Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a total revenue of 629 million yuan for the first three quarters of 2024, representing a year-on-year growth of 40.96%. The net profit attributable to shareholders was 174 million yuan, with a year-on-year increase of 47.48% [5][6]. - In Q3 alone, the company achieved a total revenue of 278 million yuan, marking a significant year-on-year growth of 74.46% and a quarter-on-quarter increase of 49.22%. The net profit for Q3 was 71 million yuan, reflecting a year-on-year growth of 58.60% [5][6]. - The rapid growth in revenue and performance exceeded market expectations, primarily driven by a large project from a government client and the fast-growing demand in the industry [6][8]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 629 million yuan, a 40.96% increase year-on-year. The net profit attributable to shareholders was 174 million yuan, up 47.48% year-on-year. The net profit excluding non-recurring items was 159 million yuan, a 45.88% increase [5][6]. - In Q3, the company reported a total revenue of 278 million yuan, a 74.46% increase year-on-year and a 49.22% increase quarter-on-quarter. The net profit for Q3 was 71 million yuan, reflecting a year-on-year growth of 58.60% and a quarter-on-quarter growth of 49.74% [5][6][7]. Industry Outlook - The company is positioned as a leader in the domestic database sector, benefiting from the anticipated acceleration in the "Xinchuang" (信创) industry, which is expected to enter a new promotion phase from 2025 to 2027. This, combined with the company's expansion into new business areas and the gradual replacement of edge systems with core systems, suggests a potential for accelerated growth [8]. - The database industry, being one of the three major foundational software sectors, is characterized by significant growth potential and an increasing domestic market share. The company possesses comprehensive advantages, including product autonomy, core technological breakthroughs, and ecosystem migration capabilities, which are expected to support its rapid growth [8]. Profitability and Cost Management - The company demonstrated a trend of accelerating profitability, with net profit growth rates of 47.48% and 58.60% for the first three quarters and Q3 respectively. This acceleration is driven by high revenue growth and stable cost control [7]. - The gross margin for Q3 was reported at 72.59%, with a decrease attributed to the impact of a low-margin project. However, it is anticipated that the gross margin will return to previous high levels as non-recurring impacts are expected to dissipate [7]. Future Projections - The company is projected to achieve net profits of 360 million yuan, 480 million yuan, and 600 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 78, 59, and 47 times [8].
达梦数据：业绩超预期，受益信创有望再迎加速