Investment Rating - The report maintains a "Buy" rating for the company, citing its strong brand and product capabilities, as well as its accelerated expansion in overseas markets [5][7] Core Views - The company's overseas case volume exceeded expectations, with 57,600 cases in H1 2024, a 512.8% YoY increase, surpassing the total of 33,000 cases in 2023 [2] - Overseas revenue reached RMB 223 million, accounting for 26.5% of total revenue, with a significant improvement in adjusted net profit margin [2] - Domestic case volume grew steadily by 10.8% YoY to 95,000 cases, with revenue increasing by 10.1% to RMB 630 million [3] - The company's overall gross margin improved to 62.4%, up 3.1 percentage points YoY, while the adjusted net profit margin increased to 8.3%, up 2.4 percentage points [4] Financial Analysis - The company reported H1 2024 revenue of RMB 860 million, a 39.8% YoY increase, with a net profit of RMB 22 million, down 30% YoY [1] - Adjusted net profit surged by 95.8% YoY to RMB 72 million, driven by strong overseas growth [1] - Sales expense ratio increased by 6.7 percentage points to 39.8%, while R&D expense ratio decreased by 5.3 percentage points to 8.7% [4] Market Expansion - The company has expanded its presence to over 50 countries and regions, up from 30+ at the end of 2023, with a focus on strategic markets in Europe, North America, Asia-Pacific, and Brazil [2] - The domestic market remains the company's stronghold, with a leading market share and a high-quality development strategy [3] Valuation and Forecast - The report revised revenue forecasts for 2024-2026 to RMB 1.83 billion, RMB 2.13 billion, and RMB 2.46 billion, respectively [5] - Net profit forecasts for 2024-2026 were adjusted to RMB 60 million, RMB 152 million, and RMB 267 million, respectively [5] - The company's current P/E ratios for 2024-2026 are 147x, 58x, and 33x, respectively, with P/S ratios of 5x, 4x, and 4x [5] Financial Ratios - The company's revenue growth rate is expected to be 23.7% in 2024, 16.5% in 2025, and 15.5% in 2026 [12] - Net profit growth rates are projected at 12.9% in 2024, 152.6% in 2025, and 75.2% in 2026 [12] - Gross margin is expected to remain stable at around 62.4%-63.0% over the forecast period [12]
时代天使：2024半年报点评：海外案例数超预期，国际化扩张逻辑加速兑现