Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company achieved a revenue of 1.044 billion yuan in 2024, representing a year-on-year increase of 31.49%, with a net profit of 362 million yuan, up 22.22% year-on-year [3][4] - The company is benefiting from the continuous advancement of domestic database solutions in government and industry sectors, which is driving high revenue growth [5][6] Financial Performance Summary - In 2024, the company's software product licensing revenue reached 894 million yuan, a year-on-year increase of 22.79% [4] - The data and industry solutions business saw a significant revenue increase of 204.51%, totaling 98 million yuan [4] - The company’s operating service revenue was 38 million yuan, up 38.50% year-on-year [4] - The gross margin for 2024 was 89.63%, a decrease of 6.18 percentage points from the previous year [4] - The net profit margin for 2024 was 34.44%, down 2.43 percentage points year-on-year [4] Future Earnings Estimates - The company is projected to have earnings per share (EPS) of 5.99, 7.56, and 9.59 yuan for the years 2025, 2026, and 2027 respectively [6][9] - The expected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 58.94, 46.71, and 36.84 respectively [6][9] Market Position and Strategy - The company is positioned as a leading domestic database provider, with a strong focus on AI, cloud computing, and distributed technologies [5][6] - As of the end of 2024, over half of the 98 central enterprises in China are using the company's products, indicating strong market penetration [5]
达梦数据（688692）：全年收入持续高增，党政及行业市场渗透率不断提升