Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company reported strong performance in 2024, with total revenue reaching 1.044 billion yuan, a year-on-year increase of 31.5%, and a net profit attributable to shareholders of 362 million yuan, up 22.2% year-on-year [7]. - In Q1 2025, the company exceeded expectations with revenue of 258 million yuan, representing a 55.6% year-on-year growth, and a net profit of 98.16 million yuan, up 76.4% year-on-year [7]. - The growth in revenue is attributed to the robust performance of software licensing and a significant expansion in data and industry solutions [7]. - The company continues to invest in research and development, focusing on key technologies such as distributed databases and high-performance query optimization, which supports future growth [7]. Financial Data and Profit Forecast - The company forecasts total revenue of 1.359 billion yuan for 2025, with a year-on-year growth rate of 30.1%, and a net profit of 483 million yuan, reflecting a 33.5% increase [6]. - The gross margin for 2024 was reported at 89.63%, slightly down from 95.81% the previous year, primarily due to a higher proportion of lower-margin data and industry solutions [7]. - The company expects to maintain stable profit margins despite a slight decline in overall gross margin due to the increasing share of integrated machine and solution business revenues [7].
达梦数据（688692）：24年业绩稳健，25Q1超预期，信创加速