Summary of the Conference Call on Dameng Data Company Overview - **Company**: Dameng Data (达梦数据) - **Industry**: Database Software - **Position**: Leading domestic database provider in China, focusing on the development and commercialization of database software since the late 1970s [2][4][6] Key Points and Arguments Company Development and Financial Strength - Dameng Data has evolved from its origins in the late 1970s, with significant milestones including the development of China's first proprietary database operating system in 1988 [4] - The company has undergone several phases of product development, with a focus on core technology breakthroughs from 2013 to 2019, culminating in the launch of the W8 database software in 2019, which filled a significant gap in the domestic market [6][7] - The company has seen robust revenue growth, with a reported revenue increase of 15.44% and a net profit increase of 10.4% in 2023 [15][14] Industry Growth and Market Position - The database industry is characterized as a foundational software sector, essential for data management and security in IT infrastructure [7][8] - The global database market is projected to exceed $100 billion by 2024, with China's market expected to grow from approximately 40.37 billion yuan in 2022 to 122.68 billion yuan by 2027, reflecting a compound annual growth rate of 26.1% [24][25] - Dameng Data's market share is approximately 2.73%, positioning it as a significant player among domestic competitors [31] Competitive Advantages - Dameng Data emphasizes its proprietary technology, with 100% self-developed core source code, which enhances its security and reliability [36][45] - The company has established a comprehensive product ecosystem, focusing on database management systems and integrated software solutions, which account for 92% of its revenue [15][12] - The company has a strong focus on compatibility with existing systems, allowing for seamless migration from foreign database solutions [41][44] Strategic Partnerships and Market Focus - The company has strategic ties with China Electronics Group, which holds an 18.9% stake, enhancing its market influence [10] - Dameng Data is actively expanding its presence in key sectors such as government, finance, and energy, with a notable shift in revenue sources as the government sector's contribution decreased from 58.87% to around 30% [21][22] Risks and Future Outlook - Potential risks include increased competition in the database market and the possibility of optimistic revenue projections not being met [50][51] - Despite these risks, the company is positioned for long-term growth, supported by ongoing investments in product development and market expansion [49][50] Additional Important Insights - The company has a well-structured management team with extensive industry experience, which is crucial for driving innovation and strategic direction [11] - Dameng Data's business model primarily relies on software licensing, with a high gross margin of 95.81% in 2023, indicating strong profitability [18][19] - The company is committed to maintaining a steady growth trajectory while exploring new market opportunities and technological advancements [48][49]

公司研究丨深度报告丨达梦数据（688692.SH） [Table_Title] 四十载久久为功，国产数据库龙头逐梦 丨证券研究报告丨 | --- | |-------| | | | | | | | | | | | | | | | | 分析师及联系人 [Table_Author] 宗建树 余庚宗 SAC：S0490520030004 SAC：S0490516030002 SFC：BUX668 请阅读最后评级说明和重要声明 2 / 35 达梦数据（688692.SH） 相关研究 [Table_Report] [Table_Title2] 四十载久久为功，国产数据库龙头逐梦公司研究丨深度报告 [Table_Rank]投资评级 买入丨首次 [Table_Summary2] 四十载久久为功，国产数据库龙头逐梦 达梦数据在核心基数软件数据库领域自主创新、筚路蓝缕持续发展约 40 年，已成长为国产数 据库领军企业。公司各类数据库软件、集群软件、云计算与大数据产品等一系列数据库产品及 相关技术服务面向大中型公司、企事业单位以及党政机关，致力于提供国际顶尖的全栈数据产 品及解决方案。创始人冯裕才于 1988 年成功研制出我国第 ...

证券代码：688692 证券简称：达梦数据 公告编号：2024-018 武汉达梦数据库股份有限公司 关于完成董事会、监事会换届选举及聘任高级管理人 员、证券事务代表的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 武汉达梦数据库股份有限公司（以下简称"达梦数据"或"公司"）于 2024 年 8 月 2 日召开第二届董事会第一次会议和第二届监事会第一次会议，选举产生了董事长、 副董事长、董事会各专门委员会委员及其召集人、监事会主席，并聘任了高级管理人 员、证券事务代表。具体情况如下： 一、董事会换届选举的情况 （一）董事会的选举情况 2024 年 8 月 1 日，公司召开 2024 年第二次临时股东大会，采用累积投票制的方 式选举冯裕才先生、皮宇先生、韩朱忠先生、陈文女士、谌志华先生、黄刚先生、张 凤楠先生为公司第二届董事会非独立董事，选举刘应民先生、李平女士、潘晓波女士、 黄振中先生为公司第二届董事会独立董事。上述 7 名非独立董事和 4 名独立董事共 同组成公司第二届董事会，任期自公司 2024 年第二次临时股东大 ...

证券代码：688692 证券简称：达梦数据 公告编号：2024-017 第二届监事会第一次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、会议召开情况 武汉达梦数据库股份有限公司(以下简称"公司")第二届监事会第一次会议（以 下简称"本次会议"）于 2024 年 8 月 2 日以现场方式召开。本次会议通知已于 2024 年 8 月 1 日以微信、电子邮件等方式送达公司全体监事。本次会议为紧急会议，经 全体监事一致同意，豁免本次会议的通知时限，召集人已在会议上对本次紧急会议作 出说明。本次会议由全体监事共同推举徐菁女士主持，应出席监事 3 人，实际出席监 事 3 人。本次会议的召集、召开及表决程序符合《中华人民共和国公司法》等法律法 规、规范性文件和《公司章程》的有关规定。 二、会议审议情况 武汉达梦数据库股份有限公司 表决结果：赞成 3 票；反对 0 票；弃权 0 票。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《关 于完成董事会、监事会换届选举及聘任高级管理人员、证券 ...

法律意见书 北京市金杜律师事务所（以下简称本所）接受武汉达梦数据库股份有限公 司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上 市公司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）等中华人 民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港 特别行政区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法 规、规章、规范性文件（以下统称法律法规）和现行有效的《武汉达梦数据库 股份有限公司章程》（以下简称《公司章程》）有关规定，指派律师出席公司于 2024 年 8 月 1 日召开的公司 2024 年第二次临时股东大会（以下简称本次股东 大会），并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师查阅了公司提供的以下文件： 1. 公司 2024 年 6 月 11 日公告的《公司章程》以及 2024 年 7 月 3 日公告 的章程修正案； 2. 公司于 2024 年 7 月 15 日召开的第一届董事会第三十五次会议决议； 北京市金杜律师事务所 关于武汉达梦 ...

证券代码：688692 证券简称：达梦数据 公告编号：2024-016 武汉达梦数据库股份有限公司 2024 年第二次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：有 第一项议案《关于变更公司 2024 年年度会计师事务所的议案》未通过。 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 62 | | --- | --- | | 普通股股东人数 | 62 | | 2、出席会议的股东所持有的表决权数量 | 56,503,561 | | 普通股股东所持有表决权数量 | 56,503,561 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的 | 74.3468 | | 比例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例 | 74.3468 | | （%） | | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 （一） 非累积投票议案 1、 议案名称：关于变更公司 2024 年年度会计师事务所的议 ...

Investment Rating - The report gives the company a "Buy" rating with a target price of 260.55 yuan and a target market cap of 19.8 billion yuan [10][46] Core Views - The company is a leading domestic database enterprise benefiting from the localization trend in China's IT industry [1][10] - Its database products have significant advantages in performance, ecosystem, channel services, and benchmark projects [10][38] - The domestic database market is expected to exceed 100 billion yuan, with the company well-positioned to gain market share [9][10] Financial Performance - Revenue grew from 302 million yuan in 2019 to 794 million yuan in 2023, with a CAGR of 27.34% [6][68] - Net profit attributable to parent company grew from 89 million yuan in 2019 to 296 million yuan in 2023, with a CAGR of 35.04% [6][68] - Gross margin has remained above 90% since 2020, supported by high-margin software licensing business [4][8] Market Opportunity - China's relational database market is expected to reach 70.56 billion yuan by 2028, with a 5-year CAGR of 20.9% [9] - The local deployment traditional database market is expected to exceed 14 billion yuan [9] - Domestic substitution is expected to be mainly centralized, benefiting leading companies [9][94] Competitive Advantages - Performance: First to achieve breakthroughs in shared storage cluster technology, filling the gap in high-end databases [10][142] - Ecosystem: Highly compatible with Oracle, supporting mainstream hardware and software platforms [10][116] - Channels: Established nationwide sales network with 551 channel partners by 2022 [10][123] - Benchmark projects: Successfully implemented core systems for major clients like China Life and State Grid [10][126] Product Portfolio - Core product is DM database management system with 100% self-developed code [36] - Product ecosystem includes database cluster software, cloud computing and big data solutions [17][20] - Software licensing accounts for about 90% of revenue, with 91.65% in 2023 [8] Growth Drivers - Localization trend in key industries like government, finance and energy [8][10] - Continuous expansion of R&D and sales teams [3][87] - Increasing adoption in core systems of major clients [10][118] Financial Projections - Revenue expected to grow from 924.73 million yuan in 2024E to 1.26 billion yuan in 2026E [11][148] - Net profit expected to grow from 330.03 million yuan in 2024E to 531.61 million yuan in 2026E [11][148] - Software licensing revenue expected to maintain 15%+ growth from 2024-2026 [61][148]

证券代码：688692 证券简称：达梦数据 公告编号：2024-015 武汉达梦数据库股份有限公司 关于完成工商变更登记并换发营业执照的公告 6、成立日期：2000 年 11 月 13 日 7、住所：武汉东湖新技术开发区高新大道 999 号未来科技大厦 C3 栋 16-19 层 8、经营范围：数据库管理系统、数据中心、数据分析、信息系统集成及网络工 程等技术的开发、技术服务及内训；计算机软件的开发、制造及批发兼零售； 货物的进出口、技术进出口、代理进出口(不含国家禁止进出口的货物及技 术)；经国家密码管理局审批并通过指定检测机构产品质量检测的商用密码产品 的批发兼零售(凭许可证在核定期限内经营)；经国家密码管理机构批准的商用 密码产品开发、生产(凭许可证在核定期限内经营)。(涉及许可经营项目，应取 得相关部门许可后方可经营) 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 武汉达梦数据库股份有限公司(以下简称"公司")于 2024 年 7 月 1 日召开第一 届董事会第三十四次会议，审议通过《关于变更公司注册资本、公司类型 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [1]. Core Insights - The company, Dameng Data, is a leader in the domestic database industry, leveraging its fully self-developed database technology and a comprehensive product suite to capitalize on the growing demand in the government and financial sectors [3][28]. - The company has shown significant revenue and net profit growth, with a projected increase in net profit from 350 million yuan in 2024 to 510 million yuan in 2026 [3][40]. - The report highlights the company's strong market position, with a stable shareholding structure and a founder with a deep technical background, enhancing its competitive edge in the industry [3][21]. Financial Forecast and Valuation - Revenue projections for the company are as follows: 794 million yuan in 2023, 926 million yuan in 2024, and 1,314 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of 27.39% from 2019 to 2023 [1][40]. - Net profit is expected to grow from 296 million yuan in 2023 to 510 million yuan in 2026, with corresponding P/E ratios decreasing from 66.1x in 2023 to 34.8x in 2026 [1][3]. - The company's gross margin has improved significantly, rising from 80.30% in 2019 to 95.81% in 2023, indicating enhanced profitability [40]. Company Overview - Dameng Data was established in 2000 and has developed a comprehensive suite of database products, including the DM8 database, which is fully self-developed and meets high security standards [3][28]. - The company has a stable shareholding structure, with China Electronics as the actual controller, which strengthens its market position [21][65]. - The company's business model includes software product licensing, solutions, and operational services, with software licensing accounting for over 91% of revenue in 2023 [3][17]. Industry Context - The domestic database market is expanding, with a notable shift towards domestic products as international market share declines [3][49]. - The report emphasizes the high barriers to entry in the government and financial sectors, where database selection is heavily influenced by technology and compliance requirements [3][46]. - The trend towards domestic database solutions is accelerating, driven by policy support and the need for secure and reliable data management systems [3][49].

2024 年第二次临时股东大会议案 武汉达梦数据库股份有限公司 2024 年第二次临时股东大会会议资料 股票简称：达梦数据 股票代码：688692 二〇二四年八月 2024 年第二次临时股东大会议案 | | | | 2024 年第二次临时股东大会会议须知 2 | | --- | | 2024 年第二次临时股东大会会议议程 4 | | 议案一：关于变更公司 2024 年年度会计师事务所的议案 6 | | 议案二：关于公司董事会换届选举暨选举第二届董事会非独立董事的议案 9 | | 议案三：关于公司董事会换届选举暨选举第二届董事会独立董事的议案 10 | | 议案四：关于公司监事会换届选举暨选举第二届监事会非职工代表监事的议案 11 | 1 2024 年第二次临时股东大会议案 2024 年第二次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证大会 的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》，中国证监 会《上市公司股东大会规则》以及《武汉达梦数据库股份有限公司章程》《武汉达梦 数据库股份有限公司股东大会议事规则》的相关规定，武汉达梦数据库股份有限公司 （ ...