该行表示，公司海外市场表现亮眼，该行将2024-2026年的归母净利润从0.78/1.20/1.64亿元上调至0.80/1.29/1.68亿元，维持“买入”评级。Jingu Financial News | Soochow Securities research pointed out that the first half-year revenue of Timely Angel (06699) in 2024 was 0.861 billion yuan (+39.8% year-on-year, the same below), and the adjusted net income for the first half of the year reached 0.072 billion yuan (+95.8%), with performance meeting expectations.
The bank pointed out that in the international market, the number of cases reached 57,600 in the first half of 2024, accounting for 37.7% of the total cases, with revenue reaching 0.23 billion yuan, accounting for 26.5% of the total revenue. The company's products and services cover over 50 countries and regions globally, with thousands of dental doctors. In the European market, the company held the first "European Timely Angel Academic Forum" in Spain in the first half of the year, attracting more than 200 orthodontists to participate; in the Asia-Pacific market, the combination of the company's local business team and regional dealer network further expanded to countries such as Malaysia and Thailand.
The bank continued to point out that in the domestic market, the number of cases reached 95,300 in the first half of 2024 (+10.8%), with revenue reaching 0.63 billion yuan (+10.1%), of which the children's version maintained rapid growth, with a rapidly increasing proportion. Relying on the oral digital remote solution, the company has assisted over 1,500 clinics in organizing various dental charity events, cleanings, and other marketing activities, covering over 1.5 million patients, and the coverage rate of oral clinics at various city levels continues to rise.
The bank indicated that the company's overseas market performance is impressive. The bank has raised the net income attributable to parent company shareholders for 2024-2026 from 0.078/0.12/0.164 billion yuan to 0.08/0.129/0.168 billion yuan, and maintains a "buy" rating.
