VASTDATA(SH:603138) Soochow Securities·2024-08-29 04:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a remarkable revenue growth of 93.50% year-on-year in H1 2024, reaching 204 million yuan, with a significant reduction in net loss [2] - The database self-developed products and services reported a gross margin of 71.83% in H1 2024, with revenue of 56 million yuan, a 25% increase year-on-year [2] - The company is leveraging the "Kunpeng" ecosystem to secure benchmark clients across various key industries, establishing a strong market position for its domestic database business [2] - The company is positioned as a leading player in the openGauss database ecosystem, with expectations for rapid revenue growth as the industry evolves [2] Financial Performance Summary - In Q2 2024, the company reported a revenue of 139 million yuan, a 182% increase year-on-year, and a net loss of 18 million yuan, which is a 41% improvement compared to the previous year [2] - R&D investment in H1 2024 was over 98 million yuan, reflecting a 36% increase year-on-year, with the company obtaining 7 new patent authorizations and 16 software copyrights [2] - The company's total revenue projections for 2024E, 2025E, and 2026E are 388 million yuan, 492 million yuan, and 588 million yuan respectively, with corresponding year-on-year growth rates of 48.20%, 26.71%, and 19.68% [1][8]