Investment Rating - The investment rating for the company is "Buy" with a target price indicating a relative return of over 20% within six months [4]. Core Viewpoints - The company's performance in the first half of 2024 exceeded expectations, with revenue of 352 million yuan, a year-on-year increase of 22.41%, and a net profit attributable to shareholders of 103 million yuan, up 40.68% [1]. - The company is focusing on strengthening its core business, with software product licensing revenue reaching 334 million yuan, a year-on-year increase of 27.24%, accounting for 94.78% of total revenue [1]. - The company is experiencing accelerated growth in the industry, particularly in finance and military sectors, which are expected to see double-digit growth [3]. - The company has established a strong ecosystem with over 500 original service personnel and more than 5000 certified engineers, enhancing its market presence [3]. - The company has adjusted its revenue and profit forecasts for 2024-2026, reflecting a positive outlook based on the strong half-year results and industry developments [3]. Financial Performance Summary - For the first half of 2024, the company reported a revenue of 352 million yuan and a net profit of 103 million yuan, both exceeding the upper limit of the prospectus [1]. - The company’s revenue for Q2 2024 was 186 million yuan, with a year-on-year growth of 18.76%, and a net profit of 47.53 million yuan, up 19.45% [1]. - The company’s revenue projections for 2024-2026 have been revised to 958.49 million yuan, 1.12 billion yuan, and 1.31 billion yuan, respectively, with net profits adjusted to 350 million yuan, 448 million yuan, and 556 million yuan [3][6]. - The company’s EBITDA for 2024 is projected at 359.85 million yuan, with a corresponding P/E ratio of 54.4x [6][8]. Business Segmentation - The company’s revenue from software product licensing is the largest segment, contributing 334 million yuan, followed by maintenance services at 14.95 million yuan, and database integrated machine sales at 2.33 million yuan [1]. - The revenue from database and industry solutions has significantly decreased, indicating a need for strategic focus on more profitable segments [1]. Research and Development - The company has increased its R&D expenses to 48.44 million yuan in Q2 2024, a year-on-year increase of 26.4%, focusing on distributed native multi-model databases and high-availability shared storage systems [2].
达梦数据：业绩增速超预期，生态优势或驱动份额提升