丨证券研究报告丨 公司研究丨点评报告丨达梦数据（688692.SH） [Table_Title] 达梦数据2024年年报点评：行业信创稳步推进， 营收利润快速增长 报告要点 [Table_Summary] 本报告期内公司营业收入同比增长 31.49%，主要原因包括：（1）受益于能源、交通等领域信 息化建设的加速推进及相关采购的增长，软件产品使用授权业务收入较上年同期增长 22.79%； （2）公司积极推进在实施项目的交付与验收，本期数据及行业解决方案业务收入同比增长 204.51%。公司核心业务毛利率稳健，2024 年 Q4 季度盈利能力大幅回升。信创有望再加速， 公司在稳健增长基础上有望提速。 分析师及联系人 [Table_Author] 宗建树 余庚宗 SAC：S0490520030004 SAC：S0490516030002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 达梦数据（688692.SH） cjzqdt11111 [Table_Title 达梦数据 2024 2] 年年报点评：行业信创稳步推 进，营收利润快速增长 [Ta ...

2024 年年度股东会会议资料 武汉达梦数据库股份有限公司 2024 年年度股东会会议资料 股票简称：达梦数据 股票代码：688692 二〇二五年五月 2024 年年度股东会会议资料 目 录 | 2024 | 年年度股东会会议须知 | | 2 | | --- | --- | --- | --- | | 2024 | 年年度股东会会议议程 | | 4 | | 议案一：关于公司 | 2024 | 年年度报告及其摘要的议案 | 6 | | 议案二：关于公司 | 2024 | 年度董事会工作报告的议案 | 7 | | 议案三：关于公司 | 2024 | 年度监事会工作报告的议案 | 18 | | 议案四：关于公司 | 2024 | 年度财务决算报告的议案 | 23 | | 议案五：关于公司 | 2025 | 年度财务预算报告的议案 | 30 | | 议案六：关于公司 | 2024 | 年度利润分配及资本公积转增股本方案的议案 | 32 | | 议案七：关于预计 | 2025 | 年度日常性关联交易的议案 | 34 | | 议案八：关于与中国电子财务有限责任公司签订《全面金融合作协议》暨 | | | | | 关联交易的 ...

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 report maintains a "Buy" rating for the company [2][7]. Core Insights - The company reported strong performance in 2024, with total revenue reaching 1.044 billion yuan, a year-on-year increase of 31.5%, and a net profit attributable to shareholders of 362 million yuan, up 22.2% year-on-year [7]. - In Q1 2025, the company exceeded expectations with revenue of 258 million yuan, representing a 55.6% year-on-year growth, and a net profit of 98.16 million yuan, up 76.4% year-on-year [7]. - The growth in revenue is attributed to the robust performance of software licensing and a significant expansion in data and industry solutions [7]. - The company continues to invest in research and development, focusing on key technologies such as distributed databases and high-performance query optimization, which supports future growth [7]. Financial Data and Profit Forecast - The company forecasts total revenue of 1.359 billion yuan for 2025, with a year-on-year growth rate of 30.1%, and a net profit of 483 million yuan, reflecting a 33.5% increase [6]. - The gross margin for 2024 was reported at 89.63%, slightly down from 95.81% the previous year, primarily due to a higher proportion of lower-margin data and industry solutions [7]. - The company expects to maintain stable profit margins despite a slight decline in overall gross margin due to the increasing share of integrated machine and solution business revenues [7].

一、 股东会有关情况 1. 股东会的类型和届次： 证券代码：688692 证券简称：达梦数据 公告编号：2025-023 武汉达梦数据库股份有限公司 关于2024年年度股东会增加临时提案的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 2024年年度股东会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | A 股 | 688692 | 达梦数据 | 2025/4/28 | 二、 增加临时提案的情况说明 公司已于2025 年 4 月 15 日公告了股东会召开通知，直接持有7.64%股份的 股东冯裕才，在2025 年 4 月 25 日提出临时提案并书面提交股东会召集人。股东 会召集人按照《上市公司股东会规则》《上海证券交易所科创板上市公司自律监 管指引第 1 号—规范运作》有关规定，现予以公告。 3. 临时提案的具体内容 2. 股东会召开日期：2025 年 5 月 8 日 3. 股东会股权登记日： 1. 提案人：冯裕才 2. 提案程序说明 2025 年 4 ...

招商证券股份有限公司 关于武汉达梦数据库股份有限公司 2024 年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》和《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 等有关法律、法规的规定，招商证券股份有限公司（以下简称"招商证券"或"保 荐机构"）作为武汉达梦数据库股份有限公司（以下简称"达梦数据"或"公司"） 持续督导工作的保荐机构，负责达梦数据上市后的持续督导工作，并出具 2024 年度持续督导跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具 体的持续督导工作制定相应的工作计划。 | 保荐机构已建立健全并有效执 | | | | 行了持续督导制度，并制定了 | | | | 相应的工作计划。 | | | 根据中国证监会相关规定，在持续督导工作开始 前，与上市公司或相关当事人签署持续督导协议， | 保荐机构已与达梦数据签订 《保荐协议》，该协议明确了 双方在持续督导期间的权利和 | | 2 | 明确双方在持续督导期间的权利义务，并报上海证 | ...

Summary of the Conference Call for Dameng Data Company Overview - Dameng Data reported a revenue of 258 million yuan in Q1 2025, representing a year-on-year growth of 55.61% [2][4] - The net profit attributable to shareholders reached 98.16 million yuan, up 76.39% year-on-year, with a non-recurring net profit growth of 87.92% [2][4] - The company maintains a high gross margin of 96.92% and a net profit margin of 37.45% [2][5] Financial Projections - Analysts predict that Dameng Data's revenue will reach 1.386 billion yuan, 1.768 billion yuan, and 2.203 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 485 million yuan, 569 million yuan, and 643 million yuan [2][6] - The expected growth rate for the next three years is between 20% and 25%, indicating a stable growth outlook [2][6] Industry Insights - The database industry is characterized as an oligopolistic market with high barriers to entry, dominated globally by AWS, Microsoft, Oracle, and others, while Chinese companies like Alibaba Cloud and Huawei are emerging [2][7] - The industry is expected to maintain a growth rate of around 30%, with the domestic market size projected to exceed 100 billion yuan by 2027 [2][7] Strategic Directions - In the context of AI, the future development of databases includes expanding into upstream and downstream areas such as storage, integrated machines, and computing power, as well as building a foundational software ecosystem [2][8] - Dameng Data is actively advancing in cloud, distributed systems, and vector databases, including integrated machines and international expansion to meet market demands [2][10] Competitive Positioning - Dameng Data's growth is attributed to its deep focus on core business systems, closely linked with chips and operating systems, which creates a strong domestic substitution demand [2][11] - The company has achieved a revenue growth rate significantly higher than that of Kingsoft Office, which has seen a 20% decline in its信创 (Xinchuang) revenue due to its reliance on upper-layer application software [2][11] Market Dynamics - The database industry is expected to consolidate, with a potential reduction to around ten core companies capturing 50% to 70% of the market share [2][13] - Dameng Data's position is critical and its capabilities are rare, suggesting a continued rapid growth rate of 25% to 30% over the next three years [2][14] Valuation and Investment Considerations - The current market valuation corresponds to approximately a 50 times price-to-earnings (PE) ratio, with a reasonable expectation of reaching 75 times PE under conditions of sustained rapid growth [2][14][15] - Investors are encouraged to recognize the investment opportunity in Dameng Data, particularly in light of the ongoing trends in technology demand and domestic substitution [2][15] Upcoming Events - Dameng Data is compiling order data for Q1 and the previous year, with an upcoming performance exchange meeting scheduled in Wuhan [2][16]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Views - The company reported a significant year-on-year revenue increase of over 50% and profit growth exceeding 70% in Q1, driven by accelerated information technology initiatives in sectors such as government, energy, and transportation [1][6]. - The report emphasizes the company's strong performance amid favorable policies and industry acceleration, positioning it as a leading database provider entering a rapid growth phase [1][6]. Financial Data and Valuation - Projected total revenue for 2023 is 794 million, with a year-on-year growth of 15%, and expected to reach 2105 million by 2027, reflecting a compound annual growth rate of approximately 28% [2][11]. - The company's operating profit is forecasted to grow from 311 million in 2023 to 776 million in 2027, with a consistent growth rate of around 26% [2][11]. - Net profit attributable to shareholders is expected to increase from 296 million in 2023 to 732 million in 2027, maintaining a growth rate of approximately 25% [2][11]. - The report highlights a stable gross margin of 96.92% in Q1, with a decrease in expense ratios due to revenue growth [6][11]. Market Performance - The company's stock price has shown a strong absolute performance of 304% over the past 12 months, outperforming the benchmark index [5]. - The current stock price is 335.45 yuan, with a market capitalization of 25.5 billion yuan [3][5]. Industry Context - The report notes that the importance of self-sufficiency has increased amid escalating trade tensions, enhancing the certainty and prosperity of the domestic information technology sector [6]. - The domestic information technology industry is entering a critical phase of development, supported by favorable policies and increasing demand for domestic products [6].

武汉达梦数据库股份有限公司 关于在中国电子财务有限责任公司存款的风险处置预案 第一章 总则 第一条 为有效防范、及时控制和化解武汉达梦数据库股份有限公司（以下 简称"本公司"或"公司"）及所属子公司在中国电子财务有限责任公司（以下 简称"中电财务"）存款的风险，维护资金安全，保证资金的流动性，根据《上 海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》《关于规范上 市公司与企业集团财务公司业务往来的通知》（证监发〔2022〕48 号）的规定， 特制定本风险处置预案。 第二章 风险处置组织机构及职责 第二条 公司存款风险处置预案负责人为公司财务负责人，负责组织存款风 险的防范和处置工作，对公司董事会负责。 第三条 风险处置预案具体实施部门为公司财务部。公司财务部作为风险处 置预案具体实施部门，应密切关注中电财务日常经营情况，一旦发现风险苗头， 应立即启动处置预案，开展风险防控。具体工作职责如下： （一）积极筹划、落实各项防范化解风险的措施； （二）收集信息，重在防范。督促中电财务及时提供相关信息，关注中电财 务经营情况，并从集团、集团成员单位或监管部门及时了解信息，做到信息监控 到位，风险防范有效； ...

证券代码：688692 证券简称：达梦数据 公告编号：2025-022 上述关联交易已经公司第二届董事会独立董事第二次专门会议、公司第二届 董事会第十次会议和第二届监事会第七次会议分别审议通过，关联董事及关联监事 已回避表决。本事项尚需提交公司股东会审议。 一、关联交易概述 为确保长期获得稳定可靠的资金来源保障，降低财务成本，提高综合经济效益， 保障持续稳定发展，公司拟与关联方中电财务签订《全面金融合作协议》。根据该 协议，中电财务在其经营范围许可的范围内，为公司及所属子公司提供有关金融服 务，包括但不限于办理财务和融资顾问、信用鉴证及其它相关的咨询、代理服务、 武汉达梦数据库股份有限公司 关于与中国电子财务有限责任公司签订《全面金融合作 协议》暨关联交易的公告 武汉达梦数据库股份有限公司（以下简称"公司"）拟与关联方中国电子财 务有限责任公司（以下简称"中电财务"）签订《全面金融合作协议》，中电财务 为公司及所属子公司提供包括但不限于办理财务和融资顾问、信用鉴证及其它相关 的咨询、代理服务、存款服务、贷款服务等业务。 中国软件与技术服务股份有限公司（以下简称"中国软件"）为直接持有公 司 5%以上股份的法人 ...