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 与中国电子财务有限责任公司签订《全面金融合作协议》 暨关联交易的核查意见 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，对达梦数据与中国电子财务有限责任公司签订《全面金融合作协议》 暨关联交易的事项进行了核查，核查情况如下： 一、关联交易概述 为确保长期获得稳定可靠的资金来源保障，降低财务成本，提高综合经济 效益，保障持续稳定发展，公司拟与关联方中国电子财务有限责任公司（以下 简称"中电财务"）签订《全面金融合作协议》。根据该协议，中电财务在其经 营范围许可的范围内，为公司及所属子公司提供有关金融服务，包括但不限于 办理财务和融资顾问、信用鉴证及其它相关的咨询、代理服务、存款服务、贷 款服务等业务。 中国软件与技术服务股份有限公司（以下简称"中国软件 ...

信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 受益于信创进程加速，业绩实现较快增长 [Table_ReportDate] 2025 年 4 月 22 日 证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 达梦数据(688692.SH) 投资评级： 上次评级： [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com [Table_S 事件：达梦数据 ummary]发布 2024 年年度报告，公司 2024 年实现营收 10.45 亿元， 同比增长 31.49%；实现归母净利润 3.62 亿元，同比增长 22.22%；实现扣 非净利润 3.41 亿元，同比增长 24.14%；实现经营性现金流净额 4.73 亿元， 同比增长 36.95%。单 2024Q4 来看，公司实现营收 4.15 亿元，同比增长 19.34%；实现归母净 ...

信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 受益于信创进程加速，业绩实现较快增长 [Table_ReportDate] 2025 年 4 月 22 日 证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 达梦数据(688692.SH) 投资评级： 上次评级： [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com [Table_S 事件：达梦数据 ummary]发布 2024 年年度报告，公司 2024 年实现营收 10.45 亿元， 同比增长 31.49%；实现归母净利润 3.62 亿元，同比增长 22.22%；实现扣 非净利润 3.41 亿元，同比增长 24.14%；实现经营性现金流净额 4.73 亿元， 同比增长 36.95%。单 2024Q4 来看，公司实现营收 4.15 亿元，同比增长 19.34%；实现归母净 ...

Core Insights - The company reported a revenue of 1.044 billion yuan for 2024, representing a year-over-year increase of 31.49% [1] - Total profit reached 385 million yuan, up 24.06% year-over-year, while net profit attributable to shareholders was 362 million yuan, reflecting a 22.22% increase [1] - The company achieved a net operating cash flow of 473 million yuan, marking a 36.95% year-over-year growth [1] Business Performance - Software licensing remains the dominant revenue stream, generating 894 million yuan, a 22.79% increase year-over-year, driven by accelerated information technology development in energy and transportation sectors [2] - Comprehensive solutions revenue surged to 98 million yuan, up 204.51% year-over-year, while maintenance service revenue increased by 38.50% to 37 million yuan [2] - Revenue from database integrated machines reached 13 million yuan, a significant increase of 179.59% year-over-year, benefiting from applications in government and education sectors [2] - The overall gross margin for the company was 89.64%, down 6.41 percentage points year-over-year, primarily due to the increased proportion of lower-margin solution business [2] - The gross margin for core software licensing remained high at 99.69%, indicating a strong technical barrier [2] R&D and Product Development - The company invested 210 million yuan in R&D for 2024, a 25.16% increase year-over-year, with the number of R&D personnel rising to 503 [3] - The company is advancing several key projects in distributed database systems and domestic database integrated machines, aiming to enhance product performance, security, and user experience [3] - The product matrix has expanded to include various types of databases and cloud computing solutions, establishing a comprehensive product ecosystem [3] Market Position and Industry Collaboration - The company has completed compatibility adaptations for over 11,000 products, ensuring full compatibility with the cybersecurity ecosystem [4] - Collaborations with over 1,000 top ISVs and channel partners in key industries have been established, strengthening the industry ecosystem [4] - The company's products are widely used across critical sectors such as finance, electricity, aviation, telecommunications, public security, railways, and government [4] Investment Outlook - The company is positioned as a leading database product developer in China, with rapid growth in software licensing and steady growth in maintenance services and integrated database solutions [5] - Revenue projections for 2025-2027 are estimated at 1.386 billion, 1.768 billion, and 2.203 billion yuan, respectively, with net profits expected to be 485 million, 569 million, and 643 million yuan [5] - Based on comparable company valuations, a target price of approximately 478.6 yuan is set for 2025, reflecting a PE ratio of 75x, supported by the company's strong market position and quality customer base [5]

证券代码：688692 证券简称：达梦数据 公告编号：2025-020 武汉达梦数据库股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 重要内容提示： 会议召开时间：2025 年 4 月 29 日（星期二）09:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 4 月 22 日（星期二）至 4 月 28 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dameng@dameng.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 武汉达梦数据库股份有限公司（以下简称"公司"）已于 2025 年 4 月 15 日 在上海证券交易所网站（www.sse.com.cn）披露了《2024 年年度报告》及其摘 要，将于 2025 年 4 月 25 日披露《2025 年第一季度报告》。为便于广大投资者 更全面深入地了解公司 2024 年度及 2025 年 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [4][7]. Core Insights - The company achieved a revenue of 1.044 billion yuan in 2024, representing a year-on-year growth of 31.49%. The net profit attributable to shareholders was 362 million yuan, up 22.22% year-on-year [4][5]. - The company's software product licensing revenue reached 894 million yuan, a year-on-year increase of 22.79%, driven by the acceleration of information technology construction in sectors like energy and transportation [5][6]. - The company has maintained high levels of R&D investment, focusing on AI, cloud computing, and distributed technologies, which has led to significant advancements in its database products [6][7]. Financial Performance Summary - For the fiscal year 2024, the company reported a gross margin of 89.63%, a decrease of 6.18 percentage points from the previous year, primarily due to increased costs associated with project delivery and acceptance [5]. - The company’s net profit margin for 2024 was 34.44%, down 2.43 percentage points year-on-year, despite a reduction in sales, management, and R&D expense ratios [5][6]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 5.99 yuan, 7.56 yuan, and 9.59 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 58.94, 46.71, and 36.84 [7][8]. Market Position and Growth Potential - The company is positioned as a leading domestic database provider, benefiting from the ongoing promotion of information technology in government and industry sectors [7]. - By the end of 2024, over half of the 98 central enterprises in China were using the company's products, indicating strong market penetration [6][7]. - The company has established stable partnerships in various sectors, including finance, energy, and healthcare, which are expected to drive future growth [6][7].

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company achieved a revenue of 1.044 billion yuan in 2024, representing a year-on-year increase of 31.49%, with a net profit of 362 million yuan, up 22.22% year-on-year [3][4] - The company is benefiting from the continuous advancement of domestic database solutions in government and industry sectors, which is driving high revenue growth [5][6] Financial Performance Summary - In 2024, the company's software product licensing revenue reached 894 million yuan, a year-on-year increase of 22.79% [4] - The data and industry solutions business saw a significant revenue increase of 204.51%, totaling 98 million yuan [4] - The company’s operating service revenue was 38 million yuan, up 38.50% year-on-year [4] - The gross margin for 2024 was 89.63%, a decrease of 6.18 percentage points from the previous year [4] - The net profit margin for 2024 was 34.44%, down 2.43 percentage points year-on-year [4] Future Earnings Estimates - The company is projected to have earnings per share (EPS) of 5.99, 7.56, and 9.59 yuan for the years 2025, 2026, and 2027 respectively [6][9] - The expected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 58.94, 46.71, and 36.84 respectively [6][9] Market Position and Strategy - The company is positioned as a leading domestic database provider, with a strong focus on AI, cloud computing, and distributed technologies [5][6] - As of the end of 2024, over half of the 98 central enterprises in China are using the company's products, indicating strong market penetration [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][18] Core Views - The company has demonstrated rapid revenue and profit growth, with a projected revenue of 1.044 billion yuan in 2024, representing a year-on-year increase of 31.49%. The net profit attributable to shareholders is expected to reach 362 million yuan, up 22.22% [1][3][7] - The acceleration of domestic "Xinchuang" (信创) initiatives is expected to further enhance the company's growth prospects, particularly in the context of increasing demand for domestic database solutions [2][3][18] Summary by Sections Revenue and Profit Growth - The company reported a revenue of 1.044 billion yuan for 2024, reflecting a growth of 31.49%. The net profit attributable to shareholders is projected at 362 million yuan, an increase of 22.22% [1][3][7] - In Q4 alone, the revenue was 415 million yuan, up 19.34%, while the net profit was 188 million yuan, a growth of 5.43% [1][7] Software and Service Revenue - Software licensing revenue grew to 894 million yuan, an increase of 22.79%. Maintenance service revenue rose by 38.50% to 38 million yuan, driven by increased procurement in sectors like energy and transportation [1][2] - Data and industry solution revenue surged by 204.51% to 98 million yuan, although the gross margin decreased significantly due to higher costs associated with project implementation [1][2] Financial Metrics - The overall gross margin for 2024 is projected at 89.63%, down 61.8 percentage points year-on-year, primarily due to the rapid growth in data and industry solutions [2][12] - The operating cash flow reached 473 million yuan, marking a year-on-year increase of 36.71% [2][17] Future Projections - The company has revised its revenue forecasts for 2025-2027 to 1.268 billion yuan, 1.601 billion yuan, and 2.078 billion yuan, respectively. The net profit estimates for the same period are 465 million yuan, 589 million yuan, and 733 million yuan [3][4][18] - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 57, 45, and 36, respectively [3][4][18]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][18] Core Views - The company has demonstrated rapid growth in revenue and profit, with a projected revenue of 1.044 billion yuan in 2024, representing a year-on-year increase of 31.49%. The net profit attributable to shareholders is expected to reach 362 million yuan, up 22.22% [1][3][7] - The company is benefiting from the acceleration of information technology construction in sectors such as energy and transportation, leading to a significant increase in software licensing and operational service revenues [1][2] - The company is actively advancing its new database technology development in response to external pressures, particularly in the context of the ongoing US-China trade tensions [2][3] Financial Performance Summary - Revenue and profit growth: In 2024, the company expects revenue of 1.044 billion yuan (+31.49%) and net profit of 362 million yuan (+22.22%). For Q4 alone, revenue is projected at 415 million yuan (+19.34%) and net profit at 188 million yuan (+5.43%) [1][7] - Software licensing and operational services: Software licensing revenue is anticipated to be 894 million yuan (+22.79%), while operational service revenue is expected to grow by 38.50% to 38 million yuan [1][2] - Cash flow performance: The company achieved a net cash flow from operating activities of 473 million yuan, reflecting a year-on-year increase of 36.71% [2][17] Profitability Metrics - Gross margin: The overall gross margin for 2024 is projected to be 89.63%, a decrease of 61.8 percentage points year-on-year, primarily due to the rapid growth in data and industry solutions [2][12] - Expense ratios: The company has seen a decrease in expense ratios, with sales, management, and R&D expense ratios at 32.03%, 9.16%, and 19.79%, respectively [2][12] Future Projections - Revenue and profit forecasts: The company expects revenues of 1.268 billion yuan, 1.601 billion yuan, and 2.078 billion yuan for 2025, 2026, and 2027, respectively. Net profits are projected to be 465 million yuan, 589 million yuan, and 733 million yuan for the same years [3][4][18] - Valuation metrics: The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 57, 45, and 36, respectively [3][4][18]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Insights - The company achieved a revenue of 1.044 billion yuan in 2024, representing a year-on-year growth of 31.49%, and a net profit of 362 million yuan, up 22.22% year-on-year [3] - The company is positioned as a leading domestic database service provider, with a significant market share in the Chinese database management system sector [3] - The company has a strong focus on research and development, with R&D expenses reaching 207 million yuan in 2024, accounting for 19.79% of revenue [3] Financial Performance Summary - Revenue projections for the company are as follows: 794 million yuan in 2023, 1.044 billion yuan in 2024, 1.337 billion yuan in 2025, 1.693 billion yuan in 2026, and 2.097 billion yuan in 2027, with growth rates of 15%, 31%, 28%, 27%, and 24% respectively [1] - Net profit forecasts are 296 million yuan in 2023, 362 million yuan in 2024, 482 million yuan in 2025, 570 million yuan in 2026, and 659 million yuan in 2027, with growth rates of 10%, 22%, 33%, 18%, and 16% respectively [1] - Earnings per share (EPS) are projected to be 5.19 yuan in 2023, 4.76 yuan in 2024, 6.34 yuan in 2025, 7.50 yuan in 2026, and 8.67 yuan in 2027 [1] Market Position and Product Development - The company has maintained its leading position in the domestic database market, with multiple products passing security assessments [3] - The company’s products are widely used across various sectors, including finance, energy, transportation, and government, with a focus on expanding its market channels and deepening customer relationships [3] - The company has a robust R&D team with 503 personnel as of 2024, reflecting a commitment to innovation and product development [3]