[Market Focus] Graphy Hits Record High on Expectations of Earnings Growth from High-Margin Materials

Graphy is showing strong performance in early trading.

As of 9:10 a.m. on December 3, shares of Graphy were trading at 23,950 won, up 12.71% (2,700 won) from the previous day, marking a new 52-week high.

It is interpreted that investor sentiment has been boosted by securities industry analyses suggesting that the company will establish a foundation for improved earnings in 2026, based on its recurring revenue structure centered around high-margin materials.

Graphy is a company that manufactures shape memory alloy (SMA)-based 3D-printed clear aligners. Since its establishment in 2017, the company has continued to develop shape memory materials and conduct clinical validation. Currently, it operates through approximately 150 distribution networks in about 90 countries, with overseas sales accounting for more than 80% of total revenue. SMA aligners are evaluated as providing precise fit by wrapping around the teeth immediately after being worn, and maintaining planned orthodontic force stably by restoring with consistent force at oral temperature.

Han Songhyeop, a researcher at Daishin Securities, stated, "As more hospitals produce SMA aligners in-house, materials are steadily consumed in proportion to the number of patients. Therefore, once the infrastructure is in place, sales tend to expand stably." He added, "Given the market characteristic that hospitals and clinics tend to make adoption decisions toward the end of the year, fourth-quarter earnings are likely to be relatively strong." He estimated annual sales for 2025 at 19.5 billion won (up 21% year-on-year) and projected that, starting next year, the expansion of the domestic in-house model, overseas market entry, and increased material usage will combine to make the earnings improvement trend more pronounced.