Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][18] Core Views - The company has demonstrated rapid revenue and profit growth, with a projected revenue of 1.044 billion yuan in 2024, representing a year-on-year increase of 31.49%. The net profit attributable to shareholders is expected to reach 362 million yuan, up 22.22% [1][3][7] - The acceleration of domestic "Xinchuang" (信创) initiatives is expected to further enhance the company's growth prospects, particularly in the context of increasing demand for domestic database solutions [2][3][18] Summary by Sections Revenue and Profit Growth - The company reported a revenue of 1.044 billion yuan for 2024, reflecting a growth of 31.49%. The net profit attributable to shareholders is projected at 362 million yuan, an increase of 22.22% [1][3][7] - In Q4 alone, the revenue was 415 million yuan, up 19.34%, while the net profit was 188 million yuan, a growth of 5.43% [1][7] Software and Service Revenue - Software licensing revenue grew to 894 million yuan, an increase of 22.79%. Maintenance service revenue rose by 38.50% to 38 million yuan, driven by increased procurement in sectors like energy and transportation [1][2] - Data and industry solution revenue surged by 204.51% to 98 million yuan, although the gross margin decreased significantly due to higher costs associated with project implementation [1][2] Financial Metrics - The overall gross margin for 2024 is projected at 89.63%, down 61.8 percentage points year-on-year, primarily due to the rapid growth in data and industry solutions [2][12] - The operating cash flow reached 473 million yuan, marking a year-on-year increase of 36.71% [2][17] Future Projections - The company has revised its revenue forecasts for 2025-2027 to 1.268 billion yuan, 1.601 billion yuan, and 2.078 billion yuan, respectively. The net profit estimates for the same period are 465 million yuan, 589 million yuan, and 733 million yuan [3][4][18] - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 57, 45, and 36, respectively [3][4][18]
达梦数据：收入增长超31%，信创加速推进可期-20250417