Core Viewpoint - Guosheng Securities maintains a "Buy" rating for Times Angel (06699), citing rapid growth in overseas markets and projecting revenue and net profit growth from 2025 to 2027 [1] Financial Projections - Expected revenues for Times Angel are $331 million, $393 million, and $469 million for 2025, 2026, and 2027, representing year-on-year growth of 23.2%, 18.8%, and 19.3% respectively [1] - Projected net profits are $13 million, $22 million, and $34 million for the same years, with year-on-year growth of 4.5%, 74.5%, and 53.9% respectively [1] Recent Performance - In the first half of 2025, Times Angel achieved revenue of $161 million, a year-on-year increase of 33.1% [1] - The net profit for the same period was $14.2 million, reflecting a significant year-on-year growth of 583.6% [1] - Adjusted net profit reached $19.5 million, marking an 84.8% year-on-year increase [1] Market Dynamics - The company is experiencing steady growth in the domestic market while showing strong performance in overseas markets, with the number of overseas cases exceeding expectations [1] - Ongoing localization efforts and overseas capacity expansion are expected to enhance global service capabilities [1] - The introduction of multiple innovative products and solutions continues to improve the product portfolio [1] Strategic Investments - The strategic investment in Shuyaki, acquiring a 35% stake, aims to deepen the company's presence in emerging markets and increase the penetration rate of invisible orthodontics [1]