产品能力升级，助力信创发展。公司核心产品能力不断突破，其中TDH9.4 提升了大模型与AI 应用场景功能和易用性，新增支持Python 生态，提供分布式Python 引擎；提供POSIX 接口，让用户可以像处理本地数据一样处理海量AI 训练数据。上半年，公司联合安硕信息发布了新一代数字化信贷管理系统信创全栈解决方案，助力客户实现信贷管理业务的全面国产化。在8 月，公司凭借多年来在信创领域的深耕布局，入选“中国最佳信创数据库厂商”榜单。Investment events: Recently, the company released its 2024 semi-annual report. In 2024 H1, the company achieved operating income of 0.14 billion yuan, a year-on-year increase of 1.58%; net profit to mother -0.191 billion yuan, a year-on-year decrease of 0.89%; net profit after deducting non-attributable net profit of 0.206 billion yuan, a year-on-year increase of 2.02%.
The revenue side is steady, and the share of revenue from financial customers has increased. In 2024 H1, the company achieved revenue of 0.14 billion yuan, an increase of 1.58% over the previous year. By business, the revenue from the big data basic software business reached 0.114 billion yuan, up 14.5% year on year, accounting for 81.77% of the company's main business revenue; applications and solutions were 0.024 billion yuan, accounting for 17.05% of the company's main business revenue. Looking at the end user industry, the company's main business revenue mainly comes from finance, government, energy, telecommunications, medical care, manufacturing, transportation and other industries. Among them, the financial sector's revenue contribution reached 39.69%, up 7.31% from the same period last year; the government revenue contribution reached 37.87%, up 6.39% from the same period last year.
The gross margin has increased significantly, and the company is in a period of rapid growth. 2024H1, the company's gross margin reached 58.8%, up 7.54% from the same period last year. As the share of software business revenue continues to rise, the company's profitability is expected to rise steadily. From the cost side, the company is in a period of rapid growth, investing heavily in R&D, sales and management. 2024H1's sales/management/R&D expenses ratio was 86.31%/43.6%/78.72%, respectively. Sales/R&D expenses increased 5.15% and 4.29% year on year, and management expenses rate decreased 6.07% year on year.
Upgrade product capabilities to help the development of Xinchuang. The company's core product capabilities continue to break through. Among them, TDH9.4 enhances the functionality and ease of use in large models and AI application scenarios, adds support for the Python ecosystem, provides a distributed Python engine, and provides a POSIX interface, which allows users to process massive AI training data just like local data. In the first half of the year, the company and Asus Information released the next-generation digital credit management system Xinchuang full-stack solution to help customers achieve full localization of credit management services. In August, the company was selected as the “China's Best Xinchuang Database Vendor” list based on years of deep development in the Xinchuang field.
Investment advice: Based on the company's 2024 mid-year report, and affected by external factors such as macroeconomics, we have adjusted 2024 and 2025 to add profit forecasts for 2026. We predict that the company's revenue for 2024-2026 will be 0.601/0.732/0.882 billion yuan (0.662 billion yuan/0.895 billion yuan in 2024-2025, respectively), and net profit to mother will be -0.209/-0.138/-0.069 billion yuan (-0.194 billion yuan/0.009 billion yuan in 2024-2025, respectively), and the corresponding PS will be 5/4/ 4x, maintaining a “buy” rating.
Risk warning events: business development falls short of expectations, slow policy progress, untimely data updates, etc.
