达梦数据投价：国产数据库领军，乘信创之风启航丨证券计算机

Financial Data and Key Metrics Changes - In 2023, the company's operating revenue reached 794 million, representing a year-on-year growth of 15.4% compared to 688 million in 2022 [4] - The net profit for 2023 was 296 million, showing a year-on-year increase of 10.1% from 269 million in 2022 [4] - The gross margin and net margin for 2023 were 95.81% and 37.28%, respectively, indicating strong profitability [4][23] Business Line Data and Key Metrics Changes - The software licensing business accounted for 91.65% of total revenue in 2023, up from 82.42% in 2020 [11][17] - The revenue from the core product, the Dameng Database Management System, constituted approximately 89.87% of software revenue in 2023 [11][17] - The company has diversified its revenue sources, with significant growth in the military sector, which saw a 98.11% year-on-year increase in 2022 [19] Market Data and Key Metrics Changes - The domestic database market is projected to grow at a CAGR of 26.1% from 2022 to 2027, driven by increasing enterprise business volume and data explosion [2] - The company has maintained a leading market share among domestic database vendors, with a 7% market share in the local deployment relational database market [2] - The demand from key sectors such as finance, energy, and telecommunications is expected to accelerate, with major state-owned enterprises beginning to issue tenders for domestic databases [2][12] Company Strategy and Development Direction - The company aims to leverage its three core competitive advantages: high autonomy, technical leadership, and high compatibility to capture market opportunities [3] - The strategic focus is on expanding from government sectors to various industries, enhancing its product offerings to meet high-performance requirements [2][12] - The company plans to continue investing in R&D and sales to capitalize on the opportunities presented by the domestic replacement trend [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the acceleration of domestic replacement in the database market, anticipating strong growth in mid-term performance [1][2] - The company is well-positioned to benefit from the increasing demand for secure and reliable database solutions amid the ongoing digital transformation [2] - Management acknowledged potential risks, including slower-than-expected progress in domestic replacement and increased market competition [3] Other Important Information - The company has a stable shareholding structure with significant state-owned enterprise involvement, which aids in market expansion [8] - The workforce has grown significantly, from 697 employees in 2019 to 1474 in 2023, reflecting the company's commitment to enhancing its capabilities [22] Q&A Session Summary Question: What are the company's growth prospects in the database market? - The company is expected to benefit from the rapid growth of the domestic database market, with projections indicating a CAGR of 26.1% from 2022 to 2027 [2] - The management highlighted the importance of expanding into various industries beyond government sectors to sustain growth [12] Question: How does the company plan to address competition in the market? - The company aims to leverage its high autonomy and technical capabilities to differentiate itself from traditional database vendors [3] - Management noted that the focus on product compatibility with existing systems, particularly Oracle, will be crucial in attracting new clients [3]