Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total revenue of 1.476 billion yuan in 2023, representing a year-on-year increase of 15.98%, with adjusted net profit of 179 million yuan, down 16.0% [3] - The international market showed strong performance, with 33,000 cases achieved and revenue of 150 million yuan, as the company expanded its global presence into over 30 countries since 2023 [3] - The domestic market also maintained high-quality growth, achieving revenue of 1.331 billion yuan, up 5.5%, with 212,000 cases completed [3] - The company is enhancing its manufacturing capabilities and digital solutions, collaborating with Aditek to improve production processes and reduce delivery times to an average of 8.5 working days globally [3] Financial Summary - Revenue projections for 2024 and 2025 have been adjusted to 770 million yuan and 1.2 billion yuan respectively, with a forecasted net profit of 780 million yuan in 2024 and 1.2 billion yuan in 2025 [4] - The company is expected to achieve a net profit of 1.64 billion yuan by 2026, with corresponding P/E ratios of 140, 92, and 67 for the years 2024, 2025, and 2026 respectively [4] - The domestic market's revenue from invisible orthodontic solutions reached 1.28 billion yuan, up 6.0%, while sales of products surged by 296.4% to 180 million yuan [3]
2023年年报点评：全球案例数达24.5万例，海外表现亮眼