Investment Rating - The report assigns a "Neutral" rating to the company, indicating a stable outlook with expected performance in line with the benchmark index [199]. Core Insights - The company, Dameng Data, is a leading database product developer in China, focusing on providing a range of database software and related services, aiming to become a top-tier global provider of full-stack data solutions [10][69]. - The database market in China is projected to grow significantly, with a compound annual growth rate (CAGR) of 26.10% from 2022 to 2027, presenting substantial growth opportunities for the company [79][174]. - The company has a clear and independent research and development (R&D) strategy, with a strong emphasis on innovation and technology, which has led to the development of proprietary database technologies [34][63]. Financial Forecast Summary - The company's net profit is forecasted to grow from 296 million in 2023 to 501 million by 2026, reflecting a steady increase in profitability [27][185]. - Revenue is expected to rise from 794 million in 2024 to 1.34 billion in 2026, indicating a robust growth trajectory [27][178]. - The company's R&D expenses are projected to increase from 165 million in 2023 to 274 million by 2026, highlighting a commitment to innovation [27][185]. Revenue Breakdown - In 2023, the revenue composition includes 91.9% from software product licensing, 4.06% from data and industry solutions, 3.44% from maintenance services, and 0.59% from database appliances [45][178]. - The software product licensing segment is expected to grow at a rate of 23% in 2024, reflecting strong demand for the company's core offerings [178]. Market Position and Competitive Advantage - Dameng Data has established itself as a key player in the domestic database market, consistently ranking first among local database vendors from 2020 to 2022 [82][124]. - The company has developed a comprehensive ecosystem, collaborating with over 8,100 hardware and software products to ensure compatibility and enhance its market presence [140][141]. - The company's focus on high-security database solutions positions it favorably in sectors requiring stringent data protection measures, such as finance and government [104][106]. Growth Strategy - The company aims to leverage the ongoing digital transformation initiatives in China, particularly in government and critical industries, to expand its market share [141][172]. - Dameng Data is actively involved in the "2+8+N" strategy, targeting key sectors such as finance, telecommunications, and energy, to drive growth and innovation [141][172].
达梦数据:新股研究报告:国产数据库“皇冠上的明珠”
民生证券·2024-06-04 09:00