Investment Rating - The investment rating for the company is "Buy" with a target price indicating a relative return of over 20% within six months [4]. Core Viewpoints - The company's performance in the first half of 2024 exceeded expectations, with revenue of 352 million yuan, a year-on-year increase of 22.41%, and a net profit attributable to shareholders of 103 million yuan, up 40.68% [1]. - The company is focusing on strengthening its core business, with software product licensing revenue reaching 334 million yuan, a year-on-year increase of 27.24%, accounting for 94.78% of total revenue [1]. - The company is experiencing accelerated growth in the industry, particularly in finance and military sectors, which are expected to see double-digit growth [3]. - The company has established a strong ecosystem with over 500 original service personnel and more than 5000 certified engineers, enhancing its market presence [3]. - The company has adjusted its revenue and profit forecasts for 2024-2026, reflecting a positive outlook based on the strong half-year results and industry developments [3]. Financial Performance Summary - For the first half of 2024, the company reported a revenue of 352 million yuan and a net profit of 103 million yuan, both exceeding the upper limit of the prospectus [1]. - The company’s revenue for Q2 2024 was 186 million yuan, with a year-on-year growth of 18.76%, and a net profit of 47.53 million yuan, up 19.45% [1]. - The company’s revenue projections for 2024-2026 have been revised to 958.49 million yuan, 1.12 billion yuan, and 1.31 billion yuan, respectively, with net profits adjusted to 350 million yuan, 448 million yuan, and 556 million yuan [3][6]. - The company’s EBITDA for 2024 is projected at 359.85 million yuan, with a corresponding P/E ratio of 54.4x [6][8]. Business Segmentation - The company’s revenue from software product licensing is the largest segment, contributing 334 million yuan, followed by maintenance services at 14.95 million yuan, and database integrated machine sales at 2.33 million yuan [1]. - The revenue from database and industry solutions has significantly decreased, indicating a need for strategic focus on more profitable segments [1]. Research and Development - The company has increased its R&D expenses to 48.44 million yuan in Q2 2024, a year-on-year increase of 26.4%, focusing on distributed native multi-model databases and high-availability shared storage systems [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 232.02 CNY [1] Core Viewpoints - The company achieved a revenue of 352 million CNY in the first half of 2024, representing a year-on-year growth of 22.41%, and a net profit of 103 million CNY, up 40.68% year-on-year [2] - The gross profit margin for the first half of 2024 was 97.16%, an increase of 1.41 percentage points compared to the previous year [2] - The company is focusing on enhancing its marketing system and expanding its service ecosystem, which has led to improved sales performance [2] - The company has a strong emphasis on R&D, holding numerous patents and intellectual property rights, and has been recognized as a national champion in manufacturing [2] - The company is expected to maintain a leading position in the database industry, with projected net profits of 350 million CNY, 418 million CNY, and 510 million CNY for 2024, 2025, and 2026 respectively [2] Financial Summary - Revenue is projected to grow from 794 million CNY in 2023 to 1,314 million CNY in 2026, with a compound annual growth rate (CAGR) of approximately 20% [1] - Net profit is expected to increase from 296 million CNY in 2023 to 510 million CNY in 2026, reflecting a CAGR of around 22% [1] - Earnings per share (EPS) is forecasted to rise from 3.90 CNY in 2023 to 6.71 CNY in 2026 [1] - The company's return on equity (ROE) is projected to remain stable around 19% from 2024 to 2026 [1]

Financial Performance - The company achieved operating revenue of 351.90 million yuan, a year-on-year increase of 22.41% [3] - Net profit attributable to shareholders reached 103.19 million yuan, up 40.68% year-on-year [3] - Net profit after deducting non-recurring gains and losses was 95.17 million yuan, reflecting a year-on-year growth of 43.09% [3] Future Development Plans - The company aims to continue steady management and operations in the second half of 2024, focusing on creating greater value for investors [4] - Future operational development plans will be announced through relevant company announcements [4] Competitive Advantages - The company has developed a core independent R&D capability and a technology route that is self-directed [4] - Product lines have expanded from large general-purpose relational databases to a full-stack data product offering, catering to diverse digital transformation needs [4] - The company emphasizes self-research and control of key technologies to enhance product competitiveness [5] Market Outlook - The Chinese database market size reached 7.41 billion USD (approximately 52.24 billion yuan), accounting for 7.34% of the global market in 2023 [5] - By 2028, the market is expected to grow to 93.03 billion yuan, with a compound annual growth rate (CAGR) of 12.23% [5] - The database management system market is projected to see significant growth due to increasing data volumes and technological transformations, with sales expected to reach 55.87 billion yuan by 2026 [5] R&D Investment - R&D expenses for the first half of 2024 amounted to 91.94 million yuan, representing 26.13% of total revenue [6] - The company is committed to increasing R&D investment in the future [6]

Investment Rating - The report maintains a "Buy" rating for Dameng Data (688692 SH) [1][2] Core Views - Dameng Data is a leading domestic database product developer with a comprehensive product portfolio and a leading market share in China [2] - The company is expected to benefit from the accelerated development of the domestic IT industry (信创) and enter a high-growth phase [2] - The report maintains the previous profit forecast, expecting net profit attributable to the parent company to be 350 million, 420 million, and 506 million yuan for 2024-2026, with EPS of 4 61, 5 53, and 6 65 yuan per share respectively [2] - The current PE ratios are 49 9, 41 6, and 34 6 for 2024-2026 [2] Financial Performance - In H1 2024, the company achieved operating revenue of 352 million yuan, a YoY increase of 22 41%, and net profit attributable to the parent company of 103 million yuan, a YoY increase of 40 68% [3] - In Q2 2024, the company achieved operating revenue of 186 million yuan, a YoY increase of 18 76%, and net profit attributable to the parent company of 48 million yuan, a YoY increase of 19 45% [3] - The company's gross margin increased by 1 41 percentage points to 97 16%, driven by the higher proportion of high-margin licensing business [4] - The sales expense ratio decreased by 3 15 percentage points to 38 83% [4] Industry and Policy Environment - The 2024 government work report proposed issuing ultra-long-term special treasury bonds of 1 trillion yuan to support national strategic projects and key areas of security capability construction [5] - The government emphasizes high-level technological self-reliance and breakthroughs in key core technologies, which is expected to accelerate the development of the domestic IT industry [5] Financial Forecasts - Revenue is expected to grow from 950 million yuan in 2024 to 1 377 billion yuan in 2026, with a CAGR of 20 1% [6] - Net profit attributable to the parent company is expected to grow from 350 million yuan in 2024 to 506 million yuan in 2026, with a CAGR of 20 1% [6] - The gross margin is expected to remain stable at around 96% from 2024 to 2026 [6] - ROE is expected to decline slightly from 19 7% in 2024 to 18 7% in 2026 [6] Valuation Metrics - The current stock price is 229 99 yuan, with a total market capitalization of 17 479 billion yuan [7] - The P E ratio is expected to decline from 49 9 in 2024 to 34 6 in 2026 [6] - The P B ratio is expected to decline from 9 9 in 2024 to 6 5 in 2026 [6]

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥351,897,444.78, representing a 22.41% increase compared to ¥287,467,342.03 in the same period last year [15]. - The net profit attributable to shareholders of the listed company was ¥103,185,296.17, a 40.68% increase from ¥73,346,802.80 in the previous year [15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥95,167,419.55, up 43.09% from ¥66,507,418.85 year-on-year [15]. - The net cash flow from operating activities decreased by 80.16% to ¥6,839,953.34 from ¥34,474,192.48 in the same period last year [15]. - The net assets attributable to shareholders of the listed company increased by 118.96% to ¥3,090,148,436.97 from ¥1,411,272,633.63 at the end of the previous year [15]. - Total assets increased by 88.49% to ¥3,439,906,873.40 from ¥1,824,976,770.96 at the end of the previous year [15]. - Basic earnings per share increased by 40.31% to CNY 1.81 compared to the same period last year [16]. - The company reported a net profit of CNY 8,017,876.62 after accounting for minority interests [19]. - The company achieved a total R&D investment of ¥91,936,782.27, representing a year-on-year increase of 21.72% compared to ¥75,532,564.10 [44]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 11.00 per 10 shares, totaling RMB 83,600,000.00, which accounts for 81.02% of the net profit attributable to shareholders for the first half of 2024 [4]. - The company has committed to a profit distribution policy that prioritizes cash dividends, aiming for a minimum of 15% of the distributable profit to be distributed in cash annually [107]. - In mature stages without significant capital expenditures, the cash dividend proportion should be at least 80% of the profit distribution; if there are significant expenditures, it should be at least 40% [107]. Corporate Governance - The board of directors and supervisory board members have confirmed the authenticity, accuracy, and completeness of the financial report [3]. - The interim report has not been audited [3]. - The company does not have any special arrangements for corporate governance [4]. - There are no violations of decision-making procedures regarding external guarantees [4]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties [4]. Risk Management - The company has outlined potential risks in the "Management Discussion and Analysis" section [3]. - The company faces risks related to management, sales channels, and potential declines in revenue growth due to increased industry competition [68][69]. Research and Development - The company has a strong focus on research and development, with a team that has over 40 years of experience in the database field, and has completed numerous national and provincial research projects [27]. - Research and development expenses accounted for 26.13% of operating revenue, a slight decrease of 0.15 percentage points [16]. - The company is currently developing a high-performance distributed data processing technology with an expected total investment of ¥1,646.00 million, of which ¥978.92 million has been invested so far [46]. - The company has developed core technologies in data management and analysis, achieving independent intellectual property rights for its database software products [38]. Market Position and Strategy - The company is positioned within the software and information technology services industry, focusing on database management systems and emerging software development [20]. - The database market in China is expected to grow rapidly, reaching a market size of 55.87 billion yuan by 2026, driven by increasing demand from industries such as finance, telecommunications, and energy [3]. - The company has maintained a leading position in the domestic database management system market, consistently ranking among the top domestic vendors from 2019 to 2023 [27]. - The company aims to expand its market presence through continuous innovation and the development of advanced technologies [38]. Financial Health - The company reported a significant increase in cash and cash equivalents, reaching RMB 2,689,600,431.36, which is 141.60% higher than RMB 1,113,241,688.96 at the end of the previous year [76]. - The company’s total assets at the end of the reporting period were RMB 5,875.87 million, with a net asset value of RMB 4,149.49 million [81]. - The company’s financing activities generated a net cash flow of RMB 1,612,082,581.23 due to the proceeds from its initial public offering [74]. Shareholder Commitments - The actual controller and related parties have made commitments regarding the avoidance of related party fund occupation [94]. - The company has established a commitment to avoid related party transactions [94]. - The actual controller's shareholding lock-up period is set for 36 months from the date of listing, with potential extensions based on stock performance [95]. - The company will ensure compliance with any changes in laws and regulations regarding share lock-up and reduction during the holding period [96]. Compliance and Legal Matters - The company has not reported any significant changes in its core technical personnel during the reporting period [86]. - The company has not incurred any environmental penalties during the reporting period [89]. - The company has committed to maintaining transparency in its financial disclosures and related party transactions [112]. - The company will actively accept supervision from regulatory bodies and the public regarding its commitments and operational practices [112]. Future Outlook - The company plans to enhance market expansion efforts to consolidate and increase market share [104]. - The company will increase investment in technology research and development to create competitive new products and processes [104]. - The company aims to enhance its database software and cloud computing services, focusing on innovation and technology development [171].

证券代码：688692 证券简称：达梦数据 公告编号：2024-023 武汉达梦数据库股份有限公司 关于 2024 年度中期分红方案的公告 每股分配比例：武汉达梦数据库股份有限公司（以下简称"公司"或 "达梦数据"）拟向全体股东每 10 股派发现金红利 11.00 元（含税），不进行资本 公积转增股本，不送红股。 本次中期分红以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 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。 重要内容提示： 如在公司公告披露日至实施权益分派的股权登记日前，公司总股本发生变 动的，公司维持分配总额不变，相应调整每股分配比例。如后续总股本发生变化，将 另行公告具体调整情况。 本次中期分红方案尚需提交公司 2024 年第三次临时股东大会审议。 一、中期分红提议情况 公司于 2024 年 7 月 15 日收到公司实际控制人、董事长冯裕才出具的《关于提 议武汉达梦数据库股份有限公司实施 2024 年度中期分红的函》。冯裕才先生提议公 司董事会提请股东大会授权董事会根据股 ...

证券代码：688692 证券简称：达梦数据 公告编号：2024-025 武汉达梦数据库股份有限公司 第二届监事会第二次会议决议公告 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"）第二届监事会第二次会议（以 下简称"本次会议"）于 2024 年 8 月 27 日以现场方式召开。本次会议通知已于 2024 年 8 月 16 日以微信、电子邮件等方式送达公司全体监事。本次会议应出席监事 3 人， 实际出席监事 3 人，本次会议由监事会主席徐菁女士主持，公司董事会秘书周淳先 生列席了会议。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，会议决议合法、有效。 2、 审议通过《关于募投项目新增实施主体、使用部分募集资金向全资子公司增 资或借款暨新增募集资金专户的议案》 经核查，公司本次募投项目新增实施主体、使用部分募集资金向全资子公司增资 或借款暨新增募集资金专户的事项不存在变相改变募集资金投向、不存在损害公司 ...

证券代码：688692 证券简称：达梦数据 公告编号：2024-021 根据中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于同意武 汉达梦数据库股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕2856 号），公司首次公开发行人民币普通股（A 股）1,900 万股（以下简称"本次发行"）， 每股发行价格为人民币 86.96 元，募集资金总额为人民币 165,224.00 万元，扣除保荐 及承销费等发行费用（不含增值税）人民币 7,654.95 万元，实际募集资金净额为人民 币 157,569.05 万元。中天运会计师事务所（特殊普通合伙）已于 2024 年 6 月 6 日对 公司募集资金的资金到位情况进行了审验，并出具《验资报告》（中天运[2024]验字 第 90007 号）。 为规范本公司募集资金管理，保护投资者权益，根据有关法律法规及《上市公司 监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所 科创板上市公司自律监管指引第 1 号——规范运作》的规定，公司分别在中国光大 银行股份有限公司武汉分行、中信银行股份有限公司武汉分行和湖北银行股份有限 公司武汉武 ...

武汉达梦数据库股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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： 证券代码：688692 证券简称：达梦数据 公告编号：2024-026 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024 年第三次临时股东大会 召开日期时间：2024 年 9 月 24 日 14 点 30 分 召开地点：湖北省武汉市东湖高新区高新大道 999 号未来科技大厦 C3 栋武 汉达梦数据库股份有限公司 1918 会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 9 月 24 日 至 2024 年 9 月 24 日 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 网投 ...

招商证券股份有限公司 关于武汉达梦数据库股份有限公司 募投项目新增实施主体、使用部分募集资金向全资子公司增资 或借款暨新增募集资金专户的核查意见 招商证券股份有限公司（以下简称"招商证券"或 "保荐机构"）作为武 汉达梦数据库股份有限公司（以下简称"达梦数据"或"公司"）首次公开发 行股票并在科创板上市持续督导阶段的保荐机构，根据《证券发行上市保荐业 务管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的 监管要求》《上海证券交易所科创板股票上市规则》《上海证券交易所科创板 上市公司自律监管指引第 1 号——规范运作》等有关法律法规和规范性文件的 要求，对达梦数据募投项目新增实施主体、使用部分募集资金向全资子公司增 资或借款暨新增募集资金专户的事项进行了核查，核查情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于 同意武汉达梦数据库股份有限公司首次公开发行股票注册的批复》（证监许可 〔2023〕2856 号），公司首次公开发行人民币普通股（A 股）1,900 万股（以下 简称"本次发行"），每股发行价格为人民币 86.96 元，募集资金总额为人 ...