Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported significantly better-than-expected performance, with a 48.65% year-over-year increase in revenue for the first half of 2025, reaching 523 million yuan, and a 98.36% increase in net profit attributable to shareholders, amounting to 205 million yuan [6] - The growth is driven by accelerated information technology construction in key sectors and increased demand for domestic procurement, with notable performance in government, energy, finance, and transportation sectors [6] - The company maintains a high gross margin of 96.22%, with a slight decrease attributed to a higher proportion of lower-margin services [6] - Effective cost management has led to a significant reduction in expense ratios, showcasing the benefits of scale as revenue growth outpaces expense growth [6] - The company is actively advancing in multi-model and AI technologies, participating in the formulation of national standards for graph databases and integrating AI into its products [6] - The revenue and profit forecasts for 2025-2027 are maintained, with expected revenues of 1.36 billion, 1.78 billion, and 2.37 billion yuan, and net profits of 483 million, 604 million, and 774 million yuan respectively [6][8] Financial Summary - The company’s total revenue is projected to grow from 1.04 billion yuan in 2024 to 2.37 billion yuan in 2027, with a compound annual growth rate of approximately 33.4% [5][8] - The net profit attributable to shareholders is expected to increase from 362 million yuan in 2024 to 774 million yuan in 2027, reflecting a strong growth trajectory [5][8] - The gross margin is expected to remain high, averaging around 89% over the forecast period, indicating robust profitability [5]
达梦数据（688692）：业绩大超预期，发力多模与AI