Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has exceeded performance expectations, with a strong demand for its database products in the Xinchuang (信创) sector, indicating a robust market environment [1] - The company reported a revenue of 629 million yuan for the first three quarters of 2024, representing a year-on-year increase of 40.96%, and a net profit of 174 million yuan, up 47.48% year-on-year [1] - The gross margin for the first three quarters of 2024 reached 86.32%, with a significant improvement in net profit margin due to effective cost control [1] - The company has established a comprehensive database product matrix with independent intellectual property rights, having adapted over 9,000 products from more than 2,000 vendors [1] - The company has won several key projects across various industries, including finance, energy, and healthcare, further solidifying its market position [1] Financial Summary - Revenue projections for 2024-2026 are 926 million yuan, 1,094 million yuan, and 1,314 million yuan respectively, with a compound annual growth rate (CAGR) of approximately 18% [2] - Net profit forecasts for the same period are 350 million yuan, 418 million yuan, and 510 million yuan, reflecting a strong growth trajectory [2] - The earnings per share (EPS) is expected to grow from 4.61 yuan in 2024 to 6.71 yuan in 2026 [2] - The company maintains a high return on equity (ROE) of 21% in 2024, projected to decrease slightly to 19% by 2026 [2] Market Position - The company is positioned as a leader in the Xinchuang database industry, with a fully self-developed centralized database technology and a comprehensive product capability [1] - The company has a strong channel construction and is well-prepared to support the transition of core systems in the Xinchuang sector [1]
达梦数据：业绩超预期，信创数据库景气高企