DNT(SZ:300245)2022-12-08 09:45Product Overview - PBData is a self-developed database cloud platform by Tianji Technology, featuring high bandwidth and low latency through Infiniband interconnection, combining high-performance X86 servers with flash-based distributed storage [1] - The market for distributed storage was approximately 13 billion in the previous year [2] Market Trends - The trend towards domestic replacement in cloud computing is expected to intensify, with X86 gradually replacing traditional small machines since 2005 [3] - The degree of X86's replacement of small machines has been significant since 2014, with external policy pressures likely accelerating this trend [3] Product Demand and Profitability - The priority order for new products based on market demand is: PriData, Phegdata, PBDATA; however, the company's development priority is PBDATA, Phegdata, PriData [3] - Profit margins are closely linked to sales volume, with R&D costs currently being expensed, making specific forecasts challenging [3] Key Industries and Clients - The largest sectors for PBDATA are telecommunications and finance, which are seen as promising markets due to their high recognition of new technologies [4] - In the first half of 2015, PBDATA achieved sales of 12 units, with a total of 10 clients currently testing the database cloud platform [8] Competitive Positioning - Tianji Technology has a competitive edge due to its long-term technical accumulation and resource advantages, especially in comparison to larger companies like Huawei and Oracle [5] - The pricing for the database cloud platform is approximately 20-30 million per node, which is about 40% cheaper than Oracle but more expensive than Huawei [8] Strategic Directions - The company is actively promoting the localization of infrastructure and assisting the financial industry in its transformation, with a focus on developing new products and solutions [7] - Tianji Technology is collaborating with domestic manufacturers for database testing, indicating a commitment to local partnerships [8] Financial Performance - The company maintains an annual growth rate of approximately 15-20%, although actual performance may vary [8] - The subsidiary, Pingmin Software, primarily operates on a service fee basis due to its focus on open-source products, and has begun receiving orders this year [9]