摩根士丹利发布研报称，已更新时代天使(06699)风险回报预测，原因是根据其今年上半年业绩，将其 2025至2027年收入预测分别上调6.9%、9.3%及10.6%，以符合管理层设定的中国市场25万宗及海外市场 24万至25万宗案例量目标。该行基于现金流折现率(DCF)估算的目标价从65港元上调至74港元，评 级"与大市同步"。大摩预计2025年净利润预测基本保持不变，但2026年及2027年净利润分别上调6.3%及 11%，反映海外市场扩张速度快于预期。 ...

智通财经APP获悉，摩根士丹利发布研报称，已更新时代天使(06699)风险回报预测，原因是根据其今年 上半年业绩，将其2025至2027年收入预测分别上调6.9%、9.3%及10.6%，以符合管理层设定的中国市场 25万宗及海外市场24万至25万宗案例量目标。该行基于现金流折现率(DCF)估算的目标价从65港元上调 至74港元，评级"与大市同步"。大摩预计2025年净利润预测基本保持不变，但2026年及2027年净利润分 别上调6.3%及11%，反映海外市场扩张速度快于预期。 ...

Core Viewpoint - UBS reported that Angelalign (06699) exceeded expectations in its interim performance, with a significant increase in revenue and net profit [1] Financial Performance - Revenue for the first half reached $161 million, representing a year-on-year growth of 33.1%, surpassing UBS's expectations [1] - Net profit amounted to $14.2 million, showing a remarkable year-on-year increase of 584%, aligning with expectations [1] - Adjusted net profit was $19.5 million, reflecting an 85% year-on-year growth [1] - Total case volume increased by 47.7% year-on-year, indicating strong operational performance [1] - Gross margin remained stable at 62.4% [1] Analyst Recommendations - UBS raised the target price from HKD 82 to HKD 91 [1] - The earnings per share forecast was changed from RMB to USD [1] - UBS reiterated a "Buy" rating for the stock [1]

瑞银发表研究报告指，时代天使中期业绩胜预期，收入达1.61亿美元，按年增长33.1%，高过该行预 期；净利润1420万美元，按年增长584%，符合预期；经调整净利润为1950万美元，按年增长85%；总 个案量达按年增长47.7%，毛利率持平于62.4%。该行将其目标价由82港元上调至91港元，上调2025至 27年度收入预测9%、6%及7%，重申"买入"评级。 ...

Core Viewpoint - Morgan Stanley updates the risk-return forecast for Angelalign, raising revenue projections for 2025, 2026, and 2027 by 6.9%, 9.3%, and 10.6% respectively to align with management's target of 250,000 cases in the Chinese market and 240,000 to 250,000 cases in overseas markets [1] Revenue Projections - Revenue forecasts for 2025, 2026, and 2027 have been increased by 6.9%, 9.3%, and 10.6% respectively [1] Profit Forecasts - Net profit estimates for 2026 and 2027 have been raised by 6.3% and 11% respectively, indicating faster-than-expected expansion in overseas markets [1] Target Price Adjustment - The target price based on discounted cash flow (DCF) has been raised from HKD 65 to HKD 74, maintaining a rating of "in line with the market" [1]

Core Viewpoint - Goldman Sachs has raised the target price for Angelalign Technology (06699) from HKD 78.8 to HKD 81.3, maintaining a "Buy" rating based on the Sum of the Parts (SOTP) valuation method [1] Financial Performance - Angelalign's revenue for the first half reached USD 161 million, representing a year-on-year increase of 33%, exceeding Goldman Sachs' expectations, primarily driven by rapid expansion in overseas markets [1] - The gross margin remained stable at 62.4%, unchanged from the same period last year, while the overseas gross margin improved from 58.3% in the previous year to 61.2% [1] Strategic Outlook - The management has raised the annual case volume guidance to between 490,000 and 500,000, indicating a year-on-year growth of 36% to 39% [1]

Core Viewpoint - Goldman Sachs has raised the target price for Angelalign Technology (06699) from HKD 78.8 to HKD 81.3, maintaining a "Buy" rating based on the Sum of the Parts (SOTP) valuation method [1] Financial Performance - Angelalign's revenue for the first half reached USD 161 million, representing a year-on-year increase of 33%, exceeding Goldman Sachs' expectations, primarily driven by rapid expansion in overseas markets [1] - The gross margin remained stable at 62.4%, unchanged from the same period last year, despite strategic price adjustments in domestic operations [1] - The overseas gross margin improved from 58.3% in the same period last year to 61.2% [1] Guidance and Projections - Management has raised the annual case volume guidance to between 490,000 and 500,000, indicating a year-on-year growth of 36% to 39% [1]

Core Viewpoint - Goldman Sachs reports that Angelalign's revenue for the first half of the year reached $161 million, representing a 33% year-on-year increase, exceeding the bank's expectations, primarily driven by rapid expansion in overseas markets [1] Financial Performance - Revenue for the first half of the year was $161 million, up 33% year-on-year [1] - Gross margin remained stable at 62.4%, unchanged from the same period last year [1] - Domestic business maintained good profitability despite strategic price adjustments [1] - Overseas gross margin increased from 58.3% in the same period last year to 61.2% [1] Guidance and Valuation - Management raised the full-year case volume guidance to between 490,000 and 500,000, indicating a year-on-year growth of approximately 36% to 39% [1] - Using the Sum of the Parts (SOTP) valuation method, Goldman Sachs raised its target price from HKD 78.8 to HKD 81.3, maintaining a "Buy" rating [1]

Summary of the Conference Call for Times Angel Company Overview - **Company**: Times Angel - **Industry**: Orthodontics and dental technology Key Points and Arguments Financial Performance - **Revenue Structure**: In the first half of the year, Times Angel reported revenue of $89.68 million from the Chinese market and $71.67 million from international markets [2][4] - **Case Growth**: The number of cases in the Chinese market grew by 14% to 109,000, while international cases surged by 103.5% to 117,000 [2] - **Operating Profit**: Operating profit in China increased by 52% to $17.19 million, while losses in international markets narrowed to $5.43 million [2][5] - **Cash Flow**: Operating cash flow increased by 194.4% to $17.54 million [2] Market Strategy - **Pricing Strategy**: The company expanded its case numbers in China through strategic price reductions, while international gross margins improved by 3 percentage points to 61.2% [2] - **Product Innovation**: New products launched include the A10 Angel Expander and the headgear-style muscle stimulator, along with digital tools like the i also platform and "Angel Xiao Zhi" [2][6] - **Supply Chain Investment**: Plans to increase investment in supply chain and infrastructure to strengthen sales, marketing, clinical support, and customer service [2][7] Future Projections - **Case Projections for 2025**: Expected total cases to reach between 490,000 and 500,000, with 250,000 in China and 240,000 to 250,000 internationally [3][10] - **Profitability Timeline**: The company aims for international operations to achieve monthly profitability by the first half of 2027 [3][11] Competitive Landscape - **Differentiation Strategy**: The company does not intend to engage in price wars but will focus on product and service differentiation [3][15] - **Response to Competition**: Plans to enhance clinical service teams and accelerate new customer onboarding in response to increasing competition [3][13] Challenges and Risks - **Increased Losses**: Anticipated significant expansion of international operating losses in the second half of the year due to delayed expenses, recruitment issues, and increased tariffs [3][17] - **Patent Litigation**: Facing patent lawsuits from Align Technology, which could impact operations, but the company is prepared with legal strategies [19] Market Dynamics - **Domestic Market Trends**: The domestic market has seen a decline in average prices, with a focus on maintaining market share through competitive pricing strategies [20] - **Collective Procurement Policies**: New collective procurement policies are being implemented, which may rationalize product prices and require the company to adapt [21] Strategic Partnerships - **Investment in Shuyaki**: The investment in Shuyaki aims to quickly penetrate emerging markets, leveraging complementary channels while maintaining independent operations [3][23] Global Supply Chain Development - **Supply Chain Resilience**: Building a more resilient global supply chain with production and design centers in key regions like Brazil and Southeast Asia [8][18] Macro Environment Impact - **Consumer Sentiment**: Global consumer willingness has decreased, affecting demand for non-essential medical services, including orthodontics [26] Additional Important Points - **Focus on Early Treatment**: Plans to enhance public awareness in early orthodontic treatment and strengthen professional service capabilities in lower-tier markets [2][7] - **Data Security and Compliance**: Emphasis on strengthening data security and compliance with international regulations [2][9]

Market Overview - US stock indices experienced adjustments, with European markets also facing challenges, particularly in France where the CAC 40 index fell over 2% [1] - Hong Kong stocks corrected after a strong rally, closing down 1.18% [1] - Optimism regarding potential Fed rate cuts was tempered by concerns over Trump's threats to dismiss Fed Governor Lisa Cook, which could undermine confidence in USD assets [1] Gold and Mining Sector - Gold stocks surged, with China Gold International reporting a turnaround in its mid-year results, showing strong growth and significant capacity expansion potential [1] - Other gold stocks like Lingbao Gold and Zhaojin Mining also saw substantial gains, reflecting a broader trend in the sector [1] Trade and Tariff Implications - Trump threatened to impose approximately 200% tariffs on rare earth magnets from China and additional tariffs on countries implementing digital taxes, impacting major US tech companies [2] - The US government proposed adding copper, silicon, and silver to a list of critical minerals, indicating a shift in tariff strategy to protect domestic industries [2] Automotive Industry Dynamics - The automotive sector is undergoing rapid changes, with Chinese electric vehicle companies and Tesla significantly shortening the development cycle for new models to about two years [3] - Traditional players like Puma are exploring strategic options, including potential sales, indicating a shift in competitive dynamics within the industry [3] AI and Technology Sector - The Chinese government announced plans to integrate AI with six key sectors by 2027, which will drive capital expenditure towards AI-related technologies [6] - Companies like SMIC and SenseTime are positioned to benefit from increased investment in AI and related technologies [6] Company Performance Highlights - Angelalign reported a 33.1% increase in revenue to $161.4 million, with a significant rise in net profit, indicating strong performance in the orthodontics market [4] - Meituan was included in the MSCI China Index, leading to an 8% increase in its stock price [5] Individual Stock Insights - SenseTime is expected to report improved financial results, with projected revenue growth and a potential narrowing of losses, reflecting a positive outlook for the company [7] - The company has a strong competitive position in AI technology, with significant advancements in model capabilities and market share in various applications [8]