Investment Rating - The report gives a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the near term [9][71]. Core Insights - The company is a leading domestic database provider in China, benefiting significantly from the release of demand in the domestic information technology sector. It has developed a complete product line that is fully self-controlled and is positioned to capitalize on the growing market for domestic databases [8][9][71]. - The company has shown impressive financial performance, with a forecasted revenue growth of 28.4% in 2024, 34.8% in 2025, and 35.7% in 2026, alongside a net profit growth of 32.2%, 30.0%, and 33.9% respectively during the same period [9][64]. Summary by Sections 1. Company Overview - The company has over 40 years of experience in self-controlled technology and has become a key player in the domestic database industry, providing a range of database software and related services [12][14]. - The company has a clear ownership structure, with major shareholders including China Software and Technology Service Co., Ltd., and a professional management team with deep industry experience [19][22]. 2. Market Opportunity - The domestic database market is expanding, with the top six domestic vendors increasing their market share from 36.7% in 2022 to 38.54% in 2023. The company ranks fourth in the domestic market with a 7.45% share [8][35]. - The demand for domestic databases is expected to grow significantly due to favorable policies and funding support for the domestic information technology sector, with an estimated market size of approximately 340 billion yuan from 2025 to 2028 [46][44]. 3. Product and Service Development - The company has established a comprehensive product system centered around its database management system, which includes various software products, cloud computing, and big data solutions [49][54]. - The company is actively expanding its sales channels and adapting its products to fit the domestic computing ecosystem, which is expected to enhance its market competitiveness [57][58]. 4. Financial Forecast - The company is projected to achieve revenues of 10.20 billion yuan in 2024, 13.74 billion yuan in 2025, and 18.65 billion yuan in 2026, with corresponding net profits of 3.91 billion yuan, 5.08 billion yuan, and 6.81 billion yuan [64][65]. - The earnings per share (EPS) are expected to rise from 3.90 yuan in 2023 to 8.96 yuan by 2026, reflecting strong growth potential [64][68].
达梦数据：国产数据库领先企业，将深度受益于信创需求的释放