费控良好，带动净利率提升。根据半年报，2024 年上半年公司净利率28.61%，同比+3.47pct。主要得益于公司良好的销售费用控制能力，2024H1 销售费用率下降3.15pct至38.83%。Key points of investment:
Announcement: The company released its 2024 semi-annual report. According to the semi-annual report, the company achieved revenue of 0.352 billion yuan, yoy +22.4%, realized net profit to mother of 0.103 billion yuan, yoy +40.7%. 24Q2 achieved revenue of 0.186 billion yuan in a single quarter, yoy +18.8%, net profit to mother 47.53 million yuan, and yoy +19.5%. The performance exceeded the upper limit of the prospectus forecast.
Gross margin increased to 97.2%. According to the semi-annual report, the company's gross margin was +1.41 pct. We speculate that the company's product performance improvement and matrix enrichment will drive the overall price increase.
Good fee control has led to an increase in net interest rates. According to the semi-annual report, the company's net interest rate for the first half of 2024 was 28.61%, +3.47pct year-on-year. Mainly due to the company's good ability to control sales expenses, the 2024H1 sales expense ratio decreased by 3.15 pct to 38.83%.
A reversal in the growth rate of contract debt may indicate a recovery in Xinchuang procurement. According to the semi-annual report, as of 2024.6.30, the company's contract liabilities (mainly advance payments) were 82.29 million yuan, yoy +4.86%, the first positive year-on-year increase since 2022.
Net cash flow from operating activities was 6.84 million yuan, yoy -80.2%. We believe it is mainly due to the increase in per capita salary and the increase in the number of employees by 123, which increased employee remuneration payments by $54.08 million, and increased tax expenses by 19.09 million yuan.
Accounts receivable $0.395 billion, yoy +17.4%. The company's downstream customers are mainly budget-based customers, and the company uses channel sales methods, which can shorten the billing period, and the overall receivables growth rate matches the revenue growth rate.
Continue to invest in research and development to increase distributed and non-relational database research and development. According to the semi-annual report, in the first half of 2024, R&D expenses were 91.94 million yuan, yoy +21.7%. The company has added 30 new R&D personnel. Important research projects include cluster database disaster recovery, distributed data processing technology, distributed database adaptation and simulation verification. The company will continue to improve its product system, and its market position is expected to be further strengthened.
A pioneer in the domestic Xinchuang database, the share of the Xinchuang era is expected to continue to increase. We expect the Xinchuang database market to grow from 8 billion to 12.5 billion yuan in 2024-2027. According to IDC (International Data Corporation), in 2023, Dameng Data's market share of locally deployed databases in China reached 7.45%. Moreover, the company continues to make breakthroughs in the industry. According to the company's official account, the Dameng database has already been used by leading customers in industries such as Haitong Securities, SIPG, and China Grid. We believe that in the future, Dameng will continue to increase its market share and expand its market influence.
Maintain profit forecasts and “buy” ratings. We maintain our profit forecast. We expect Dameng Data's revenue for 2024-2026 to be 0.893, 1.071, and 1.29 billion yuan, respectively, and net profit to mother of 0.334, 0.413, and 0.514 billion yuan respectively, maintaining a “buy” rating.
Risk warning: Localization replacement progress falls short of expectations; distributed product iteration falls short of expectations; industry competition intensifies.