金吾财讯 | 招银国际研报指，时代天使(06699)成立于2003年，是中国领先的隐形矫治解决方案提供商，自2021年起，已连续四年成为中国隐形矫正市场市占率第一的品牌。2019-2024年公司收入复合增长率高达23.8%（按历史汇率换算为美元计算）。该行预期公司将受益于国内市场竞争环境的改善和海外市场的快速开拓，继续保持快速增长。预计2024-2027年收入复合年增速将达到18.0%。该行认为，隐形矫治行业的品牌粘性巨大，公司凭借优秀产品力及优质的临床服务能力可深度绑定医生资源，有望强者恒强，持续拓展市场份额。另外，海外业务已经基本完成了早期高投入获客的阶段，盈利能力正快速改善，ASP和毛利率持续提升。鉴于国际市场的庞大规模，有望成为公司长期增长的核心驱动力。该行看好时代天使的海外业务保持强劲增长，预计2024-27E海外收入复合增速42.8%。该行预计2024-27E国内收入的复合增速3.3%，经营利润率基本保持稳定。基于SOTP分部估值法，对成熟的国内业务给予18倍2025E PE，对处于快速扩张阶段的海外业务给予6倍 2025E PS，对应目标价69.55港元。首次覆盖给予“买入”评级。
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