证券代码：688692 证券简称：达梦数据 公告编号：2025-032 武汉达梦数据库股份有限公司 关于变更公司注册地址、经营范围、修订《公司章程》 并办理工商变更登记的公告 根据公司自身经营发展情况及业务开拓需要，结合现行经营范围规范表述 相关要求，公司拟增加《武汉达梦数据库股份有限公司章程》（以下简称"《公 司章程》"）中的经营范围并进行适当修改，具体变更内容如下： 变更前的经营范围：数据库管理系统、数据中心、数据分析、信息系统集 成及网络工程等技术的开发、技术服务及内训；计算机软件的开发、制造及批 发兼零售；货物进出口、技术进出口、代理进出口（不含国家禁止进出口的货 物及技术）；经国家密码管理局审批并通过指定检测机构产品质量检测的商用 密码产品的批发兼零售（凭许可证在核定期限内经营）；经国家密码管理机构 批准的商用密码产品开发、生产（凭许可证在核定期限内经营）。（依法须经 审批的项目，经相关部门审批后方可开展经营活动）。 变更后的经营范围：大数据服务；数据处理和存储支持服务；软件开发； 信息系统集成服务；软件销售；信息系统运行维护服务；技术服务、技术开发、 技术咨询、技术交流、技术转让、技术推广；业务培 ...

自主研发技术构筑核心壁垒，借国产化大势实现快速发展。公司持续加大研发投入，2024 年研发投入 占营业收入的比例为19.79%，2025 年Q1 研发投入占营业收入的比例为21.21%。目前公司已在数据库管 理系统技术、数据库集群技术、云计算与大数据技术、数据库一体机技术等领域拥有SQL优化与执行、 存储管理等多项国际先进技术。公司还在数据库与人工智能融合应用方面布局研究，2025 年成都市卫 健信息中心基于达梦数据库打造的成都市全民健康信息平台成功部署DeepSeek 垂直领域大模型，构建 起全国首个符合信创标准的超大型城市智慧医疗服务平台，使跨医院间的数据调阅效率提升了10 倍。 近年来信息安全和供应链安全越来越得到国家、公众的重视，数据库国产化替代得到快速发展，数据库 国产率显著提升。随着客户逐步加大国产化产品采购比例，在关系国计民生的行业，公司与众多头部级 ISV 开展了技术适配、联合解决方案等合作，形成深度绑定的联合解决方案，助力市场销售。 持续扩展生态网络，推动服务能力不断升级完善。公司一直致力于共创行业可持续发展生态链，目前， 公司已与产业链上下游多家厂商完成11,000余款产品兼容适配，并与重 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6]. Core Insights - The company reported a revenue of 258 million yuan for Q1 2025, representing a year-on-year growth of 55.61%, and a net profit attributable to shareholders of 98 million yuan, up 76.39% year-on-year [1]. - The company is a leading domestic database provider, focusing on original innovation and independent research and development, which positions it well to benefit from the ongoing trend of domestic information technology [4]. - The company has made significant advancements in product innovation, including the successful launch of its database management system V8.4 and distributed version DMDPC, which meet high security and reliability standards [2]. Financial Performance - The company expects its net profit attributable to shareholders to reach 486 million yuan in 2025, 633 million yuan in 2026, and 809 million yuan in 2027, with corresponding PE ratios of 56X, 43X, and 34X [4][5]. - Revenue projections for the company are 1.36 billion yuan in 2025, 1.746 billion yuan in 2026, and 2.19 billion yuan in 2027, with growth rates of 30.2%, 28.4%, and 25.5% respectively [5][10]. Market Expansion - The company is actively optimizing its market channels and expanding its industry resources, maintaining a stable customer base in traditional markets such as finance and energy [3]. - The company is deepening its core business scenarios, particularly in the financial sector, where the demand for domestic products is increasing [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][18] Core Views - The company has demonstrated rapid growth in revenue and profit, with a projected revenue of 1.044 billion yuan in 2024, representing a year-on-year increase of 31.49%. The net profit attributable to shareholders is expected to reach 362 million yuan, up 22.22% [1][3][7] - The company is benefiting from the acceleration of information technology construction in sectors such as energy and transportation, leading to a significant increase in software licensing and operational service revenues [1][2] - The company is actively advancing its new database technology development in response to external pressures, particularly in the context of the ongoing US-China trade tensions [2][3] Financial Performance Summary - Revenue and profit growth: In 2024, the company expects revenue of 1.044 billion yuan (+31.49%) and net profit of 362 million yuan (+22.22%). For Q4 alone, revenue is projected at 415 million yuan (+19.34%) and net profit at 188 million yuan (+5.43%) [1][7] - Software licensing and operational services: Software licensing revenue is anticipated to be 894 million yuan (+22.79%), while operational service revenue is expected to grow by 38.50% to 38 million yuan [1][2] - Cash flow performance: The company achieved a net cash flow from operating activities of 473 million yuan, reflecting a year-on-year increase of 36.71% [2][17] Profitability Metrics - Gross margin: The overall gross margin for 2024 is projected to be 89.63%, a decrease of 61.8 percentage points year-on-year, primarily due to the rapid growth in data and industry solutions [2][12] - Expense ratios: The company has seen a decrease in expense ratios, with sales, management, and R&D expense ratios at 32.03%, 9.16%, and 19.79%, respectively [2][12] Future Projections - Revenue and profit forecasts: The company expects revenues of 1.268 billion yuan, 1.601 billion yuan, and 2.078 billion yuan for 2025, 2026, and 2027, respectively. Net profits are projected to be 465 million yuan, 589 million yuan, and 733 million yuan for the same years [3][4][18] - Valuation metrics: The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 57, 45, and 36, respectively [3][4][18]