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1 / 63 Table_Main | 2021 03 11 Table_Title Table_Summary + + 74% 10.36 2019 288.21 CAGR15.3% 6-19 20-40 + 0.43% 2019 475 CAGR20.7% 10 14%CAGR 2030 2000 + + , 2019 30.39 5 CAGR 58.8% 2015 2.9% 10.5% 33.1% 2019 100 CAGR57.2% 2030 1032 2084 10-20 41.3% 40% COMFOS 18 19 20 7.77 12.01 10.17 4.89 6.46 +32.2% 6.01 +23.9% 0.93 1.30 +41% 2.04 +75.1% 20 70.8% 33.9% + + 10-20 Table_Invest | Table_PicQuote Wind Table_DocReport - 2020.12.28 -2021 2020.12.04 Table_Author S0020520110001 021-51097188 -12% 3% 19% 35% 50% 3/11 6/10 9/9 12/9 3/10 3002 / 63 . 5 1. . 9 1.1 . 9 1.2 . 11 1.3 . 13 1.4 “ ” . 15 1.4.1 “ ” . 16 1.4.2 . 18 1.5 . 19 2. . 23 2.1 50+ . 23 2.2 . 27 2.2.1 . 28 2.2.2 . 30 2.2.3 . 31 3. . 33 3.1 . 33 3.2 . 37 3.2.1 . 37 3.2.1.1 . 37 3.2.1.2 Master Control vs Smart Track vs EX30 . 41 3.2.1.3 . 43 3.2.2 . 48 3.2.3 . 48 3.2.4 . 52 3.2.5 . 53 3.3 . 57 4. . 59 4.1 . 59 4.1.1 . 59 4.1.2 . 61 4.2. . 62 1 23 . 6 2 20 35 . 8 3 . 10 4 . 103 / 63 5 . 10 6 . 10 7 . 11 8 . 11 9 . 12 10 . 13 11 . 14 12 . 15 13 . 16 14 . 17 15 . 18 16 . 19 17 . 20 18 . 20 19 . 21 20 . 21 21 15-20 . 23 22 . 23 23 . 24 24 . 28 25 2019 . 28 26 . 28 27 2020 . 28 28 . 29 29 . 29 30 . 30 31 . 31 32 . 32 33 . 33 34 . 34 35 . 35 36 . 38 37 . 39 38 . 39 39 . 40 40 Smart Track EX30 . 42 41 Smart Track EX30 . 43 42 Angel Button . 44 43 . 46 44 . 49 45 iOrtho . 50 46 . 514 / 63 47 . 52 48 . 53 49 . 53 50 . 54 51 . 54 52 . 54 53 . 57 54 . 57 55 . 58 56 . 58 57 . 58 58 . 58 59 . 58 60 . 58 1 . 5 2 . 11 3 . 13 4 . 22 5 . 35 6 . 36 7 . 43 8 . 44 9 . 45 10 . 46 11 . 55 12 . 55 13 . 56 14 . 60 15 . 60 16 FCFF . 61 17 FCFF . 61 18 . 625 / 63 Envista Envista Envista 70% 20% ROA ROE 24.38% 34.07% 18.03% 19.51% 1 ROA ROE ALGN.O 480.66 24.07 4.43 2.01 72.46% 18.40% 24.38% 34.07% XRAY.O 120.97 40.29 2.63 3.94 53.74% 6.52% 4.34% 4.23% QS5.SIX 200.54 17.91 3.42 4.26 75.21% 19.20% 18.03% 19.51% NVST.N ENVISTA 64.42 27.52 2.18 15.4 54.99% 7.91% 4.53% 4.45% Wind 21 2 12 19 Align Technology 1997 Clear Aligner Invisalign Scanners and CAD/CAM Services iTero Ortho CAD iTero 10 5 2008 100 2020 24.72 161.29 18.8% 856 / 63 900 2020 164.53 1 23 Wind 2012 2021 2 12 480 1997 2001 480 20 34 1 1997-2004 1997 20 1998 FDA 2002 2 2004-2009 20057 / 63 Zia OrthoClear OrthoClear 15% 2006 2000 OrthoClear 10 2008 100 2009 Ormco 3D Ormco 1300 760 10% 2005-2006 OrthoClear 70% 2006 9 28 OrthoClear 48% 4 2007 2008 07 3 2010 10 80% 2010 CDFA 2011 3 1.9 Cadent 3D iTero 2013 ClinCheck 2015 2016 10 2017 12 6 2019 2020 1-3 2020 4 MAUI 2010 15-208 / 63 2 20 35 Wind 20 2010 20 80 2013 +105.9% 2017 +131.1% 2020 +91.5% 2017 12% 16% 2020 20.9% 28.4% 35% 21 2 3 12.69 / 63 1. 1.1 1-2 300-500 2000-4000 500-5000 5000-20000 ADA(American Dental Association) 1244 8500 384 2600 CIC China Insights Consultancy 2020 262 1750 1/5 1975 GDP 2015-2019 1.39 1.77 CAGR 6.2% 2015-2019 615.9 901.9 1010 / 63 CIC 2020 1750 2015-2019 CAGR16.8% 10.7% 2030 5000 2019 11.04 2015 8.57 28.8% 3 4 5 6 CIC CIC 0% 1% 2% 3% 4% 5% 6% 7% 8% 0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8 2 2015 2016 2017 2018 2019 0% 2% 4% 6% 8% 10% 12% 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1000.0 2015 2016 2017 2018 2019 0 100 200 300 400 500 600 700 800 900 2015 2016 2017 2018 2019 2020E 2025E 2030E 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 2015 2016 2017 2018 201911 / 63 7 8 CIC CIC 1.2 2 , 3mm 1/3 1/3 WHO 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 0.00 2.00 4.00 6.00 8.00 10.00 12.00 2015 2016 2017 2018 201912 / 63 WHO WHO 70%+ 74% 10.36 9 WHO , , , Angle 189913 / 63 3 - - 2 1 2 - CIC 23% 5 10 CIC 1.3 ” + + 2015 2019 323.81 452.18 CAGR8.7% 163 288.21 CAGR15.314 / 63 6-19 20-40 + 0.43% 2030 1.69% 1132 11 CIC 2015 34 2019 73 475 CAGR20.7% 16.8% CAGR8.6% 2019 217 10 14% 2030 200015 / 63 12 CIC 1.4 1 2 3 4 3D16 / 63 13 1.4.117 / 63 14 CIC 2 22 218 / 63 2019 50% CIC 2030 80% 15 CIC 1.4.2 4-6 45-60 8-12 15 A C19 / 63 1.5 2001 2010 GDP 5000 10000 15%-25% - - + + + 2015 2021 2019 30.39 2015-2019 CAGR 58.8% 149.45 2015-2019 35.6% 26.9% 2030 329 16 CIC 20 2015 0% 10% 20% 30% 40% 50% 60% 70% 80% 0 50 100 150 200 250 300 350 400 2015 2016 2017 2018 2019 2020E 2025E 2030E20 / 63 2.9% 10.5% 13.7% 33.1% 33.1% 17 CIC 7 18 CIC 2015 2 2019 15 100 CAGR 57.2% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 2015 2016 2017 2018 2019 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 0 20 40 60 80 100 120 2015 2016 2017 2018 2019 T1 T2 T3 T1 T2 T321 / 63 19 CIC 2030 1032 2084 1) 6-19 20-40 2020 6-19 20-40 2.10 4.60 74% 1.55 3.40 4.95 20 2) 2019 288 0.43% 6-19 2022 / 63 40 8.59% 1.53% 6-19 20-40 6-19 4.0% 7% 20-40 1.5% 2.5% 2030 1055 1939 3) 6-19 20-40 15.91% 69.29% 6-19 10% 15% 20-40 60% 75% 4) 0.5-2 3 + 2.8 2.6 5) 2030 1032 2084 10-20 4 2030 6-19 20-40 6-19 20-40 6-19 20-40 6-19 20-40 2.10 4.60 2.10 4.60 2.10 4.60 0.49 0.98 % 74% 74% 74% 74% 74% 74% 73% 73% 1.55 3.40 1.55 3.40 1.55 3.40 0.36 0.72 % 0.95% 0.41% 4.00% 1.50% 7.00% 2.50% 8.59% 1.53% 147.63 140.6 621.60 510.6 1087.8 851.0 307.09 109.4 % 3.00% 18.50% 10.00% 60.00% 15.00% 75.00% 15.91% 69.29% 4.4 26.0 62.2 306.4 163.2 638.3 48.9 75.8 30.4 368.5 801.4 124.65 3.0 2.8 2.6 2.8 91 1032 2084 34923 / 63 2. 2.1 50+ II 2006 5 125 104 7 94.4% 21 15-20 22 NMPA DataLab NMPA DataLab 20 - 50 03 10 NMPA 2010 0 5 10 15 20 25 30 35 40 2015 2016 2017 2018 2019 2020 94.4% 5.624 / 63 23 NMPA 1 1997 iTero iTero 24 2020 164.53 900 24 Express Express5 Express10 Go Lite Moderate Full Teen Comprehensive First First Phase2 MAUI 2020 4 1 MAUI 1 Lite 14 1 1 2 Moderate 2 3 3 Comprehensive 5 4 First Comprehensive 18 5 Comprehensive Phase2 3 1 SmartTrack25 / 63 2 SmartForce 3 SmartForce G3 / G4 G5 G6 G7 MA;(4)Clincheck 3D 2 2003 2017 1 2006 32000 2 2016 7+ 3” 7 3 30% 40000 3 COMFOS 2017 24000 4 2019 6-12 26000 1 masterControl 2 masterControlS 3 masterForce 4 AngelButton AngelArm 5 A6 A7 A8 6 7 iOrtho 3D 3 2004 30 +26 / 63 800 1 16 2 SmarteeGe 3 SmarteeG G Smartee G FULL Smartee G PLUS 4 Smartee 2 5 SmarteeG GS 1 Smartee Drive 2 Smartee Solution 3 SmarteeLink 4 2014 9 2018 B (Straumann) 19 Smyletec 2020 2021 1 Magicalign MagicFit 20% 0.15mm 2 Smyletec 1 MagicFit MagicFit 2 MagicForce 3 OrthoPlus 5 2015 2019 327 / 63 1 click click 5 2 click OS clickOS 6 -Hibeauty 0.5mm - OrthoLink OrthoLink Early Beauty 2021 1 20 2.2 2019 152.54 +14% 20 164.53 7.9% 2017 2019 80%+ 2019 132050 120100 40% 25200 8.3% 91.3% 8.7% 202028 / 63 24 25 2019 CIC 26 27 2020 1 2 3 2.2.1 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0 20 40 60 80 100 120 140 160 180 2016 2017 2018 2019 2020 0% 20% 40% 60% 80% 100% 120% 2016 2017 2018 2019 0 20000 40000 60000 80000 100000 120000 140000 2019 2020Q1-Q329 / 63 1 2010 2020 24.5 6000 2.4% C 1.8 5-6 1.2 28 29 0.00 5.00 10.00 15.00 20.00 25.00 30.00 2015 2016 2017 2018 201930 / 63 2.2.2 1-2 3-5 30 1 CBCT 2 3D 3D 3 3D 4 3D31 / 63 31 3D 3D 3D 2.2.3 5 3D32 / 63 32 DataLab33 / 63 3. 3.1 1 2 3 33 2003 10 2010 1 10 2011 3D 3M Master Force Master Control Master Engine 4 2017 2021 1 IPO34 / 63 34 2003 3D 50% 2008 2015 CareCaptial Holdings 67.12% IT B35 / 63 35 5 / / / 67.79% 2 - - - Purgo Biologics Neoss Medit 3D BEGO 100% 24.4636 / 63 5 / / / 18.75% 8 40 40 3.96% 3 27 5 1 1 15 C 50 200 68.08% 20 50.51% 3 5 10 / Dr.Robert Gottlander CFO 20 10 CEO 18 20 30 32.2104% 6 / 45 2004 2014 2015 3 & 47 2003 2003 2008 2003 2016 2011 2016 2016 (SAC/TC99) 2013 202037 / 63 6 / 18 & 47 2002 2003 2004 2005 2006 2007 2008 2010 2010 2010 2018 20 55 1989 1997 2001 30 2007 2010 2012 2012 3.2 1998 FDA 2003 2010 2003 2021 20 2020 41.3% 3.2.1 3.2.1.1 4 438 / 63 COMFOS 40000 32000 24000 6-12 26000 36 / 0.75mm 0.20-0.22mm 14 10 7+3 7 0.625mm 3 0.75mm 30% 0.30mm COMFOS 0.75mm COMFOS 15-20% COMFOS COMFOS 6-1239 / 63 6-12 37 38 MAUI 2018 Full Teens Teens 6 2017 11 2020 4 MAUI Invisalign Clear Aligner Package + Express Go Lite Moderate Comprehensive First MAUI Lite Moderate Comprehensive3 iGO First240 / 63 39 Express 7 2 Go igo iTero 6 20 1 2-3 Lite 14 1 1 2-3 Moderate 20 26 2 3 2 3 9 Moderate 1.5 3-3.5 Comprehensive 5 5 6-12 First Comprehensive1 Comprehensive2 1 2 2 341 / 63 1 12 6-12 34 8 2 3.2.1.2 Master Control vs Smart Track vs EX30 Master Control Master Force Master Control Master Control Master Control Master Control S Master Control S Master Control S Smart Track42 / 63 Smart Track EX30 57% EX30 EX30 EX30 EX30 EX30 EX30 2013 SmartTrack SmartTrack EX30 SmartTrack 40 Smart Track EX30 Introduction to Invisalign Smart Technology: Attachments Design, and Recall-Checks43 / 63 41 Smart Track EX30 EFFECT OF ALIGNER MATERIAL, DURATION, AND FORCE LEVEL ON TOOTH MOVEMENT Introduction to Invisalign Smart Technology: Attachments Design, and Recall-Checks 10 EX30 Master Control Master Control S Smart Track EX30 7 SmartTrack masterControl&S EX30 3.2.1.3 MasterForce 1 2 3 4 AngelButtton AngelArm A6 A7 A8 AngelButtton angelButton angelButton AngelArm AngelArm44 / 63 AngelButton AngelArm 42 Angel Button A6 A7 A8 masterForce masterControl 8 A6 A7 A8 Smart Force Smart Force45 / 63 1 2 3 9 Angelbutton/AngelArm CI 2 CI CI 202046 / 63 43 10 G3 G7 G8 21 A6 G5 A7 G6 A8 G7E 10 / G3 / 5 / Power Ridge 3 + Power Ridge & 3 + - / / - / / - ， / G4 0.75mm * 0.75mm UR1/UL1/ 0.5mm47 / 63 10 / + / 0.1mm / G4E G5 Spee 0.5mm / G6 2mm / SmartStage / PowerArm / G6E 1/3 1/4( 2mm) 1/3 2/3(2- 5mm) G7 / 0.75mm / 0.75mm / 548 / 63 10 / 1mm G7E 5 / 0.5mm / 3.2.2 5 2 30 80% 3 03 10 NMPA 2010 5 50 900 2011 2 4000 2013 2020 50 99% 50+ 2018 2019 2020 7.77 12.01 10.17 2020Q1 11 24% 2031 160 2018 FDA 3.2.3 ” 549 / 63 3 3D iOrtho/ ClinCheck Master Engine Smart stage 3D 44 Master Engine Master Engine50 / 63 Master Engine Master Engine 360 iOrtho Make it Master Engine A-Treat iOrtho 1 2 3 iOrtho Make it 45 iOrtho A-Treat 3D A-Treat51 / 63 46 3D Smart stage Smart Stage 1 G6 ClinCheck 2 Smart stage 3D ClinCheck 400 120 38.8% 3-452 / 63 47 3.2.4 1.8 20.6 5.0 5600 90% 10 2014 A- Tech A-Tech A-Tech KOL 8 55 KOL 3 72 128 5.6% 29.5% 9.3% 26.5% 29.253 / 63 48 40 TC1 TC2 TC3 IMC 10 49 3.2.5 2011 3D 2017 2018 3D 25%-5054 / 63 5 2 2020 9 30 0.143 50 126000 3D 2021 2023 56000 2024 70000 1 51 52 6000 8 20 83N 68 2025 200 30055 / 63 2017 11 1.4 120 2020 9 12 40 286 3D 200 40-60 3D ID 2018 2278 / 2020 1731 / 20%+ 20 11 2018 4.88 1.77 7.77 677 44 6281 144 2278 52 2019 6.46 2.29 12.01 1215 51 5379 106 1907 38 2020Q1-Q3 6.01 1.76 10.17 1164 57 5910 103 1731 30 12 2017 85.55 18.93 64400 14.5 93.38 9161.49 2027.20 2018 116.09 30.25 69940 15.7 109.81 10572.30 2754.86 2019 141.32 39.12 96000 15.9 152.64 9258.39 2562.89 2020 137.10 39.30 102000 16.1 164.22 8348.56 2393.13 20 18 19 85% X56 / 63 1 2 3 4 5 6 13 18000 / A-Tech KOL 3 / 72 128 iTero Element iOrtho 3shape 2-3 30 Clincheck treat iOrtho 900 + 50 / 47% 53% 10 3-4 SmartTrack MasterControl 10 5 1-2 my Invisalign iOrtho 1 1 300 500 CIC57 / 63 3.3 2018 2019 2020 11500 15800 17300 20 2 2018 2019 2020 77700 120100 101700 2020 Q1 50 18 78% 54% COMFOS 2019 6-12 53 54 2018 2019 2020 4.89 6.46 +32.2% 6.01 +23.9% 0.93 1.30 +41% 2.04 +75.1% 1.45 4.02 2.71 2018 63.8% 2020 Q3 70.8% 2020 Q3 33.9% 2018 15 40 33 18 37 20 83 B 30%+ 60%+ 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 20000 2018 2019 2019Q1-Q3 2020Q1-Q3 0 20000 40000 60000 80000 100000 COMFOS 2018 2019 2020Q1-Q358 / 63 55 56 57 58 59 60 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 2018 2019 2019 2020 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 2018 2019 2020 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 2018 2019 2020Q1-Q3 0 10 20 30 40 50 60 70 80 90 2018 2019 202059 / 63 4. 4.1 + + 10-20 IPO 2021 185-240 PS 1032 2172 2018 FDA 4.1.1 1.5 2030 369 801 FCFF WACC 1 2030 45% 47% 2 COMFOS 2030 5200 4800 3 2030 86 181 4 2030 30% 5 FCFF 2021 1.92 6 WACC 2.5%-6.5% WACC 7.5%-11.5% WACC 2021 182-26460 / 63 15 2019 2019 30.4 368.5 801.4 30.4 368.5 801.4 % 40% 45% 47% 44% 38% 35% 12.0 165.8 376.7 13.2 140.0 280.5 5400 5200 4800 9200 9000 8600 6.5 86.2 180.8 12.2 126.0 241.2 14 2030 6-19 20-40 6-19 20-40 6-19 20-40 6-19 20-40 2.10 4.60 2.10 4.60 2.10 4.60 0.49 0.98 % 74% 74% 74% 74% 74% 74% 73% 73% 1.55 3.40 1.55 3.40 1.55 3.40 0.36 0.72 % 0.95% 0.41% 4.00% 1.50% 7.00% 2.50% 8.59% 1.53% 147.63 140.6 621.60 510.6 1087.8 851.0 307.09 109.4 % 3.00% 18.50% 10.00% 60.00% 15.00% 75.00% 15.91% 69.29% 4.4 26.0 62.2 306.4 163.2 638.3 48.9 75.8 30.4 368.5 801.4 124.65 3.0 2.8 2.6 2.8 91 1032 2084 34961 / 63 17 FCFF WACC 2.5% 3.0% 3.50% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 215.59 236.79 264.05 300.39 351.28 427.60 554.81 809.22 1,572.46 7.5% 198.14 215.18 236.48 263.87 300.38 351.50 428.18 555.98 811.59 8.0% 183.69 197.70 214.82 236.22 263.73 300.41 351.77 428.81 557.20 8.5% 171.50 183.22 197.29 214.49 235.99 263.63 300.49 352.08 429.48 9.0% 161.05 171.01 182.79 196.93 214.21 235.81 263.57 300.60 352.43 9.5% 151.97 160.56 170.57 182.40 196.61 213.96 235.66 263.55 300.75 10.0% 144.01 151.48 160.10 170.16 182.05 196.32 213.75 235.55 263.57 10.5% 136.95 143.52 151.02 159.69 169.79 181.73 196.06 213.58 235.47 11.0% 130.64 136.46 143.06 150.60 159.30 169.45 181.45 195.84 213.44 4.1.2 / A PE PS PE PE 60-80 PE 16 FCFF 2019A 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 30.4 34.9 45.4 59.1 76.8 98.3 125.8 157.2 196.6 245.7 307.1 368.5 % 15% 30% 30% 30% 28% 28% 25% 25% 25% 25% 20% % 40% 40% 42% 42% 42% 43% 43% 44% 44% 45% 45% 13.98 18.17 24.81 32.25 41.28 54.09 67.62 86.49 108.11 138.21 165.81 5900 5700 5700 5600 5600 5600 5400 5400 5400 5200 5200 8.25 10.36 14.14 18.06 23.12 30.29 36.51 46.70 58.38 71.87 86.22 % 33% 33% 33% 32% 32% 32% 31% 31% 31% 30% 30% 2.72 3.42 4.67 5.78 7.40 9.69 11.32 14.48 18.10 21.56 25.87 % 25.59% 36.50% 23.85% 28.00% 31.05% 16.77% 27.91% 25.00% 19.13% 19.97% 1.92 2.62 3.25 4.15 5.44 6.36 8.13 10.16 12.11 14.53 WACC % 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 1.92 2.40 2.73 3.21 3.86 4.13 4.85 5.56 6.08 6.69 308.27 214.2162 / 63 2021 3.42 205-274 18 2020 2020 PE PS 137.10 24.73 80% 880 87.65 12.29 8.61 4.14 20% 199 82.83 39.46 7.09 4.40 26.5% 40 221.70 137.45 9.03 3.07 41.0% 100 Wind 20 85% 2020 EBIT 2020 20 PE PS PE PS PE TTM PS TTM 2021 185-240 PS 50 + 24%CAGR 2031 160 PS 86 181 12 PS 1032 2172 2018 FDA 4.2
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