Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a total revenue of 1.044 billion yuan in 2024, representing a year-on-year growth of 31.49%. The net profit attributable to the parent company was 362 million yuan, up 22.22% year-on-year. In Q4 2024, total revenue reached 415 million yuan, a 19.34% increase year-on-year, with a net profit of 188 million yuan, growing by 5.43% [4][9]. - The growth in revenue is attributed to the acceleration of information construction in sectors such as energy and transportation, leading to a 22.79% increase in software product licensing revenue. Additionally, the data and industry solutions business saw a remarkable growth of 204.51% due to the expedited delivery and acceptance of major projects [2][9]. - The company's core business gross margin remains robust, with a significant recovery in profitability in Q4 2024. The gross margin for Q4 was 94.65%, reflecting a 22.06 percentage point increase from Q3 2024 [9]. Summary by Sections Financial Performance - Total revenue for 2024 was 1.044 billion yuan, with a year-on-year growth of 31.49%. The net profit attributable to the parent company was 362 million yuan, marking a 22.22% increase. In Q4 2024, total revenue was 415 million yuan, up 19.34% year-on-year, and net profit was 188 million yuan, a growth of 5.43% [4][9]. Business Segments - Software product licensing revenue increased by 22.79% to 894 million yuan, driven by heightened demand in energy and transportation sectors. The data and industry solutions segment surged by 204.51% to 98 million yuan, attributed to faster project deliveries. The database integrated machine sales grew by 179.59% to 13 million yuan, reflecting improved efficiency in database adaptation [2][9]. Profitability - The overall gross margin for 2024 was 89.63%, a decrease of 6.18 percentage points year-on-year, primarily due to the higher proportion of lower-margin data and industry solutions revenue. However, Q4 2024 saw a gross margin of 94.65%, indicating a strong recovery in profitability [9]. Future Outlook - The company is positioned to benefit from the anticipated acceleration of the domestic information technology innovation (信创) initiative, with expectations for accelerated growth from 2025 to 2027. Projected net profits for 2025, 2026, and 2027 are 470 million yuan, 580 million yuan, and 710 million yuan, respectively, with corresponding price-to-earnings ratios of 59, 47, and 38 [9].
达梦数据（688692）：2024年年报点评：行业信创稳步推进，营收利润快速增长