Investment Rating - The report maintains a "Buy" rating for Dameng Data (688692 SH) [1][2] Core Views - Dameng Data is a leading domestic database product developer with a comprehensive product portfolio and a leading market share in China [2] - The company is expected to benefit from the accelerated development of the domestic IT industry (信创) and enter a high-growth phase [2] - The report maintains the previous profit forecast, expecting net profit attributable to the parent company to be 350 million, 420 million, and 506 million yuan for 2024-2026, with EPS of 4 61, 5 53, and 6 65 yuan per share respectively [2] - The current PE ratios are 49 9, 41 6, and 34 6 for 2024-2026 [2] Financial Performance - In H1 2024, the company achieved operating revenue of 352 million yuan, a YoY increase of 22 41%, and net profit attributable to the parent company of 103 million yuan, a YoY increase of 40 68% [3] - In Q2 2024, the company achieved operating revenue of 186 million yuan, a YoY increase of 18 76%, and net profit attributable to the parent company of 48 million yuan, a YoY increase of 19 45% [3] - The company's gross margin increased by 1 41 percentage points to 97 16%, driven by the higher proportion of high-margin licensing business [4] - The sales expense ratio decreased by 3 15 percentage points to 38 83% [4] Industry and Policy Environment - The 2024 government work report proposed issuing ultra-long-term special treasury bonds of 1 trillion yuan to support national strategic projects and key areas of security capability construction [5] - The government emphasizes high-level technological self-reliance and breakthroughs in key core technologies, which is expected to accelerate the development of the domestic IT industry [5] Financial Forecasts - Revenue is expected to grow from 950 million yuan in 2024 to 1 377 billion yuan in 2026, with a CAGR of 20 1% [6] - Net profit attributable to the parent company is expected to grow from 350 million yuan in 2024 to 506 million yuan in 2026, with a CAGR of 20 1% [6] - The gross margin is expected to remain stable at around 96% from 2024 to 2026 [6] - ROE is expected to decline slightly from 19 7% in 2024 to 18 7% in 2026 [6] Valuation Metrics - The current stock price is 229 99 yuan, with a total market capitalization of 17 479 billion yuan [7] - The P E ratio is expected to decline from 49 9 in 2024 to 34 6 in 2026 [6] - The P B ratio is expected to decline from 9 9 in 2024 to 6 5 in 2026 [6]
达梦数据：公司信息更新报告：业绩快速增长，受益信创加速