[Click e-Stock] "Graphy, High-Margin Material-Driven Recurring Revenue Structure"

Daiwa Securities analyzed on December 1 that Graphy has entered a phase where its unrivaled technological capabilities are translating into improved performance.

Hansong Hyup, a researcher at Daiwa Securities, introduced, "Graphy is a company that manufactures transparent orthodontic devices (SMA) using 3D printing technology based on shape-memory material technology," and added, "SMA combines shape-memory materials with direct 3D printing, achieving completely different physical properties compared to the conventional thermoforming (PETG) method."

He further explained, "Immediately after wearing, the device wraps around the teeth by itself, creating a precise fit, and restores with consistent force at oral temperature," and noted, "Unlike conventional transparent aligners, which lose corrective force within eight hours, SMA maintains force for a longer period, resulting in higher predictability and shorter treatment duration."

The researcher stated, "The SMA technology has demonstrated superiority in safety and retention of corrective force, as evidenced by more than 70 SCI-grade papers and 200,000 clinical results," and analyzed, "Clinical validation is building trust, and this trend is spreading as it leads to real-world adoption."

He explained, "More than equipment sales, the subsequent increase in material usage has a greater impact on performance," adding, "As more hospitals manufacture SMA in-house, the material is steadily consumed in proportion to the number of patients."

He added, "Once the infrastructure is established, there is a trend of stable revenue expansion," and noted, "Recently, we have seen cases where monthly usage has increased from 1-2 kg to over 5 kg." He also expressed optimism, saying, "From next year, the expansion of the domestic in-house model, overseas market entry, and increased material usage will all coincide, making the trend of performance improvement more pronounced. Based on current production capacity, the company can handle over 200 billion KRW annually."

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