CICC raised the revenue forecast for Times Angel (06699) by 6.8% to 1.75 billion yuan this year.
The Zhitong Finance App learned that CICC released a research report saying that considering that Times Angel (06699) is expanding faster than expected, it raised this year's revenue forecast by 6.8% to 1.75 billion yuan, keeping the adjusted net profit forecast unchanged at RMB 209 million for the whole year. Taking into account the impact of exchange, the adjusted net profit forecast for 2025 was 220 million yuan, maintaining the “outperforming industry” rating, and the target price was raised by 24.1% to HK$85.
According to the report, Times Angel's revenue last year increased 16.2% year on year to 1,476 billion yuan, while adjusted net profit fell 16% year over year to 179 million yuan, slightly better than the forecast. I believe the main reason is that the Group's strategy for advancing global development progressed faster than expected during the period. Last year, Angel performed well in the mainland market, maintaining the leading position in the mainland. Business revenue increased 5.5% year over year, and treatment cases increased 29.9% to 212,000 cases. CICC expects the company to strengthen its business development in first-tier and second-tier cities and continue to penetrate lower-tier cities. As for the international market, Time Angel has established local teams in Australia and New Zealand. It also completed the acquisition of Aditek in Brazil in January last year. It is expected that its products will be recognized by the international orthodontic dentist industry.