Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 331.79 CNY and projected PE ratios of 70X, 58X, and 50X for 2024, 2025, and 2026 respectively [3][8]. Core Insights - The company reported a significant increase in revenue and profit for Q3 2024, with revenue reaching 2.78 billion CNY, a year-on-year growth of 74.46%, and net profit of 71.18 million CNY, up 58.6% year-on-year. This growth is attributed to the increase in software product licensing and data solutions [1]. - The company has a strong focus on R&D, holding complete proprietary intellectual property rights in the database field, which positions it well to benefit from the ongoing trend of domestic substitution in technology [1]. - The company has secured important contracts in various sectors, including finance and energy, demonstrating its market leadership and the robustness of its technology solutions [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 629 million CNY, a 40.96% increase year-on-year, and a net profit of 174 million CNY, up 47.48% year-on-year [1]. - The projected net profits for 2024, 2025, and 2026 are 362 million CNY, 435 million CNY, and 500 million CNY respectively, indicating a strong growth trajectory [4]. - The company’s gross margin is expected to remain high, with a projected gross margin of 95.81% for 2024 [4]. Market Position and Strategy - The company is recognized as a leading developer of database products in China, emphasizing original innovation and independent R&D, which enhances its competitive edge in the market [1]. - The company has been actively involved in adapting its products for various industries, including finance, energy, and aviation, which broadens its market reach and application [1]. - The ongoing development of the domestic information technology market is expected to provide long-term growth opportunities for the company [1].
达梦数据：2024年三季报点评：单季度业绩高增，数据库龙头深度受益国产化大趋势