Excessive dependence on subsidies, difficult collection of key customers, and how strong is the potential to reach the dream of "the first share of domestic databases"?

The reporter | Li Biao

In recent days, , Wuhan Dameng database Co., Ltd （ hereinafter referred to as “ Reach a dream ”） Submit the listing application of Shanghai Science and Technology Innovation Board , A formal shock “ The first share of domestic database ”.

The prospectus shows , Dameng plans to raise funds 23.5 Billion yuan for the cluster database management system upgrade project 、 High performance distributed relational database management system upgrade project , And the new generation cloud database product construction project and Damon research institute construction project .

Damon was founded in 2000 year , Start with a locally deployed relational database , Aim at the enterprise service market , Take the paid licensing business software route . Whether in terms of capital composition or business expansion , This company has significant “To G”（ To Government） label .

Feng Yucai, founder and chairman of Dameng , Former professor of Huazhong University of science and Technology 、 Doctoral supervisor , In the team 6 Of the core technicians , Yes 5 Mingjun graduated from Huazhong University of science and Technology . Founded in the early , There are many scientific research cooperation between the company and Huazhong University of science and Technology , Huake industrial group （ Huazhong University of science and Technology ） As the largest shareholder . After the withdrawal of Huake industrial group , Chinese software in its place （SH.600536, China Electronics holdings ） It also has the background of state-owned assets .

Dameng's business mainly covers finance 、 energy 、 Three major areas of the party and government . Historical data shows , The list of major customers who have contributed nearly half of their sales in consecutive years is mostly government agencies and large central enterprises .

For decades, we have been deeply involved in the database industry , Hold the key customers of government and enterprises , It also coincides with the strong support of policies , Let Dameng hand over a brilliant report card on the eve of listing .

since 2019 - 2021 year , Total annual revenue of Dameng （ Merging subsidiaries ） Respectively 3.02 One hundred million yuan 、4.5 One hundred million yuan 、7.43 One hundred million yuan , The compound annual growth rate of core business income reached 57%; Net profit is 8374 Ten thousand yuan 、1.43 One hundred million yuan 、4.38 One hundred million yuan , The net profit margin corresponds to 29%、32%、59% .

But in high revenue 、 The other side of high profits , The rapid growth of Dameng faces many potential risks .

To G Dividends and hidden worries

Dameng is mainly engaged in the R & D and sales of basic software , Its products include database management systems 、 Graph database 、 Cloud products 、 Support operation and maintenance 、 transfer 、 Supporting software tools for monitoring .

The main source of revenue of the company is the use authorization of software products 、 Data and industry solutions 、 Operational service , The first two businesses contribute most of the revenue .

The proportion of business income of dream database

Software sales is the top priority ,2020 year 、2021 year , More than 80% of the company's revenue comes from software licensing , And continue to grow . From the perspective of cost input , Its sales expenses account for the highest proportion of revenue （23%-33%）, Higher than R & D investment （15%-21%）.

Mastering key customers is undoubtedly the company's growth password .To G One of the big dividends of the market is , Large and medium-sized government and enterprise users have more budget investment , For safety 、 Stable standardized products require high , Favor the mature mainstream technology route in the market , Prefer to establish long-term cooperative relations with leading manufacturers with many years of industry experience .

With 2021 Year as an example , In the three business areas of Damon , The central 、 The contribution of local government organs at all levels ranks first , More than last year 1.4 One hundred million yuan , Growth of 63%; sinopec 、 petrochina 、 The energy represented by the State Grid is next , More than last year 3243 Ten thousand yuan , Growth of 61%; The most significant change comes from finance , The new users are mainly China Development Bank 、 China Construction Bank 、 Institutional banks including China Life Insurance 、 negotiable securities 、 Insurance agency , a surge 7052 Ten thousand yuan , Increase achieved 1000%.

The proportion of revenue in the three service areas of Dameng database

In addition to major customers 、 In addition to the basic resources of large orders ,To G Another big bonus of the market is hidden in the macro policy environment . Policy orientation can often play “ Ripple effect ”, Stir up the original market pattern .

IDC Newly released 《2021 China's relational database software market tracking report in the second half of 》 Show , In database vendors based on local deployment patterns , Benefit from the drive of favorable policies , Damon has received a large number of government orders in the past year , Market share 5.7%, Rank third , The top two are Oracle HUAWEI .

The prospectus shows , The continuous promotion of informatization construction in various domestic industries is one of the important factors for the rapid growth of the company's revenue during the reporting period .

And the policy change has provided the company with real gold and silver “ affordable ”. from 2019 - 2021 year , Dameng's annual cumulative policy subsidies （ Consolidated tax 、 Government subsidies ） The amounts are 5290 Ten thousand yuan 、9244 Ten thousand yuan 、2.43 One hundred million yuan , The proportion of income is 17.6%、20.5%、32.75%.

However , The policy dividend is for short-term financial data “ A tonic ” At the same time , Often cover up existing problems in the industry , Due to timeliness and uncertainty , Bring risks to enterprises that need to go to the open market independently .

The first is the liquidity risk caused by the company's excessive accounts receivable . Because government and enterprise departments often use installment payment , And the payment approval process is long 、 The contract is complicated , The proportion of accounts receivable is too high 、 The payment collection cycle becomes “To G” Persistent business problems .

During the reporting period , The proportion of accounts receivable of Dameng is located in 30% above , Once more than 46%, Most accounting periods are 1 Within years . As the future revenue scale increases , The balance of accounts receivable will also increase year by year . And the business liquidity of Dameng 、 The solvency is lower than the industry average .

secondly , Highly dependent on fixed head big customers to buy products . It is reported that , The total revenue contribution of the top five customers is close to 50%, This will further affect the business independence of the company . Take CSCEC information, the largest customer, as an example ,2021 The proportion of accounts receivable rose sharply in , Because Dameng didn't join in the contract agreement “ Collect money before a specific date ” of .

Top five customers of Damon database software sales

Third , The proportion of government subsidies is too high , Fail to truly reflect the long-term income of the enterprise . After the preferential policies are included in the income statement , The net interest rate of the company has been greatly increased , At one point it climbed to 60%.

Refer to software sales “ High gross profit 、 Low net profit ” Characteristics of the industry （ It is generally believed , The gross profit margin of the software is 80% near . Oracle's gross profit margin in the latest quarter 、 The net interest rate is about 79.08%、15.83%）, about 10%-20% The net profit margin of is more reasonable （ Net profit after deducting government subsidies , The data for three years is 27%、10%、10%）.

Follow the risk factor tips , On the one hand, the company takes into account the risk that external industrial policies and government support cannot be sustained , On the other hand, predict the intensification of market competition in the future , Both revenue growth and gross profit may slow down 、 A decline in , Yes, it is growing 、 The severe test of profitability continues unabated .

The technical route diverges , The market has entered a multidimensional competition

The data base of the Institute of communications and Communications Reports Statistics , By 2021 year 5 End of month , The total number of database product providers in China is 80 home , The establishment time is mainly concentrated in 1999 year -2000 Years and 2013 year -2017 Two cycles a year .

The first stage of daydream when it was founded , When the database giant Oracle、IBM Enter the Chinese market .Oralce The leading large-scale commercial relational database has laid the traditional paradigm for nearly a decade .

At the time , emphasize “ Source code 100% Independent research and development ” Damon database aims at the data security of government and enterprise users 、 Stable demand , Relational database with mainstream centralized architecture , Local server based deployment . But now , The mainstream database technology route has forked .

Represented by the cloud native database that has attracted much attention in the industry ,IDC released 《2020 Research Report on China's relational database market in 》 Show , The relational database deployed in the public cloud mode is more than the traditional offline deployment mode for the first time , The market share has reached 51.5%, Among them, Alibaba cloud exceeds 28% Market share of , Beyond a number of vendors specializing in databases . Report predicts , To 2025 year , The market share of cloud native database will reach 73.5%.

At present ,“ Cloud on Database ” It is a general consensus in the field of database . Under this premise , Cloud as base , Distributed architecture 、 Non relational data storage 、 The open source commercialization model also has more possibilities for product technology transformation .

With traditional database manufacturers 、 Cloud manufacturers 、 Startups are flocking , In the future, the market may enter the scuffle of multi-dimensional competition . This pair began to deploy cloud computing last year 、 For Dameng who develops new products of distributed database , Can we strengthen technology research and development 、 Promote product iteration , Establish barriers to market competition , It needs long-term market observation and verification .

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