Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected price increase of 5% to 15% over the next 6 to 12 months [2][6]. Core Views - The company reported a revenue of 862 million yuan for the first half of 2024, representing a year-on-year growth of 40%, while net profit decreased by 50% to 15 million yuan. Adjusted net profit increased by 95.8% to 72 million yuan [2]. - The global business is entering a harvest phase, with a significant increase in international market cases and revenue, while domestic operations focus on high-quality growth strategies [2][3]. - The company has optimized its product structure, leading to an increase in gross margin, and has made significant advancements in research and development [2]. Financial Performance Summary - For 2024H1, the total number of cases reached 152,900, a year-on-year increase of 60.3%, with international cases growing by 512.8% to 57,600 [2]. - Revenue from the international market reached 230 million yuan, a year-on-year increase of 452.5%, contributing significantly to overall growth [2]. - In the domestic market, the company achieved 95,300 cases, a 10.8% increase, with revenue of 633 million yuan, reflecting a 10.1% growth [2]. - The adjusted profit margin for domestic operations was 17.7%, benefiting from the rapid growth in international market revenue [2]. - The gross margin for 2024H1 was 62.4%, an increase of 3.1 percentage points year-on-year [2]. Earnings Forecast and Valuation - The forecast for net profit for 2024 and 2025 has been adjusted to 74 million yuan and 161 million yuan, representing year-on-year growth of 38% and 118%, respectively. The expected net profit for 2026 is 273 million yuan, a 70% increase [3]. - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.19 yuan, 1.73 yuan, and 2.66 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 121, 55, and 33 times [3].
时代天使：海外案例数超预期，国内稳健增长