Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Insights - The company achieved a total revenue of 1.932 billion yuan in 2024, representing a year-on-year growth of 28.2%, and a net profit of 87.08 million yuan, up 60.88% year-on-year [1]. - The domestic market remains stable, with revenue from mainland China reaching 1.354 billion yuan, a growth of 1.76%, while international revenue surged to 579 million yuan, marking a significant increase of 298.91% [2]. - The total number of invisible orthodontic cases reached 359,400 in 2024, a growth of 46.7%, with overseas cases increasing by 326% to 141,000, accounting for 39.1% of global cases [3]. - The company is expanding its global business, operating in over 50 countries, and has plans to build a new manufacturing facility in Wisconsin, USA, to enhance local production capabilities [4]. - The company is focusing on digital transformation and quality upgrades, launching various digital tools to assist doctors and improve production efficiency [5]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1.932 billion yuan, a 28.2% increase year-on-year, and a net profit of 87.08 million yuan, up 60.88% [1]. - Operating cash flow was 122 million yuan, a decline of 26.69% year-on-year [1]. Market Position - The company maintains a leading position in the invisible orthodontics market in China, with stable domestic growth [2]. - The international market is a key growth driver, with overseas revenue significantly increasing [2]. Business Expansion - The number of invisible orthodontic cases grew to 359,400, with a notable increase in overseas cases [3]. - The company is enhancing its global presence and local operations, including a new manufacturing facility in the USA [4]. Innovation and Technology - The company is driving digital transformation and improving product quality through automation and digital tools [5]. - Future revenue projections for 2025-2027 are set at 2.29 billion, 2.726 billion, and 3.225 billion yuan respectively, with net profits expected to reach 88 million, 151 million, and 269 million yuan [5].
时代天使：全球化布局驱动营收增长，盈利稳健攀升