Investment Rating - The report gives a "Buy" rating for Dameng Data (688692 SH) with a target price of 302 52 yuan per share [2] Core Views - Dameng Data is a pioneer in domestic database localization with sustained rapid growth in performance From 2019 to 2023 its revenue grew from 302 million yuan to 794 million yuan with a CAGR of 27% and net profit attributable to the parent company grew from 89 million yuan to 296 million yuan [1] - The database industry is experiencing steady market growth with increasing demand for localization and independent control The Chinese database market size reached 52 2 billion yuan in 2023 accounting for 7 34% of the global market and is expected to reach 93 billion yuan by 2028 with a CAGR of 12 2% [1] - Dameng Data is driving performance growth through technology ecosystem and channel development but faces challenges from industry structure and technological trends [1] - The company is expected to achieve revenues of 900 million yuan 1 05 billion yuan and 1 22 billion yuan from 2024 to 2026 with net profits of 350 million yuan 430 million yuan and 500 million yuan respectively [1] Company Overview - Dameng Data is a key player in the domestic database industry with a market share ranking among the top domestic database vendors from 2019 to 2023 [12] - The company went public on the Shanghai Stock Exchange in June 2024 [12] - The core management team has strong technical backgrounds with the founder Feng Yucai being a former professor at Huazhong University of Science and Technology [13][14] Product Line - Dameng Data offers a full stack of data products and solutions centered around its database management system covering data exchange storage governance and analysis [19] - The company has completed compatibility and mutual recognition with over 7000 software and hardware products and has been successfully applied in dozens of fields including finance energy aviation and government [19] Financial Analysis - From 2019 to 2023 Dameng Data's revenue grew from 302 million yuan to 794 million yuan with a CAGR of 27 39% and net profit attributable to the parent company grew from 89 million yuan to 296 million yuan with a CAGR of 34 92% [24] - The company's gross margin increased from 80 30% in 2019 to 95 81% in 2023 driven by the high margin software product licensing business [32] Industry Overview - The global database market is expected to grow from 854 billion USD in 2020 to 1356 billion USD in 2025 with a CAGR of 9 6% and reach 1892 billion USD by 2030 with a CAGR of 6 9% [42] - The Chinese database market size reached 52 2 billion yuan in 2023 accounting for 7 34% of the global market and is expected to reach 93 billion yuan by 2028 with a CAGR of 12 2% [42] Market Trends - Public cloud deployment of databases is increasing with a share of 52 7% in 2022 and expected to reach 64 4% by 2024 [44] - Financial government and internet are the top three industries with the highest database market share in China [47] Competitive Landscape - Overseas vendors still dominate the database market with AWS Microsoft and Oracle holding 67 9% of the global market share [53] - Domestic internet companies such as Alibaba Tencent and Huawei are accelerating their layout in the database industry leveraging their cloud computing advantages [56]
达梦数据：数据库国产化先行者，受益于自主可控浪潮