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].
达梦数据：自主数据库龙头，助力信创步入核心系统替换深水区