Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company is positioned as a leading domestic database provider, expected to benefit from the opportunities presented by domestic innovation initiatives. The first half of 2024 showed steady growth in performance, with revenue reaching 352 million yuan, a year-on-year increase of 22.41%, and a net profit of 103 million yuan, up 40.68% year-on-year [5][8] - The database industry is experiencing rapid growth, with the domestic market share of the company consistently ranking among the top in China. The market for database management systems is projected to reach 55.87 billion yuan by 2026 [5][8] - The company has made significant advancements in technology and brand recognition, receiving multiple awards and recognitions in 2024, including being named a "National Manufacturing Single Champion Enterprise" [6][8] Financial Summary - For 2024, the company is projected to achieve revenues of 940 million yuan, with a year-on-year growth rate of 18.4%. The net profit is expected to reach 351 million yuan, reflecting a growth rate of 18.7% [7][11] - The company's gross margin is forecasted to remain high at around 95.8% for the coming years, indicating strong profitability [11] - Earnings per share (EPS) are projected to increase from 3.90 yuan in 2023 to 4.62 yuan in 2024, and further to 6.77 yuan by 2026 [11] Business Segmentation - The revenue from office software usage authorization is expected to contribute significantly, with projections of 859.03 million yuan in 2024, maintaining a gross margin of 99.68% [10] - The database integrated machine segment is anticipated to grow by 50% annually, reaching 7 million yuan in 2024 [10] - The maintenance service segment is also expected to grow, with revenues projected at 35.42 million yuan in 2024, reflecting a year-on-year growth of 35% [10]
达梦数据：国产数据库龙头厂商，有望受益信创机遇