Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 308.70 for 2024, based on a 25x price-to-sales (PS) ratio [4]. Core Insights - The company is positioned as a leading domestic database vendor, benefiting from the rapid growth of the database industry and the ongoing domestic substitution trend [4][12]. - In H1 2024, the company reported a revenue of RMB 352 million, a year-on-year increase of 22.41%, and a net profit of RMB 103 million, up 40.68% [12]. - The office software licensing segment contributed significantly to revenue, accounting for 94.78% of total revenue in H1 2024, with a gross profit margin of 99.64% [12]. Financial Performance - The company's revenue for 2024 is projected to reach RMB 940 million, with a net profit of RMB 351 million, corresponding to an EPS of RMB 4.62 [3][9]. - The gross profit margin is expected to remain stable at around 95.8% for the next few years [9]. - The company has shown consistent growth in various segments, with office software licensing revenue expected to grow at a rate of 18% annually [6]. Market Position and Industry Trends - The Chinese database management system market is anticipated to grow rapidly, reaching RMB 55.87 billion by 2026, driven by increasing demand for domestic products [4][12]. - The company has maintained a strong market share among domestic database vendors, competing against international giants like Oracle and Microsoft [12]. - The report highlights the importance of technological innovation, with the company focusing on developing new database technologies and enhancing product quality [2][12]. Recognition and Achievements - The company has received multiple accolades, including being named a National Manufacturing Single Champion Enterprise and a National Technology Innovation Demonstration Enterprise [2][12]. - It has also won awards for its innovative solutions in the fintech sector, further enhancing its brand recognition [2][12].
达梦数据：首次覆盖：国产数据库龙头厂商，有望受益信创机遇