Da Meng Data: How long can the 90%gross profit margin be maintained at the first share of the domestic database?

Summary √ Dream Data is a key promoter in the development of domestic database product development service providers and the development of the domestic database basic software industry. Da Meng Database provides customers with a series of database products and related technical services such as various database software and cluster software, cloud computing and big data, and is committed to becoming the top full -stack data product and solution provider in the world. On June 29, 2022, Da Meng Data submitted the prospectus for the first time, ready to go public on the Science and Technology Board, impacting the "domestic database's first share". √ Dream data revenue continues to show a high -speed growth trend. The proportion of core technology product revenue continues to exceed 97%, the gross profit margin is extremely high, and the authorized gross profit margin of software products has remained above 99%. Da Meng data has increased at high operating income. Although it is still growing, it has reached the industry's leading level, and scientific research investment has also increased. √ Dream Data has established a good academic exchanges and cooperation mechanism with domestic universities, research institutes, and basic software companies. Through jointly undertaking scientific research projects, transformation of scientific and technological achievements, and entrusted technology development, it is based on the advantages of external talents and technological advantages. The company's existing resources, promoting resource sharing, complementary advantages, reducing R & D risks, improving technical strength, realizing the integration of production, research, research, and innovation capacity to upgrade. Produced | Zero One Think Tank Author | Wu Mei's Editor -in -law | Li Xin Catalog I. Company Introduction (1) Company Overview (II) Equity structure (3) Raising funds 2. Financial conditions (1) The development momentum is rapid and revenue increases significantly ( 2) The proportion of authorization revenue for software products and increasing increase (3) The main business gross profit margin is high, and the company's profitability is strong (4) R & D investment has steadily increased. In 2021, it exceeded 100 million (5) in the industry Leading, impact domestic industry leaders III, products and business (1) Software product authorization authorization 1. Dream Database Management System 2. Database cluster software 3. Cloud computing and big data products (2) data and industry solutions (3) transportation Vitamin (4) Sales of important customers 4. Opportunities and challenges (1) Opportunities 1. The degree of national security attaches great importance to the generalization of basic software. Integrated industry, university, research, and research talents to help Xinchuang (2) Challenge 1. At this stage, the market share is low, and the pressure of competition with domestic and foreign giants is huge. 2. Open source free database promotion.

1. Company introduction

(1) Company overview

Wuhan Da Meng Database Co., Ltd. (hereinafter "Dream Data") was established in 2000. It is the leading domestic database product development service provider and the key promoter of the domestic database basic software industry. Da Meng Data provides customers with a series of database products and related technical services such as various database software and cluster software, cloud computing and big data, and is committed to becoming the top full -stack data product and solution provider in the world. On June 29, 2022, Da Meng Data submitted the prospectus for the first time, ready to be listed on the science and technology board. In this IPO, Dameng Data plans to raise funds of 2.351 billion yuan. Once successful listing, Da Meng Data will become the "domestic database's first share".

Da Meng Data has gone through three stages of the development stage of prototype product development and establishment manufacturers in the theoretical research phase of the research group as the main form of the research group. Over the years, Da Meng data has always adhered to the technical route of original innovation and independent research and development. At present, the company has mastered the core cutting -edge technologies in the field of data management and data analysis, and has independent intellectual property rights that have all core source code. The main products include the database series products represented by the Dream Database Management System (DM8), Dimeng Data Sharing Group (DMDSC), and Dimeng Data Guardians (DMDATAWATCH). The representative cloud computing and big data products. Since its establishment, Dameng Data has been completed and has won dozens of national or provincial or ministerial scientific research and development projects and awards, and has gradually grown into a leading enterprise in the domestic database industry. As of March 31, 2022, the company has obtained a total of 293 software copyrights and 177 invention patents.

Dimeng data serves well -known enterprises including Construction Bank, China Public Insurance, State Grid, China Aviation Credit, China Mobile, and China Tobacco. Essence According to a report released by IDC, from 2019 to 2021, the company's product market share ranks among the top domestic database manufacturers in the Chinese database management system market.

(2) Equity structure

As of the date of signing the Data Data Prospects, Feng Yu directly held 10.1872%of the issuer. Mengyu Technology, Shu Tianyun, Debes, Natal Juyun, Huimengyuan, Diminga Huijia, Diminga Huijia, and Duzu Tong have 8.9754%, respectively. 4.5614%, 4.3304%, 3.5767%, 2.9163%, 1.4281%, 1.1509%, 1.1456%of voting rights, Feng Yu has controlled 28.0847%of the voting rights through the above -acting partnerships. In addition, Feng Yu actually controlled the distribution of 2.2807%of the voting rights through the consistent action relationship with Han Zhu Zhong and Zhou Chun. In summary, Feng Yucai's total right to act in total control of 40.5527%of the issuer's shareholders meeting. In addition, China software holds 25.21%of the shares, CLP Tianjin holds 5.26%of the shares, Beijing Xinrun holds 4.21%of the shares, the opening force holds 2.63%of the shares, Huagong Mingde accounts for 2.63 2.63 For%of the shares, other shareholders hold a total of 19.50%of the shares. Generally speaking, Da Meng's data equity structure is relatively scattered, and there are no shareholders with a single stock of more than 30%, and there is no controlling shareholder. Feng Yucai's total control of 40.5527%of the issuer's shareholders 'general meeting, which has a significant impact on the decision -making of the issuer's shareholders' meeting, and is the actual controller of the issuer.

The company's actual controller Feng Yucai has taught at the Computer Department of the University of Science and Technology of China. Since 1980, the research team has been formed to conduct research on database technology. In 1990, it was officially rated as a professor. In 1993 He has served as the legal representative and has been the deputy director of the Database Professional Committee of the Chinese Computer Society since 2002. Feng Yucai, an expert in the computer and database field, actually controlled the company. His own scientific research ability and the stability relationship with the University of Science and Technology of China provided the company with strong technical support and talent support. One of the important reasons in the field of domestic databases.

(3) The use of funds raised

After deducting the issuance costs of the fundraising funds issued and listed this time, they will invest in the following projects: cluster database management system upgrade project, high -performance distributed relationship database management system upgrade project, new generation cloud database product construction project, Da Meng China database industry The construction project of the base and Dream Research Institute, with a total investment of 2.351 billion yuan, the specific investment amount is as follows:

Table 1: The use of funds for raising funds

Source of data: Dream Data Open prospectus, digital workshop,

Zero -One Think Tank

Second, financial status

(1) The development momentum is rapid, and the revenue increases sharply

Dammeng data prospectus shows that from 2019 to 2021, the company's revenue continued to show a high -speed growth trend. In 2021, revenue exceeded twice the revenue in 2019, reaching 743 million yuan. The net profit of home has maintained a high -speed growth in the past three years, with 89 million yuan, 149 million yuan and 444 million yuan, respectively, and the growth rate of 2021 was 197.99%. In the company's total revenue, the proportion of core technology products has continued to exceed 97%.

Figure 1: From 2019 to 2021, Dimeng Data Business Revenue (100 million yuan)

Data source: Wind, Digital Guyers, Zero One Think Tank

Figure 2: From 2019 to 2021, Dream Dream Data returns to mother net profit (100 million yuan)

Data source: Wind, Digital Guyers, Zero One Think Tank

(2) The proportion of authorization income for software products accounted for the first and continued to increase

According to the company's prospectus, the main business income of Dameng data comes from the authorization of software products, followed by data and industry solutions. Only a few operating income comes from operation and maintenance services. In the past three years, the use of software products to the company's revenue has increased from 69.32%to 86.57%. This is because the company's software products are continuously enriched, which can meet more diverse demand, and the market for software products can be met. The degree of recognition has also increased, and customers have increased.

Figure 3: From 2019 to 2021, Dream Dream Data Data Various business revenue proportion

Data source: Wind, Digital Guyers, Zero One Think Tank

(3) The main business has a high gross profit margin, and the company's profitability is strong

From 2019 to 2021, the company's main business gross profit margin was 80.32%, 90.27%, and 90.60%, respectively. The gross profit margin of the company's main business in 2020 has increased significantly compared with 2019, mainly due to the proportion of the authorized business of high gross profit margin in 2020 to the company's main business structure, which has increased significantly. In 2021, the company's software product use authorization business revenue accounted for further proportion of the main business income, but the gross profit margin of the overall main business was basically unchanged, mainly because the gross profit margin of data and industry solutions had declined.

Table 2: Dream Data Data Various Master Business Magbine

Data source: Wind, Digital Guyers, Zero One Think Tank

(4) R & D investment has grown steadily, breaking 100 million in 2021

According to the company's prospectus, the research and development costs of Dream Dream from 2019 to 2021 have steadily increased, with 63 million yuan, 97 million yuan, and 118 million yuan, respectively. The first research and development costs of 2021 exceeded 100 million. In the future, the company will also target international leading companies in frontiers of databases such as shared data clusters, distributed databases, database all -in -one machines, increase investment in research and development, and strive to achieve the catch -up and transformation from chaser to leaders. However, it should be noted that Dream Data ’s research and development costs in 2021 accounted for less than 20%of the revenue. As a high -tech enterprise that emphasizes independent research and development, the value of the prospectus believes that this phenomenon is a significant increase in sales in 2021.

Figure 4: The cost and growth rate of Dream Dream data in 2021 in 2019

(100 million yuan)

Data source: Wind, Digital Guyers, Zero One Think Tank

(5) Revenue growth rate in the industry, impacts the leading domestic industry

Compared with the company's revenue in the past three years with other leaders in the industry (represented by the people's Congress Jincang, Youxuan Software, and Shenzhou GM), it can be found that other companies' operating income is relatively stable and the growth rate is low. Dreaming data operating income reached the first domestic in 2021, and Youxuan Software, which exceeded the second place, was 204 million yuan, and maintained a high growth rate. Although it is still growing, it has reached the industry's leading level. In summary, so far, the company's core products have strong profitability and rapid development momentum.

Figure 5: Comparison of revenue status of industry leaders (100 million yuan)

Data source: Wind, Digital Guyers, Zero One Think Tank

3. Products and business

According to the different types of business, the main products and services of Dimeng data include authorization of software products, data and industry solutions and operation and maintenance services.

Table 3: Dream Data Main Products and Services

Source: company prospectus, digital workshop, zero -1 think tank

(1) Authorization of software products

Software products are authorized to be the core profit business of Dameng data. Through basic database software, database cluster software for different application scenarios, and cloud computing series software, big data series software and other products to form a product ecosystem with database management systems as the core, covering from data exchange, data storage, data governance to data analysis The entire industry chain can provide customers with enterprise -level full -stack data solutions and technical services.

1. Dream Database Management System

Dimeng Database Management System (DM for short, the latest version is DM8) is a large -scale general -purpose relational database with independent intellectual property rights. Its core source code is 100%self -developed and does not depend on open source database. The database is certified and reviewed by the Ministry of Public Security and the National Network and Information System Security Product Quality Supervision and Inspection Center. In addition, it also has enterprise -level characteristics such as multi -core treatment, oversized memory, fault treatment recovery, and high compatibility. The overall technical level has reached the leading domestic and international advanced standards, which can meet the various requirements of customers.

2. Database cluster software

The database cluster refers to the use of at least two or more database servers to form a logical database, which can provide transparent data services to the client like a single database system. On the basis of large -scale general database products, Dimeng Data can provide various types of database cluster forms through different Dream database management systems "splicing" methods for data processing of industry and business scenarios. Users can organize Dream database management systems with the same kernel according to different forms of business scenarios, forming differentiated cluster services, improving the performance and reliability of the system, and realizing an enterprise -level database system solution.

Table 4: Dream Data Main Database Cluster Software Products

Source: company prospectus, digital workshop, zero -1 think tank

3. Cloud computing and big data products

Cloud computing series products, referring to the platform service layer (PAAS) in the field of cloud computing, providing products based on cloud -based resource scheduling, application delivery, micro -service governance, database cloud services. It mainly includes the Dream Qi Yunyun Open Platform and the Dameng Qiyun Database Cloud Service System.

Big data series products are focused on the entire link of data management such as multi -source data access, data governance, data query, data analysis, and visualization, and provides users with different industries with rich products including data management, data flow, data services, data applications and other aspects Essence The series of products include Dameng Qizhi Data Governance Platform and Dayng Qizhi Big Data Visualization System.

It is often necessary to support the data of the data and use a large number of ecological products around the database management system. Current common database ecological tools usually include database security reinforcement, data migration and synchronization, data backup management, data quality, data governance and other tools. Dimeng Data is based on providing a full life cycle solution. In terms of data synchronization and integration, it has also developed relevant tool software, including Dimeng Data Real -time Synchronous Software (DMHS) and Dimeng Data Exchange Platform Software (DMETL).

The Shu Tianmeng map database is a distributed graph database management system with independent intellectual property data. It adopts a distributed structure of calculation and storage separation. High -performance map computing power; fine -grained security access control mechanisms such as diagrams, vertices, edges, and labels of graph models to meet different levels of security access control needs; comprehensively support domestic software and hardware platforms. The Shu Tianmengtu database is suitable for clue analysis of Tonglian data, financial data, and character relationships. It can be widely used in the fields of bank anti -fraud, financial risk control, manufacturing supply chain management, Internet social networking, smart transportation and other fields. (2) Data and industry solutions

With the continuous deepening of digital governance and digital transformation of major industries and party and government agencies, users have put forward higher requirements for manufacturers in terms of how to comprehensively use technical tools to build overall solutions and use big data to improve business management capabilities. Based on its own software products and technology, Da Meng Data closely combines the experience in the field of data governance and big data analysis with the user's industry application scenarios. The needs of users such as commissions and other industries provide data and industry solutions. In the solution, Da Meng Data takes its own software products and technology as the core, integrates third -party software and hardware products or other services, and helps users solve the overall informatization needs in business scenarios in the form of projects.

(3) operation and maintenance service

In order to ensure the stable, reliable, and efficient operation of the company's software products, data and industry solutions, Dream Data provides customers with timely and efficient system planning and technical consulting, product deployment, operation and maintenance, failure processing, health inspection, data implementation of data implementation , Data governance, data analysis, performance optimization and other professional technical support and services.

(4) Sales of important customers

Dimeng Data Services serves the Construction Bank, Bank of Communications, Everbright Bank, Xingye Bank, Guangfa Bank, Guohuang, China Life, Postal Savings Bank, China PR, China Evangelion, China Mobile, China Tobacco, National Market Supervision The well -known users including the General Administration of Management, People's Procuratorates at all levels, people's courts at all levels, National Development and Reform Commission, National Immigration Bureau, China Securities Regulatory Commission, Shanghai Stock Exchange, Shenzhen Stock Exchange, etc. have successfully applied the number Ten areas. According to the Dawng Data Prospectus, the top five customers of Dimeng Dream data from 2019 to 2021 have always maintained the first other customers in other customers. , Customers will not repeat the reason for buying in the short term. The company's current sales to a single customer did not exceed 50%of the current total sales, and there is no serious dependence on a few customers.

Table 5: From 2019 to 2021

Source: company prospectus, digital workshop, zero -1 think tank

Fourth, opportunities and challenges

(1) Opportunity

1. According to the increase in security, the country's independence trends are tending to be autonomous

With the in -depth development of the Internet, information security has become a hot spot for the country and the whole society. The successive promulgation of laws and regulations such as the "Cyber ​​Security Law", "Data Security Law", and "Personal Information Protection Law" have provided solid institutional guarantee for the continuous development and improvement of the security protection and supply chain security of my country's information infrastructure. Under this background trend, the Chinese database market is producing significant structural changes. Basic software such as databases and domesticization has become a certain direction.

Da Meng Data has 40 years of independent research and development experience and has rich cooperative experience with the government. He is the pioneer of the construction of the "Internet+Government Affairs" service system. Special, the breakthrough of localization of key core technologies such as shared storage clusters has been realized, and it has broken the technical monopoly of foreign database manufacturers.

In the future, the government and enterprises will further attach importance to the protection of data security. Therefore, the market prospects of domestic databases are very broad, and the demand will continue to grow. Da Meng Data is worthy of optimism as a leader among domestic database manufacturers.

2. There is a supply gap in the underdeveloped countries, and domestic brands open up the pioneers of overseas markets

With the development of developed countries such as Africa, the demand for basic software such as databases is gradually increasing. This part of the market is gradually becoming an important "territory" for similar enterprises. As the leader of domestic database software, Da Meng Data is also actively going abroad and exploring overseas markets in addition to cooperating with domestic enterprises. The application of the company's products in projects such as the "China -Laos Railway", "Zimbabwe Super Calculation Center" and "Thailand Education Cloud Platform" fully demonstrates its superior performance. It can open foreign markets based on such countries and firmly grasp the leading advantages in domestic databases.

3. Implement the integration of production, research, research, and research talents to help Xinchuang

Da Meng Data and domestic universities, research institutes, basic software companies such as the Institute of Software of the Chinese Academy of Sciences, Peking University, Huazhong University of Science and Technology, Donghua University, Tianjin Shenzhou General Data Technology Co., Ltd., Beijing Dongfangtong Technology Co., Ltd., Tianjin Kirin Kirin Information Technology Co., Ltd., Winning Software Co., Ltd., etc. have established a good academic exchanges and cooperation mechanism. Through jointly undertaking scientific research projects, transformation of scientific and technological achievements, and entrusted technological development, etc., rely on external talents and technological advantages, combine the company's existing resources of the company's existing resources , Promote resource sharing, complement each other, reduce R & D risks, improve technical strength, realize the integration of production, university and research, and upgrade Xinchuang capabilities. In addition, Da Meng Data also established a special Dream Training Center to provide all -round talent training projects such as the popularization of the Dream database management system and related product knowledge, certification training, training cooperation, and school -enterprise talent training to help the database Industrial chain training and talent reserves to solve the problem of new talent gaps.

(2) Challenge

1. At this stage, the market share is low, and the pressure of competition with giants at home and abroad is high

The basic software industry has high technical barriers and market barriers. At present, international database companies still occupy most of the market share. International giant companies have the advantages of rich product lines, profound technical reserves, mature R & D teams, strong capital strength, and earlier development advantages entering the domestic market. Compared with international giants, Dreaming's comprehensive competitiveness is still in a weak position. At the same time, some domestic Internet and communications leading companies have also gradually entered the relevant markets by relying on cloud databases, open source databases and other products, such as Ali, Baidu, Huawei, etc. Such companies have higher popularity, more R & D experience, and stronger funding support. How to compete with the products of such a strong faithful Capital Enterprise and gain the trust of customers are an important challenge for Dream Data. one.

2. Open source free database promotion, the gross profit margin has a decline risk

As mentioned earlier, in the past three years, Dimeng's data gross profit margin has remained above 90%. Software product use authorization business is the main source of gross profit of the company's main business. However, in the future, with the extension of the company's business to the upstream and downstream of the database, and the sales of new products such as cloud database and database all -in -one, the company's business structure may change and lead to a decline in the gross profit margin level of the main business. At the same time, with the increasing competition in the domestic database market and the promotion of open source and free database products, the company may face the risk of decline in sales prices of database products and decline in gross profit margin. How to reflect the performance advantages of Dimeng database products in the competition with such products, improve the irreplaceability of products and services, thereby ensuring that sales and profitability are essential for the company.

- END -