ANGELALIGN-时代天使（06699）：2024年海外案例数超市场预期，关注国内消费复苏情况及海外第二增长曲线

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of HK $103.50, indicating an expected relative performance above the market benchmark [2][5]. Core Insights - The company achieved a total of 359,000 cases of invisible orthodontics in 2024, representing a growth of 46.7%. International cases surged to 141,000, up 326.4%, accounting for 39.1% of total cases, while domestic cases grew by 3.2% to 218,000 [3][11]. - Revenue for 2024 reached US$ 270 million, reflecting a year-on-year increase of 28.2%, with a gross profit margin of 62.6%. The overseas revenue was US $80.5 million, a significant increase of 290.4%, while domestic revenue slightly declined by 0.4% to US$ 190 million [12][13]. - The company plans to establish a manufacturing facility in Wisconsin, USA, to enhance local operational capabilities, which is expected to reduce geopolitical risks and improve brand recognition among overseas orthodontists [14]. Financial Performance and Forecast - The company forecasts revenues of US $320 million and US$ 390 million for 2025 and 2026, respectively, with year-on-year growth rates of 19.4% and 20.1%. The net profit attributable to shareholders is expected to be US $12.4 million and US$ 13.3 million for the same years, reflecting growth of 2.3% and 7.6% [5][15]. - The adjusted net profit for 2024 was US $26.86 million, with a net profit margin of 10.0%. The domestic net profit margin was stable at 19.5%, while overseas losses narrowed slightly to US$ 29.65 million [13][4].