新股覆盖研究：达梦数据

Investment Rating - The report assigns an investment rating of "Buy" for the company, indicating an expected return exceeding 15% over the next six months compared to the CSI 300 index [58]. Core Insights - The company, Dameng Data (688692.SH), provides various database software and related technical services to large and medium-sized enterprises, government agencies, and institutions. The company has shown revenue growth from 743 million yuan in 2021 to 794 million yuan in 2023, with a projected revenue of 317 million to 340 million yuan for the first half of 2024, representing a year-on-year growth of 10.27% to 18.27% [24][65]. - The company has a strong shareholder background, with the largest shareholder being China Software, holding 25.21% of the shares. The founder, Feng Yucai, has a rich research background and controls 40.55% of the voting rights [39][46]. - Dameng Data has over 40 years of independent research and development experience in the database field and has become a key player in the domestic database software industry, achieving significant technological breakthroughs [46][37]. Financial Performance - The company reported revenues of 743 million yuan, 688 million yuan, and 794 million yuan for the years 2021, 2022, and 2023, respectively, with year-on-year growth rates of 65.04%, -7.40%, and 15.44% [19]. - The net profit attributable to the parent company was 444 million yuan, 269 million yuan, and 296 million yuan for the same years, with corresponding growth rates of 196.84%, -39.35%, and 10.07% [19][24]. - For the first quarter of 2024, the company achieved a revenue of 166 million yuan, a year-on-year increase of 26.79%, and a net profit of 56 million yuan, up 65.86% year-on-year [24]. Industry Overview - The domestic database market is experiencing significant growth, with the market size expected to reach 128.68 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 26.1% [36]. - The report highlights the increasing importance of information security and the need for domestic database solutions due to rising concerns over data breaches and supply chain security [28]. - Dameng Data's products have been widely adopted across various sectors, including finance, energy, aviation, and government, with a market share ranking among the top domestic database vendors from 2019 to 2023 [11][46]. Competitive Analysis - Compared to peer companies such as Zhongwang Software and Xinghuan Technology, Dameng Data's revenue is below the average of 1.885 billion yuan, but its gross profit margin is in the mid-to-high range of the industry [4][52]. - The average gross profit margin for comparable companies is 64.58%, indicating that while Dameng Data's revenue is lower, its profitability metrics are competitive [52]. Future Prospects - The company plans to invest in five projects with a total investment of approximately 235 million yuan, focusing on upgrading its database management systems and developing new cloud database products [64][41]. - A significant partnership with Huawei has been established to enhance the company's database integrated machine solutions, indicating a strategic move towards digital transformation and innovation [40][46].