Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 75.45 HKD [1] Core Insights - The company has achieved rapid growth in case numbers, with a year-on-year increase of over 30% [1] - In 2023, the company reported revenue of 1.476 billion RMB, a year-on-year growth of 16.24%, while the net profit attributable to shareholders decreased by 74.99% to 53.475 million RMB [1] - The company continues to lead the invisible orthodontics market in China, with a market share that has been maintained for three consecutive years [1] - The international business is progressing rapidly, with overseas revenue reaching 145 million RMB in 2023, accounting for 13.45% of total cases [1] Financial Performance - In 2023, the company achieved a gross margin of 62.38% and a net margin of 3.30%, with a decrease in net profit margin of 13.45 percentage points year-on-year [1] - The sales expense ratio increased by 9.93 percentage points to 33.41%, while the management expense ratio rose by 4.37 percentage points to 18.94% [1] - The company expects revenue for 2024-2026 to be 1.776 billion, 2.184 billion, and 2.693 billion RMB respectively, with adjusted net profits of 0.70 billion, 1.56 billion, and 2.57 billion RMB [1] Market Strategy - The company is actively penetrating third and fourth-tier markets in China, which has contributed to the increase in case numbers [1] - The introduction of new products, such as the next-generation KiD pre-traction solution, is expected to drive strong growth in the children's segment [1] - The company has registered 185 patents and 16 software copyrights, indicating a strong competitive advantage [1]
时代天使：达成案例数快速增长，国际化业务快速推进