VASTDATA(603138) 民生证券·2024-08-28 07:42Investment Rating - The report maintains a "Recommend" rating for the company, indicating a positive outlook with expected relative benchmark index gains of over 15% [1][3] Core Views - The company's revenue in the first half of 2024 reached RMB 204 million, a year-on-year increase of 93.5%, driven by strong growth in its database and data infrastructure solutions businesses [1] - The company's core product, Vastbase, has made significant breakthroughs in key industries such as government, manufacturing, finance, and energy, establishing long-term stable relationships with numerous clients [1] - The company is expected to benefit from the increasing importance of data security and the rising domestic substitution rate of databases, with projected net profits of RMB -41 million, RMB 47 million, and RMB 113 million for 2024-2026, respectively [1] Financial Performance - The company's revenue growth is expected to continue, with projected revenues of RMB 449 million, RMB 652 million, and RMB 951 million for 2024-2026, representing growth rates of 71.4%, 45.3%, and 45.9%, respectively [2][4] - The company's net profit is forecasted to turn positive in 2025, reaching RMB 47 million, and further increase to RMB 113 million in 2026 [2][4] - The company's R&D investment in the first half of 2024 was RMB 98 million, a 36% year-on-year increase, leading to 7 new patents and 16 software copyrights [1] Market and Industry Analysis - The Chinese database market was valued at USD 7.41 billion (RMB 52.24 billion) in 2023, accounting for 7.34% of the global market, and is expected to grow to RMB 93.03 billion by 2028 [1] - The company is well-positioned in the domestic database market, with high customer stickiness due to the difficulty and cost of replacing existing database products [1] Product and Ecosystem Development - The company has enhanced its Vastbase database, expanding its applicability to dual-center architectures and improving compatibility with foreign databases [1] - The company has built a robust ecosystem, completing compatibility adaptations with nearly 1,000 partners' hardware and software products, leveraging the "Kunpeng" ecosystem to strengthen its "Vastabase" ecosystem [1]