VASTDATA(SH:603138) Minsheng Securities·2025-04-20 08:02Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential stock price increase of over 15% relative to the benchmark index [4]. Core Insights - The company reported a revenue of 372 million yuan for 2024, representing a year-on-year growth of 42.26%. The net loss attributable to shareholders was 63.33 million yuan, an improvement from the previous year's loss of 81.18 million yuan. For Q1 2025, revenue was 81.33 million yuan, up 25.20% year-on-year, with a net loss of 17.69 million yuan compared to a loss of 6.53 million yuan in the same period last year [1]. - The database business showed significant growth, with revenue from self-developed database products and services reaching 140 million yuan in 2024, a 35% increase, and a gross margin of 74%, up 11.64 percentage points from the previous year. In Q1 2025, the database business continued to grow rapidly, achieving 49.55 million yuan in revenue, a 54.89% increase year-on-year [1][2]. - The company is focused on continuous R&D advancements, achieving breakthroughs in core technologies, including the release of the Vastbase G100 V3.0 version, which features performance upgrades and has passed national security assessments [2]. - The company is expanding its market presence and customer base by building a nationwide marketing service network and adopting a "regional + industry" collaborative model, securing key clients in various sectors such as government, manufacturing, and finance [2][3]. - The company emphasizes ecosystem development, enhancing product integration and compatibility with over 1,100 partners and 1,700 products, thereby improving market competitiveness [2][3]. Financial Projections - The company forecasts revenues of 638 million yuan in 2025, 927 million yuan in 2026, and 1.35 billion yuan in 2027, with growth rates of 71.4%, 45.3%, and 45.9% respectively [5]. - The net profit attributable to shareholders is projected to be 2 million yuan in 2025, 58 million yuan in 2026, and 109 million yuan in 2027, with significant growth rates of 103.8%, 2289.8%, and 88.0% respectively [5][6]. - The report indicates a projected PE ratio of 1562X for 2025, decreasing to 65X in 2026 and 35X in 2027, reflecting an improving profitability outlook [5][6].