Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 258 million yuan for Q1 2025, representing a year-on-year growth of 55.61%. The net profit attributable to shareholders reached 98.16 million yuan, up 76.39% year-on-year, significantly exceeding market expectations, primarily benefiting from the acceleration of the "Xin Chuang" initiative [2][4][10]. - The company's strong profitability in its basic software product model has led to an increase in net profit margin, which reached 37.45%, up 4.68 percentage points year-on-year. The gross profit margin for the reporting period was 96.92%, reflecting the high-margin nature of the software licensing business [10]. Summary by Sections Financial Performance - For Q1 2025, the company achieved total revenue of 258 million yuan, a 55.61% increase year-on-year. The net profit attributable to the parent company was 98.16 million yuan, marking a 76.39% increase year-on-year. The net profit after deducting non-recurring gains and losses was 96 million yuan, up 87.92% year-on-year [2][4][10]. Market Dynamics - The company's performance is attributed to the accelerated information technology construction in sectors such as government, energy, and transportation, along with increased procurement. The "Xin Chuang" industry products align with national policies favoring domestic products, leading to significant funding support and an optimistic outlook for industry growth in 2025 [10]. Profitability and Cost Management - The company maintained a strong gross profit margin of 96.92% and improved its net profit margin to 37.45%. The sales, management, and R&D expenses were 82 million yuan, 25 million yuan, and 55 million yuan respectively, with year-on-year increases of 29.72%, 36.51%, and 25.83%. However, the expense ratios as a percentage of sales decreased, indicating effective cost control [10]. Future Outlook - The company is positioned as a leader in the domestic database sector, with advantages in product autonomy, core technology breakthroughs, and ecosystem migration. The expected growth in the "Xin Chuang" promotion cycle from 2025 to 2027 is anticipated to support high industry growth [10]. The projected net profits for 2024, 2025, and 2026 are 470 million yuan, 580 million yuan, and 710 million yuan respectively, with corresponding price-to-earnings ratios of 59, 48, and 39 [10].
达梦数据（688692）：25Q1点评：业绩大超预期，佐证信创提速