Daishin Securities Co. said on the 1st that performance improvement at Graphy will get fully underway in 2026. It did not provide an investment opinion. Graphy's previous closing price was 19,540 won.
Graphy is a company that manufactures transparent orthodontic aligners (shape memory aligner, SMA) using shape-memory material technology and 3D printing.
Han Song-hyeop, a researcher at Daishin Securities Co., said Graphy's differentiated technology will overcome the limits of existing clear aligners. The explanation is that transparent aligners made by combining shape-memory materials that maintain their form over time with a direct 3D-printing method realize properties entirely different from the conventional thermoforming (PETG) method.
The researcher said, "Immediately after being worn, it wraps around the teeth on its own to create precise fit, and it is restored with a constant force at oral temperature, so the planned orthodontic force is stably maintained," adding, "unlike existing clear aligners, whose corrective force drops sharply within eight hours, SMA has higher persistence, leading to better predictability and a shorter treatment period."
SMA technology has secured credibility with more than 70 SCI-level papers and 200,000 clinical cases. The trend is spreading in which clinical verification builds trust and leads to actual adoption.
For performance to improve, an increase in material usage that follows is more important than equipment sales. In Graphy's case, once the infrastructure is in place, the trend is for revenue to expand steadily.
Accordingly, Graphy's performance is also expected to improve. Daishin Securities Co. forecast this year's revenue for Graphy at 19.5 billion won, up 21% from the same period a year earlier.
The researcher said, "Starting next year, the expansion of domestic in-house model adoption, overseas expansion, and increased material usage will work together, making the performance improvement trend more pronounced," adding, "based on the current production capacity (CAPA), it can handle more than 200 billion won per year, so there is ample room for scale expansion."