Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Insights - The company achieved a revenue of 1.044 billion yuan in 2024, representing a year-on-year growth of 31.49%, and a net profit of 362 million yuan, up 22.22% year-on-year [3] - The company is positioned as a leading domestic database service provider, with a significant market share in the Chinese database management system sector [3] - The company has a strong focus on research and development, with R&D expenses reaching 207 million yuan in 2024, accounting for 19.79% of revenue [3] Financial Performance Summary - Revenue projections for the company are as follows: 794 million yuan in 2023, 1.044 billion yuan in 2024, 1.337 billion yuan in 2025, 1.693 billion yuan in 2026, and 2.097 billion yuan in 2027, with growth rates of 15%, 31%, 28%, 27%, and 24% respectively [1] - Net profit forecasts are 296 million yuan in 2023, 362 million yuan in 2024, 482 million yuan in 2025, 570 million yuan in 2026, and 659 million yuan in 2027, with growth rates of 10%, 22%, 33%, 18%, and 16% respectively [1] - Earnings per share (EPS) are projected to be 5.19 yuan in 2023, 4.76 yuan in 2024, 6.34 yuan in 2025, 7.50 yuan in 2026, and 8.67 yuan in 2027 [1] Market Position and Product Development - The company has maintained its leading position in the domestic database market, with multiple products passing security assessments [3] - The company’s products are widely used across various sectors, including finance, energy, transportation, and government, with a focus on expanding its market channels and deepening customer relationships [3] - The company has a robust R&D team with 503 personnel as of 2024, reflecting a commitment to innovation and product development [3]