Dameng is the leading domestic database. Its centralized relational database will continue to benefit from the promotion of innovation in the party government, energy, finance and other industries; in addition, the company is actively expanding its big data product matrix. The all-in-one database can be expected to be rapidly deployed and covered for the first time, giving it a “highly recommended” investment rating.

It started at the Huagong Database Research Institute and emerged as a big opportunity for Xinchuang. Dameng Data originated from founder Feng Yucai's dream of technological independence and industry serving the country. From CRDS, China's first prototype of a domestic database management system with independent copyright; to continuous product iteration and upgrading, the core products DM7 and DM8 were launched one after another, and the core technology of shared storage clusters was broken through, and Dameng Data gradually grew into the mainstay of domestic databases. However, from the selection of the State Grid's domestic database around 2008 to the development of the Xinchuang industry around 19, the company experienced rapid development under great opportunities; since '22, Industry Xinchuang has taken over the Party and government efforts, and the company's performance has continued to grow at a high quality. Driven by stock replacement and incremental growth, there is still plenty of room for the company's best-selling products; distributed, non-relational, and all-in-one big data layouts further open up room for growth.

Take the lead in reaching the dream by taking the lead by replacing the blue lantern with domestic production. We are firmly optimistic about the future of domestic databases. On the one hand, the performance of domestic databases has improved significantly, successful cases are gradually being implemented, and acceleration of replacement is an inevitable trend; on the other hand, databases are mainly at the same frequency as deIOE for business application systems, and there is still plenty of room for stock replacement+incremental growth. Domestic database selection values factors such as product safety, reliability, compatibility, stability, and core code autonomy. Dameng Data has a competitive advantage: (1) adhering to the autonomous closed source route; (2) winning the “pearl” of database technology, Oracle's compatibility performance is outstanding; (3) maintaining leading share, electricity and other industries have monopolistic advantages, and a wealth of high-end scenario cases.

“Old-fashioned” but not “traditional,” Dameng's big data layout is a sea of stars. Dameng is famous for centralized relational databases, and the market may worry that Dameng is uncompetitive in the big data era. We believe: (1) Centralized, relational, and locally deployed databases are still and will be the main battleground for domestic database replacement in the long term, and are more mature, commercialized, and have better cash flow and benefits compared to distributed databases; (2) As an established domestic database vendor, even though it is not well-known for non-relational, distributed, and cloud deployment databases, it has always persisted in welcoming new databases, such as non-relational, distributed, and distributed type, all-in-one database machine, There is continuous R&D investment and product layout in AI and other fields.

First coverage, giving a “Highly Recommended” investment rating. We believe that as a leader in domestic databases, the company will benefit from the continuous advancement of innovation in the party government, energy, finance and other industries, and the expansion of the company's big data product matrix. It is expected to achieve net profit of 0.335/0.395/0.463 billion yuan in 24-26. It is estimated to achieve net profit of 0.335/0.395/0.463 billion yuan for the first time, and give it a “highly recommended” investment rating.

Risk warning: technological innovation risk, market competition risk, policy implementation falling short of expectations, downstream demand falling short of expectations, abnormal stock price fluctuations in the early stages of listing