达梦数据：动态点评：国产数据库龙头上市

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [7][19]. Core Insights - The domestic database market is experiencing rapid growth, with an expected market size of 543.1 billion in 2024 and projected to reach 1183.8 billion by 2027, reflecting a compound annual growth rate (CAGR) of 30.67% from 2022 to 2027 [3]. - The listing of Dameng Data as the first domestic database stock highlights the increasing importance of data security amid tightening IPO regulations [18]. - Dameng Data is recognized as a leading developer of database products in China, providing various database software and related technical services to large and medium-sized enterprises, government agencies, and institutions [20]. Financial Projections - Revenue projections for Dameng Data are 937.52 million, 1.11574 billion, and 1.33974 billion for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 18.03%, 19.01%, and 20.08% [9][19]. - The net profit attributable to the parent company is forecasted to be 350.54 million, 429.39 million, and 515.12 million for the years 2024, 2025, and 2026, with growth rates of 18.39%, 22.50%, and 19.97% [9][19]. - The report indicates that the company's price-to-earnings (P/E) ratios will be 47.07, 38.43, and 32.03 for the years 2024, 2025, and 2026, respectively [9][19].