Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% within the next 6-12 months [4][13]. Core Viewpoints - The company achieved a revenue of 26.9 million, up 3% [1]. - The international market outside of China has become a significant growth driver, with a 326.4% increase in invisible orthodontic cases and a revenue increase of 290.4% in 2024 [2]. - The company is strategically expanding its sales team in the domestic market, achieving a 3.2% increase in cases, although revenue in China slightly declined by 0.4% [2]. - The gross margin improved to 62.6%, with sales and marketing expenses rising by 49.9% due to international expansion efforts [3]. - The company is expected to continue its growth trajectory, with projected net profits of 1.28 billion, and 26.9 million, a 28% increase year-on-year, and an adjusted net profit of 80.5 million in revenue from these markets, a 290.4% increase [2]. - In the domestic market, the company achieved 218,700 cases, a 3.2% increase, but revenue slightly decreased by 0.4% to 105 million, a 49.9% increase, primarily due to the expansion of international operations [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.28 billion, and $1.54 billion for 2024-2026, with corresponding EPS of 0.62, 0.75, and 0.90 [4]. - The current price-to-earnings ratio is projected to be 114, 95, and 79 for the years 2024-2026 [4].
时代天使：海外案例数超预期，国内经营具韧性-20250321