Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [4][7]. Core Insights - The company achieved a revenue of 1.044 billion yuan in 2024, representing a year-on-year growth of 31.49%. The net profit attributable to shareholders was 362 million yuan, up 22.22% year-on-year [4][5]. - The company's software product licensing revenue reached 894 million yuan, a year-on-year increase of 22.79%, driven by the acceleration of information technology construction in sectors like energy and transportation [5][6]. - The company has maintained high levels of R&D investment, focusing on AI, cloud computing, and distributed technologies, which has led to significant advancements in its database products [6][7]. Financial Performance Summary - For the fiscal year 2024, the company reported a gross margin of 89.63%, a decrease of 6.18 percentage points from the previous year, primarily due to increased costs associated with project delivery and acceptance [5]. - The company’s net profit margin for 2024 was 34.44%, down 2.43 percentage points year-on-year, despite a reduction in sales, management, and R&D expense ratios [5][6]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 5.99 yuan, 7.56 yuan, and 9.59 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 58.94, 46.71, and 36.84 [7][8]. Market Position and Growth Potential - The company is positioned as a leading domestic database provider, benefiting from the ongoing promotion of information technology in government and industry sectors [7]. - By the end of 2024, over half of the 98 central enterprises in China were using the company's products, indicating strong market penetration [6][7]. - The company has established stable partnerships in various sectors, including finance, energy, and healthcare, which are expected to drive future growth [6][7].
达梦数据：全年收入持续高增，党政及行业市场渗透率不断提升-20250418