Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leading domestic database product developer, benefiting from the accelerated development of information technology in various sectors, which is expected to drive high growth in performance [4][6] - The revenue growth is attributed to increased recognition of the company's products and solutions, with software product licensing revenue growing by 22.79% and operational service revenue by 38.50% [6] - The company has adjusted its profit forecasts for 2025-2026 upwards due to industry expectations, with projected net profits of 456 million, 577 million, and 732 million yuan for 2025, 2026, and 2027 respectively [4][8] Financial Summary - In 2024, the company achieved operating revenue of 1.044 billion yuan, a year-on-year increase of 31.49%, and a net profit of 362 million yuan, up 22.22% [5][8] - The projected operating revenues for 2025, 2026, and 2027 are 1.313 billion, 1.661 billion, and 2.104 billion yuan respectively, with corresponding net profits of 456 million, 577 million, and 732 million yuan [8][12] - The company's gross margin is expected to remain high, with projections of 92.4%, 93.2%, and 93.7% for 2025, 2026, and 2027 respectively [8][11] Market Position and Growth Drivers - The company is positioned to benefit from the national push for technological self-reliance, particularly in key sectors such as energy and transportation, which are undergoing rapid digital transformation [6][7] - The sales of the company's database integrated machines have seen significant growth, with a year-on-year increase of 179.59% due to applications in various industries [6]
达梦数据（688692）：收入快速增长，持续受益信创推进