。净利润已经由2018年0.58亿元增至2019年0.68亿元，并进一步增至2020年1.51亿元，同比增长122%。经调整 EBITDA（非国际财务报告准则计量）于2018年、2019年及2020年，分别为1.29亿元、1.75亿元及2.97亿元。公司毛利率于2018年、2019年及2020年的分别为63.8%、64.6%及70.4%。

行业状况与前景

中国的正畸市场在零售销售收入和正畸案例数目等方面与欧美相比仍有很大空间。根据灼识咨询报告，就零售销售收入而言，中国正畸市场零售销售收入由2015年的34亿美元增至2020 年的79亿美元，复合年增长率为18.1%，且有望于2030年达到296亿美元，复合年增长率为14.2%。中国正畸案例数目由2015年的160万例增至2020年的310万例，复合年增长率为13.4%，并预期将于2030年达到950万例，复合年增长率为12.0%。

隐形矫治市场作为中国正畸市场新的子市场，市场增长迅速，在2019年成为世界第二大市场。零售销售收入由2015 年的2亿美元增至2020年的15亿美元，复合年增长率为44.4%，并有望于2030年达到119亿美元，复合年增长率预计为23.1%。中国隐形矫治的案例数目由2015年的47,800例增至2020年的335,500例，复合年增长率为47.7%，并预期将于2030年达到380万例，复合年增长率为27.6%。

优势与机遇

中国隐形矫治市场增长潜力巨大。

公司市场份额领先。

挑战与风险

经营业务所处市场高度集中且竞争激烈。

免责声明

免责声明请参考完整PDF版本

Research Report Summary

IPO-specific ratings (0-10): 7

-- Ratings are based on the following criteria:

1. Fundamental Investment Rating (0-6): 5

2. Valuation Investment Rating (0-3): 1

3. Sentiment Rating (0-1): 1

Company Overview

Times Angel is China's leading provider of invisible correction solutions. The company helps dentists throughout the invisible orthodontic process through digitally assisted case assessment support and orthodontic plan design services, invisible braces, and a cloud service platform. There are four types of invisible braces currently on sale, including Time Angel Standard Edition, Time Angel Champion Edition, Time Angel Kids Edition, and COMFOS. The diversified invisible braces aim to provide dentists with more and more cases of maljaw deformities with varying degrees of complexity, and to attract and serve more and more patients of different ages and with different spending abilities.

Since its establishment, the company has maintained a leading market position by relying on a deep understanding of the medical principles and practices of digital orthodontics, developed its own reliable technology and data platforms, and used intelligent manufacturing technology such as 3D printing and automated production lines to manufacture all invisible braces related to specific orthodontic solutions through large-scale customized models. The number of cases reached by the company increased from 77,700 in 2018 to 120,100 in 2019 and 137,600 in 2020;In terms of successful cases, the company accounted for about 41.0% of China's market share during the same period, ranking first among domestic competitors.

The company mainly generates revenue by providing invisible orthodontic solutions.The company's revenue has increased from 489 million yuan in 2018 to 646 million yuan in 2019, and further increased to 817 million yuan in 2020, an increase of 26% over the previous year. Net profit has increased from 58 million yuan in 2018 to 68 million yuan in 2019, and further increased to 151 million yuan in 2020, an increase of 122% over the previous year. The adjusted EBITDA (non-IFRS measurement) for 2018, 2019 and 2020 was $129 million, $175 million, and $297 million, respectively. The company's gross margins were 63.8%, 64.6% and 70.4% in 2018, 2019 and 2020, respectively.

Status and prospects of the industry

China's orthodontic market still has a lot of room compared to Europe and America in terms of retail sales revenue and number of orthodontic cases.According to the Insight Consulting Report, as far as retail sales revenue is concerned, retail sales revenue in the Chinese orthodontic market increased from 3.4 billion US dollars in 2015 to 7.9 billion US dollars in 2020, with a compound annual growth rate of 18.1%, and is expected to reach 29.6 billion US dollars by 2030, with a compound annual growth rate of 14.2%. The number of orthodontic cases in China increased from 1.6 million in 2015 to 3.1 million in 2020, with a compound annual growth rate of 13.4%, and is expected to reach 9.5 million cases in 2030, with a compound annual growth rate of 12.0%.

As a new sub-market of the Chinese orthodontic market, the invisible orthodontic market grew rapidly and became the second largest market in the world in 2019.Retail sales revenue increased from 200 million US dollars in 2015 to 1.5 billion US dollars in 2020, with a compound annual growth rate of 44.4%, and is expected to reach 11.9 billion US dollars by 2030. The compound annual growth rate is expected to be 23.1%. The number of cases of invisible correction in China increased from 47,800 in 2015 to 335,500 in 2020, with a compound annual growth rate of 47.7%, and is expected to reach 3.8 million cases in 2030, with a compound annual growth rate of 27.6%.

Advantages and opportunities

The potential for growth in China's invisible correction market is huge.

The company has the leading market share.

Challenges and risks

The markets in which we operate are highly concentrated and competitive.

Disclaimers

Please refer to the full PDF version of the disclaimer

The translation is provided by third-party software.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.

时代天使（6699.HK）– IPO 点评