Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Views - The company reported a significant year-on-year revenue increase of over 50% and profit growth exceeding 70% in Q1, driven by accelerated information technology initiatives in sectors such as government, energy, and transportation [1][6]. - The report emphasizes the company's strong performance amid favorable policies and industry acceleration, positioning it as a leading database provider entering a rapid growth phase [1][6]. Financial Data and Valuation - Projected total revenue for 2023 is 794 million, with a year-on-year growth of 15%, and expected to reach 2105 million by 2027, reflecting a compound annual growth rate of approximately 28% [2][11]. - The company's operating profit is forecasted to grow from 311 million in 2023 to 776 million in 2027, with a consistent growth rate of around 26% [2][11]. - Net profit attributable to shareholders is expected to increase from 296 million in 2023 to 732 million in 2027, maintaining a growth rate of approximately 25% [2][11]. - The report highlights a stable gross margin of 96.92% in Q1, with a decrease in expense ratios due to revenue growth [6][11]. Market Performance - The company's stock price has shown a strong absolute performance of 304% over the past 12 months, outperforming the benchmark index [5]. - The current stock price is 335.45 yuan, with a market capitalization of 25.5 billion yuan [3][5]. Industry Context - The report notes that the importance of self-sufficiency has increased amid escalating trade tensions, enhancing the certainty and prosperity of the domestic information technology sector [6]. - The domestic information technology industry is entering a critical phase of development, supported by favorable policies and increasing demand for domestic products [6].
达梦数据（688692）：业绩超预期，信创数据库加速推进