Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 861 million yuan for the first half of 2024, representing a year-on-year increase of 39.8%, with adjusted net profit reaching 72 million yuan, up 95.8%, aligning with expectations [3] - The international market showed strong performance, with overseas case numbers exceeding expectations, reaching 57,600 cases in the first half of 2024, accounting for 37.7% of total cases, and generating revenue of 230 million yuan, which is 26.5% of total revenue [3] - The domestic market also experienced steady growth, achieving 95,300 cases in the first half of 2024, a 10.8% increase, with revenue of 630 million yuan, up 10.1% [3] - The company maintained good cost control, with a gross margin of 62.4%, up 3.1 percentage points, and an adjusted net profit margin of 8.3%, up 2.4 percentage points [3] - The profit forecast for the company has been adjusted upwards for 2024-2026, with net profit estimates revised from 78 million, 120 million, and 164 million yuan to 80 million, 129 million, and 168 million yuan respectively [3] Summary by Sections Financial Performance - Total revenue for 2022 was 1,273 million yuan, increasing to 1,476 million yuan in 2023, and projected to reach 1,760 million yuan in 2024, reflecting a growth rate of 19.24% [2] - The net profit attributable to the parent company was 213.78 million yuan in 2022, dropping to 53.48 million yuan in 2023, but expected to recover to 79.58 million yuan in 2024, indicating a growth of 48.82% [2] Market Performance - The company has expanded its product and service coverage to over 50 countries and regions, engaging with thousands of dental professionals [3] - The first "European Angel Academic Forum" was held in Spain, attracting over 200 orthodontists, showcasing the company's commitment to international engagement [3] Cost Management - The company reported a research and development expense ratio of 8.7%, down 5.3 percentage points, and an administrative expense ratio of 18.3%, down 1.3 percentage points [3] - Sales expense ratio increased to 39.8%, up 6.7 percentage points, indicating a focus on market expansion [3]
时代天使：2024年中报点评：海外案例数超预期，上调全年指引