Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 63.1 HKD [1] Core Views - The company has shown strong growth in overseas business and continues to expand its domestic sales channels [1] - In H1 2024, the company achieved revenue of 862 million RMB, a year-on-year increase of 39.8%, while the net profit attributable to shareholders was 22.48 million RMB, a year-on-year decrease of 30.4% [1] - The revenue from the Chinese market was 633 million RMB, up 10.1% year-on-year, while the international market revenue reached 228 million RMB, a significant increase of 452.5% [1] Summary by Sections Financial Performance - In H1 2024, the company reported a gross margin of 62.4%, an increase of 3.1 percentage points year-on-year, and a net profit margin of 1.7%, a decrease of 3.1 percentage points year-on-year [1] - The company’s total cases achieved in H1 2024 were approximately 152,900, a year-on-year increase of 60.3% [1] Business Segments - The corrective solutions segment performed steadily with revenue of 600 million RMB, a year-on-year increase of 8.47% [1] - The sales product segment generated revenue of 252 million RMB, a year-on-year increase of 363.1% [1] - International business cases reached 57,600, accounting for 37.7% of total cases, reflecting a strong growth trajectory [1] Market Strategy - The company is focused on a "global organization + localized operation" strategy, expanding its reach in strategic markets such as Europe, North America, Asia-Pacific, and Brazil [1] - The company has successfully reached thousands of dental professionals across over 50 countries and regions [1] Future Outlook - Revenue forecasts for 2024-2026 are projected at 1.776 billion, 2.184 billion, and 2.685 billion RMB respectively, with net profits expected to be 70 million, 156 million, and 269 million RMB [1]
时代天使：海外业务强劲增长，国内销售渠道持续拓展