Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance in the coming months [2]. Core Insights - The company has benefited from the ongoing promotion of domestic innovation, leading to significant growth in revenue and performance in the first half of 2024. Revenue reached 352 million yuan, a year-on-year increase of 22.41%, while net profit attributable to shareholders was 103 million yuan, up 40.68% year-on-year [2][3]. - The company's gross margin for the first half of 2024 was 97.16%, an increase of 1.41% year-on-year, primarily due to a higher proportion of high-margin software product licensing revenue [2]. - The company is positioned as a leader in the domestic database sector, with expectations to benefit from the continued push for domestic innovation in government and industry sectors [2][3]. Financial Performance Summary - For the first half of 2024, the company achieved a net profit margin of 28.61%, an increase of 3.47% compared to the same period last year [2]. - The company’s revenue for 2024 is projected to be 953 million yuan, with a year-on-year growth of 20.0%, and net profit is expected to reach 359 million yuan, reflecting a growth of 21.1% [3][4]. - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 4.72 yuan, 5.77 yuan, and 7.04 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 50.48, 41.28, and 33.84 [2][3]. Market Position and Competitive Landscape - The company has established a strong presence in various sectors, including government, energy, and finance, with over 220 financial clients and more than 2000 deployed financial business systems [2][3]. - The competitive landscape includes major players such as Oracle and Microsoft, as well as domestic competitors like Renmin University and General Data. The company must navigate these competitive pressures to maintain its market position [3].
达梦数据：受益信创持续推进，上半年收入及业绩实现高速增长