上半年集团隐形矫治达成案例总数达22.58万宗，同比增长48%，达该行全年预期的51.7%，超越历史平 均水平的41%。归属净利润率显著提升至9.1%，同比增加6.5个百分点，受惠于有效的成本控制措施、 人员招聘延迟以及海外生产设施推迟投产。 招银国际发布研报称，时代天使(06699)上半年业绩强劲，收入同比增长33%，主要由海外业务快速扩张 所推动。展望下半年，该行预期时代天使的案例将保持强劲增长，维持"买入"评级，目标价由69.55港 元升至86.47港元。 ...

Core Insights - The company reported a revenue of 2.874 billion yuan for 2024, reflecting a year-on-year increase of 0.96%, and a net profit attributable to shareholders of 501 million yuan, up 0.20% year-on-year [1] - In Q1 2025, the company achieved a revenue of 745 million yuan, representing a year-on-year growth of 5.11%, with a net profit of 184 million yuan, up 6.22% year-on-year [1] Business Analysis - The planting business showed steady growth with a revenue of 530 million yuan in 2024, an increase of 10.60% year-on-year, accounting for 19.39% of total revenue, driven by demand release from price reductions post-collective procurement [2] - The orthodontics business saw a revenue decline of 5.05% to 474 million yuan, with invisible correction accounting for approximately 15% of this segment [2] - Pediatric business revenue was 501 million yuan, up 0.29% year-on-year, while repair business revenue reached 462 million yuan, increasing by 1.53% [2] - The company expanded its "Dandelion Plan" in the province, adding 3 new branches in 2024, bringing the total to 44, covering all 11 prefecture-level cities in Zhejiang [2] - Revenue from outside the province reached 277 million yuan, a year-on-year increase of 4.83%, with a gross margin improvement of 4.72 percentage points to 29.51% [2] Digitalization and Management - The company is advancing its digital transformation by leveraging its stake in Ren Technology to create an AI platform (MindHub), enhancing efficiency and service quality across clinical diagnosis, patient services, and operational management [3] - Continuous efforts in cost reduction and efficiency improvement are being made through refined operations, structural optimization, and digital empowerment [3] Profit Forecast and Valuation - Due to external consumption environment factors, the company has revised its profit forecast, expecting net profits attributable to shareholders of 537 million yuan, 574 million yuan, and 610 million yuan for 2025-2027, representing year-on-year growth of 7%, 7%, and 6% respectively [4] - The expected EPS for the same period is 1.20, 1.28, and 1.36 yuan, with corresponding PE ratios of 33, 31, and 29 times [4]