278 Years old professor Huake impact IPO, Fengnian capital is expected to reap dozens of times the return

source ： Hit the net （ID：China-Venture） author ： Tao Huidong

This will be the largest of this year's science and Technology Innovation Board IPO One of .

In recent days, , A company concerned by the industry finally appeared on the scientific innovation board . It is the absolute leader of domestic databases , Wuhan Dameng database Co., Ltd., which can compete with Oracle （ abbreviation “ Damon data ”）.

In third-party statistics , Damon data has ranked first in the market share of China's domestic database management software for many consecutive years , Its founder is Feng Yucai, a former professor of Huazhong University of science and Technology . The database industry has been monopolized by Oracle for too long , The rise of Dameng data has sounded the horn of domestic substitution of databases . Coincidentally, , Feng Yucai has 78 The age of , Happened to be with Oracle founder Larry · Ellison is the same age .

According to the prospectus of Damon data , The compound annual growth rate of its operating income in the past three years is 56.95%; The compound annual growth rate of net profit is 111.85%. stay 2021 year , The net profit of Dameng data has reached 4.4 One hundred million yuan . Analysts say , The market value of Dameng data after its listing will reach tens of billions of Yuan . This will be the largest of this year's science and Technology Innovation Board IPO One of .

01 Another one “ Department of Huake ” The unicorn IPO

Most of the core team members of Dameng data are from the school of computer science, Huazhong University of science and Technology . Real controller 、 Chairman Feng Yucai was early 1993 In, he founded the Institute of database and multimedia technology of the school of computer science, Huazhong University of science and Technology , He is a leading figure in the field of database in China , Students are all over the database industry .

The Computer College of Huazhong University of science and technology has always had a tradition of entrepreneurship , Gong Hongjia, founding team of Hikvision 、 Chen zongnian and Hu Yangzhong graduated here . The listing of Dameng data , It means that Huake alumni circle will welcome another listed technology giant after Hikvision .

56 Year old start up ,78 year IPO. Although it has become normal for professors to ring the bell since the establishment of the science and Innovation Board , But inspirational entrepreneurial stories like Feng Yucai are still rare , Worthy of a sentence “ Dobbin ten driving , Work in ”. Damon data is 2000 Officially established in , To 2022 Submit the prospectus in , The duration of entrepreneurship has reached 22 year . And if from 1980 In, Feng Yu started the research and development of database management system , It has lasted for more than 40 years . The loneliness and persistence behind this may be difficult for outsiders to understand .

In the past 40 years , Domestic databases rarely attract the attention of the industry . Oracle has long been the absolute oligarch in the global database market , Plus IBM、SAP、 Microsoft and other companies , They occupy a large part of the market share , Domestic databases are almost silent . According to IDC （IDC） The statistics of , By 2019 year , In the traditionally deployed relational database market , Oracle has a market share of 34.7%： In Finance 、 Telecommunications and other high-end professional fields , Oracle database has a market share of 98%.

Because database matters , These high-end professional core areas are not easy to replace new systems , Domestic substitution is difficult , Tasks considered impossible .

Only in terms of time , The start of domestic databases is not too late . Feng Yucai was early 1988 In, it successfully developed China's first database management system with independent intellectual property rights CRDS, At that time, Oracle had not entered China . But the road from scientific research to marketization is extremely long .

Because complete localization is too difficult , stay 2000 After year , Out of consideration of reducing development costs , Many domestic teams choose to develop on the basis of foreign open source products . The data of Dameng led by Feng Yucai did the opposite , Made a deeply influential decision ——“ Core source code 100% Independent research and development , Do not rely on open source databases ”.

It is this insistence , Let Dameng data stand out in the subsequent wave of database localization , Become the first domestic database .

The strategy adopted by Damon data is “ Curve of national salvation ”, Cut into non core business , Build daily trust , Then extend to the core business .

Winning the first battle of China Life Insurance, an insurance giant, is very typical . Dameng first undertook the construction of office automation system of China Life Insurance , China Life Insurance has an intuitive experience of Damon's products in daily use , Later, he took the initiative to invite Dameng to participate in the type selection test of localization and substitution of core system .

Now , Dameng's products have appeared in Baihetan Hydropower Station 、 China Laos railway and other important projects , And telecommunications 、 Bank 、 Party and government organs 、 The securities and futures commission 、 Shanghai 、 Shenzhen Stock Exchange and other important scenes . More than 20 years of hard work , The database of independent intellectual property created by Dameng data is playing a role of safety net for National Information Sovereignty .

02 The first leader of domestic database , Profits have quadrupled in three years  

According to the report released by CCID consultants ,2019-2021 Three consecutive years , Damon data ranks first in the market share of domestic database management software in China . This ranking is not included in Alibaba cloud 、 Huawei 、 Tencent and other public cloud manufacturers' database products .

Another basis IDC The report issued ,2021 Chinese relational database management software （ Local deployment mode ） In terms of market share , Dameng ranked third , Second only to Oracle and Huawei .

For domestic databases, there have been “ Four golden flowers ” said , Refers to the data of dream 、 Renmin Jincang 、 Shenzhou is universal 、 Four leading companies of Nantah General Motors , Dameng data has become an unshakable leader . stay 2021 year , The operating income of Dameng data is 7.43 One hundred million yuan , The gold warehouse of the people's Congress is 3.4 One hundred million yuan , The general purpose of Shenzhou is 1.2 One hundred million yuan , Nantah General Motors is unknown .

Many companies have said they want to achieve “ Go to IOE”, But for now , The consistently low-key data of Damon is the closest to and realization “ Go to IOE” Chinese companies .

The prospectus shows , The past three years have been the performance explosion period of Dameng data . from 2019 Year to 2021 year , The compound annual growth rate of operating income of Dameng data is 56.95%; The compound annual growth rate of net profit is 111.85%. stay 2021 year , The net profit of Dameng data has reached 4.4 One hundred million yuan .

The revenue of Dameng data mainly comes from the use authorization of software products , Its customers are widely distributed in the party and government 、 energy 、 Finance and other industries .

among , The party and government is the traditional advantage field of Damon data , Customers include the Ministry of Commerce 、 The Ministry of Foreign Affairs 、 The Ministry of justice 、 The Ministry of Public Security 、 Ministry of industry 、 The Ministry of Finance 、 People's courts at all levels 、 Party and government units at all levels at the central and national levels, including people's procuratorates at all levels . from 2019 - 2021 year , Dameng data comes from the field of Party and government revenue continued to grow significantly , The compound growth rate reaches 94.43%.

In the energy industry , The products of Damon data are widely used in the core power dispatching system of the State Grid , In addition, PetroChina 、 cnooc 、 Huaneng group 、 Large energy enterprises such as Huadian Group are also customers of Damon data . In the context of carbon neutrality , Damon data is also turning to wind power 、 Nuclear power 、 Hydropower and other new energy market expansion , The main customers include CGNPC and so on .2021 year , The revenue from the licensing business of software products in the energy industry of Damon data increased year on year 61.31%.

The financial industry is a new growth point that Damon data strives to explore . The financial industry has a great demand for database products 、 Demand is high , It is a must for strategists in the database industry .

As mentioned earlier , The financial industry is also an industry where the monopoly of Oracle and other overseas giants is particularly stable .

And in the 2021 year , The products of Damon data have made a major breakthrough in the financial industry , Income from 2020 The year of 642 Ten thousand yuan to 2021 Year of 7695 Ten thousand yuan , growth   exceed 1000%. at present , The products of Dameng data have entered the China Development Bank 、 China Construction Bank 、 Bank of Communications 、 China Merchants Bank 、 Guangdong Development Bank 、 China Everbright Bank 、 Societe generale 、 China life, 、 Taikang Insurance 、 Pacific Insurance and many other large financial institutions .

Revenue is classified by end-user industry , source ： Dameng data prospectus

The flagship product of Dameng data is Dameng database management system , This product contributes 90% Above income . But here's the thing , After many years of research, Dameng data , Database cluster software products have been successfully developed , Breaking the strong monopoly of foreign enterprises , It fills the gap of domestic similar products .

Database cluster technology is recognized by the industry as the commanding height in the field of database , The Pearl on the crown . This key technology has no open source technology to refer to , The key and difficult point of localization in the field of database is how to realize the core technology autonomy of data sharing cluster .2020 year 11 Yuedameng data released “ Damon shared data cluster （DMDSC）”, Completed this important task , Become the first Chinese enterprise to launch data sharing cluster software .

The prospectus shows ,2021 The revenue of database cluster software of datadream data reached 2635 Ten thousand yuan , Year-on-year growth 165%, Become a new growth point .

Although for a long time in the past , Domestic databases have not challenged the strength of international giants ; But in today's accelerating application of digital technology , Coupled with the dramatic changes in the market environment , The field of database is ushering in a new revolution .

Dameng data, which has always adhered to independent innovation , Ushered in a new opportunity to catch up . At present, the degree of localization of the database market is still not high . According to Arie's consultation 《2021 China Database Industry Research Report 》,2020 In, the market share of foreign database manufacturers decreased to 52.6%, Reach a dream 、 The market share of domestic manufacturers such as Jincang rose to 7.1%. This tide of domestic substitution has just begun .

03 Extremely restrained financing , Fengnian capital returns dozens of times in three years  

As a leading domestic database enterprise , Dameng data is very cautious in financing . Among the top ten shareholders of Dameng data , In addition to the entrepreneurial team headed by Feng Yucai , Mostly “ in ” Prefix state-owned capital , For example, Chinese software 、 China Electronics 、 China Internet investment fund, etc .

In addition to state-owned capital , Fengnian capital is also the main institutional investor of Dameng data . As a technology industry, the label is obvious , Investment institutions that are good at managing empowerment , It did a famous thing ： Create a new one from Danaher 、GE And other senior executives of manufacturing giants HMSC, Through management empowerment, we can build a management path for China's growing technology enterprises “ The moat ”.

Nearly a month , Silicon semiconductor, the largest semiconductor probe manufacturer in China, submitted a prospectus to the gem , It is also the invested enterprise of Fengnian capital . Fengnian capital helped sell silicon semiconductor 、 Research and development 、 Supply chain 、 Management improvement of the whole value chain, such as production and operation , Established in-process product quality 、 deliver 、 Competitive advantages of cost and innovation . This is particularly commendable , Fengnian capital also sent an enabling team to the production line of silicon semiconductors , Deeply help the latter to upgrade the production line .

thus it can be seen , Damon data is very important in selecting shareholders “ Fastidious ” Of . actually , Indeed, many investment institutions have been exposed to Damon data , But none of them succeeded in investment . From the prospectus , The cash flow of Dameng data is good , There is little financing demand ; On the other hand , General financial investment institutions, Dameng, may not give the opportunity at all .

The case of Dameng data once again shows , As the primary market becomes more and more inward , Whether an investment institution understands industry and enterprises , It has become the key to whether we can invest in good projects “ Admission ticket ”.

On the other hand , If we can invest in such a low-key leader as Dameng data , The return will also be very considerable .

At present, Dameng data has just submitted its prospectus , The market value is temporarily difficult to estimate . Even according to the current scientific innovation board 40 Multiple average p / E ratio is conservatively calculated , Its market value will also exceed 200 One hundred million yuan . Damon data as “ The first share of domestic database ”, Currently in A There is no comparable enterprise , What you can refer to is Zhongwang software 、 Jinshan office and other software enterprises , Their P / E ratios are about 100 times . Some analysts even think , The market value of Dameng data is expected to break through 500 One hundred million yuan ！

And in the 2019 During the capital increase in , Fengnian capital and other institutions have invested in Dameng data 1.68 One hundred million yuan , Achieved the latter 24.7% Shares of . Based on this calculation , This investment will achieve a return of dozens of times in three years ！