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]
达梦数据：国产数据库龙头，信创助力“达梦”